Daily Technical Forex Forecast 12.01.2018


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EUR/USD

Correction with the Euro has ended, as the price showed a very strong growth and the movement was supported by very large volume, which gives us the opportunity to consider the resumption of the uptrend with this currency pair. It is also necessary to note the new resistance level 1.2015 – 1.2032, which was formed during yesterday’s growth and in which significant volume is concentrated.

volume euro tfxi
Considering all the above factors, it is worth giving preference to long positions with this instrument. Purchases can be opened after a slight smooth correction of the price to the level of support in order to obtain a more advantageous entry point. A stop loss should be placed under the level 1.2000. The potential of the deal is more than 100 points.

buy euro tfxi

GBP/USD

The price broke down the level of support but failed to continue falling and after the appearance of large volume in the market the pair grew up strongly. Unfortunately, volume was spread throughout the chart, so we can’t point out any specific volume level. Anyway, given such an abrupt growth we should give preference to long positions.

volume gbp

Purchases can be opened after a continuation of the growth and a breakout of the resistance level 1.3583. The breakout movement must be abrupt and confident. A stop loss should be placed below the breakout bar. A potential of the deal is more than 100 pips.

buy gbp

USD/JPY

The Yen resumed its fall and broke down the support level. Unfortunately, the movement was on average volume, so we can’t trade it at the moment, because we do not have a good place for a stop loss. Anyway, this move is a strong bearish signal, so we should give preference to short positions.

We can enter the market after a continuation of the abrupt fall, desirably, on increased volume. A stop loss should be placed above the beginning of the sharp move. A potential of the deal is 120 pips.

sell jpy

USD/CAD

The price tested the level of resistance 1.2581, but failed to break it out and is locked in the local consolidation between this level and the support 1.2366 – 1.2390 at the moment. That’s why the best decision will be just to wait for the confident exit of the price from the range and only after that we will be able to regard new positions.

Until that it is better to stay out of the market.

trade cad

AUD/USD

The pair broke out the level of resistance, but after that corrected down. Also it is necessary to note, that the growth of the price was on increased volume, while the fall – on small. Given all these facts, we should give preference to long positions.

We can enter the market after a stoppage of the correction and a resumption of the sharp growth. A stop loss should be placed below the beginning of the abrupt move with a little margin. A potential of the deal is around 50 pips.

buy aud

XAU/USD

Gold resumed its growth and broke out the resistance level/upper limit of the consolidation, which is a strong bullish signal. Also we need to point out the new support 1320.00 – 1322.20, where large volume is concentrated. Now we should give advantage to long positions.

volume gold

Given that the breakout of the resistance was on small volume and it is unsafe to place a SL under a breakout bar, we should wait for a little and smooth correction of the price down, in order to obtain a better entry point. A stop loss should be placed below the support. A potential of the deal is around 120 pips.

buy gold

The sentiment: all our scenarios are confirmed by this indicator, which is a strong additional signal. Also we should give preference to long positions with USD/CAD, but firstly, the price should come out from the range.

sentiment

The bottom line: almost all corrections have been stopped and trends were resumed, so now there are a plenty of interesting trading scenarios.


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