Daily Technical Forex Forecast 15.01.2018

EUR/USD

The uptrend with the Euro continued, with the price increase being very sharp and on large volume, which is an excellent bullish signal. Also it is necessary to allocate 2 levels of support: 1.2015 – 1.2032 and 1.2107. In both levels, large volume is concentrated.
Considering all the above factors, it is worth giving preference to long positions with the Euro.

We can enter the market after a small and smooth correction of the price down to get a more profitable entry point. A stop loss must be placed below the level 1.2107. The potential of the deal is more than 100 points.

In the event of a breakdown of the level 1.2107, the same scenario should be considered in relation to the level of 1.2015 – 1.2032.

GBP/USD

The Pound also showed a very strong and rapid growth of the price on large volume. In addition, we need to allocate a new level of support 1.3662 – 1.3690, in which very significant volume is concentrated. Thus, with the Pound it is necessary to consider the scenario of opening purchases.

Long positions can be opened after a smooth correction of the price down on small volume. A stop loss should be placed under the support level. The potential of the deal is more than 100 points.

USD/JPY

After a strong bullish momentum on Friday, the price resumed the fall and completely absorbed the previous growth. This is an excellent signal for the continuation of the local downtrend. Therefore, now it is worth giving preference to short positions.
Sales should be opened after a smooth correction of the price up. A stop loss should be placed a little above the Friday’s maximum. The potential of the deal is up to 150 points.

USD/CAD

USD/CAD showed a fairly rapid fall, but the price is still located in the local consolidation between the support 1.2366 – 1.2390 and the resistance 1.2581. Thus, the best solution is to wait for the price to come out of the consolidation and only then we can consider new trading scenarios with this instrument.
While the price is within the range, it is better to be out of the market.

AUD/USD

The Australian dollar continued its growth on Friday. Moreover, the upward movement was sharp and on large volume. It is also worth highlighting the new level of support, in which large volume is concentrated. This is the mark – 0.7848 – 0.7861.
Thus, with this currency pair we should consider exceptionally long positions. Purchases can be opened after a small and smooth correction of the price down. A stop loss should be placed under the support level. The potential of the deal is 60-70 points.

XAU/USD

Gold tested the support level 1320.00 – 1322.20 and resumed its growth. The price movement was sharp and on large volume, which is an excellent signal for purchases. We also need to allocate one more level of support 1325.60 – 1328.10, in which large volume is concentrated.

Considering all factors, it is necessary to give preference to long positions. We can enter the market after a slight smooth correction of the price to the level of support to get a more profitable entry point. A stop loss should be placed under the level of 1325.60 with a small margin. The potential of the deal is more than 150 points.

The sentiment: this indicator completely confirms all our trading scenarios, which is an excellent additional signal. As with the Canadian dollar, sales should be in priority (based on this indicator), but we can enter the market only after it comes out of the range.

The bottom line: there are a plenty of good trading scenarios on the market, so we need to wait for corrections to obtain acceptable entry points and then open new positions.

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