Daily Technical Forex Forecast 08.12.2017


EUR/USD

The Euro continued falling, but the movement was and is smooth and on small volume, so that it is impossible to point out any concrete volume level. Yes, short positions seem like more possible version, but there is no good place for putting our stop loss. That’s why we need to wait for the appearance of large volume and creation of new volume levels, which we will be able to use in trading.

Until that the situation for trading is very poor.

volume euro

GBP/USD

After the test of the support level 1.3360 – 1.3381 the price showed a rapid growth and is now trading near the resistance level 1.3544. It is worth noting that the upward movement was sharp and supported by large volume, which is an excellent bullish signal. Given this fact, we can consider the scenario of breakdown resistance, which will allow us to open long positions.
volume gbp tfxi
The breakout movement should be sharp and on large volume in order to avoid false breakdowns. In addition, this signal to enter the market will be more reliable and accurate. A stop loss should be placed under the breakout volume bar. The potential of the deal is more than 120 points.

buy gbp tfxi

USD/JPY

The pair continued its growth but the movement was on small volume, so that we can’t highlight any volume level or zone. But given the sharp upward move, we should give preference to long positions. On the other hand, there is no good place for setting our stop loss. That’s why we need to wait for the appearance of large volume and creation of new volume levels that can be used in trading.

volume jpy

USD/CAD

The pair is located a little bit below the level of resistance 1.2906, where large volume is concentrated. So that our previous scenario remains the same – we can consider long positions after a sure breakout of this level on large volume. This will be a more accurate and reliable signal for entering the market. A stop loss should be placed below the breakout volume bar. A potential of the deal is around 140-150 points.

buy cad

AUD/USD

AUD/USD has broken down the previous support and continued its fall. Unfortunately, the move was on small volume, so that we can ‘t point out any new volume level. Anyway, given the sharp fall of the price we should give preference to short positions. We can enter the market after a smooth upward correction of the price in order to get a better entry point. A stop loss should be placed above the level 0.7570. A potential of the deal is 60 points.

sell aud

XAU/USD

Our scenario was totally executed as the price continued falling after the breakdown of the lower limit of the global consolidation, but unfortunately now there is no good situation for entering the market, as the price fell on small volume, so we can’t point out any new volume level. That’s why we do not have a good pace for putting our stop loss. So the best decision will be just to wait for the appearance of large volume and creation of new volume levels or zones, where we could set our stop loss.

volume gold

The sentiment: this indicator confirms all our scenarios, so after the appearance of additional we can consider new positions.

sentiment

The bottom line: today NFP will be released, so I advise you to be extremely careful and close all positions before the news. Only after the market calms down, we can deliberate new deals.