Daily Technical Forex Forecast 09.01.2018

EUR/USD

The Euro corrected down, but the fall of the price was on small volume, so we can’t consider it as a reversal signal. Also we should note the new support 1.1960, where large volume is concentrated + a strong uptrend with this instrument.

Overall, the situation with this pair is very difficult for trading, that’s why we should stay out of the market and wait for some additional signal to be able to regard new deals.

GBP/USD

The pair grew up and is located above the level of resistance 1.3498 – 1.3513, so our previous scenario remained the same – long positions after a little correction of the price down.

The correction should be smooth and on small volume, after that we enter the market. A stop loss should be placed below the support level. The potential of the deal is around 110-120 points.

USD/JPY

The pair fell down but is still located in the local range 112.08 – 113.65, so everything remained the same – we should wait for the exit of the price from the consolidation. The breakout movement must be sharp and supported by increased volume, so it will be a more reliable signal for entering the market.

Until that we should stay out of the market.

USD/CAD

The price is trading in the local consolidation a little bit above the support level 1.2366 – 1.2390. Given the presence of the strong downtrend, we should consider the scenario of the breakdown of the support, which will allow us to open short positions.

The move must be sharp and abrupt. A stop loss should be placed above the breakdown bar. A potential of the deal is more than 100 pips.

AUD/USD

After the test of the support 0.7826 – 0.7840, the pair resumed its growth, so our previous scenario remains the same – long positions are in priority. We can enter the market after a continuation of the sharp move up. A stop loss should be placed below the support. A potential of the deal is 50-60 pips.

XAU/USD

Gold is located in the local consolidation just above the support level 1313.50 – 1316.60, in which large volume is concentrated and which has been tested, which only strengthens its value.
Also it is worth noting the presence of large volume accumulation in this range, so the exit of the price from it will be an excellent signal for entering the market. Given the strong support level and the uptrend with gold, it is worth giving preference to long positions.

Purchases should be opened after the test of the support level and a sharp rebound of the price upwards. A stop loss should be placed below the level 1313.50 with a small margin. The potential of the deal is more than 120 points.

The sentiment: this indicator confirms our 4 scenarios, which is a good additional signal.With the Euro the situation is tough as the pair corrected down on small volume. With the Yen we should give preference to long positions (according to the sentiment), but firstly we should wait for the exit of the price from the range.

The bottom line: nothing has changed on the market, except with the Euro, which corrected down.

Hits: 1