Daily Technical Forex Forecast 29.01.2018


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EUR/USD

The Euro continues trading between two volume levels: the support 1.2350 – 1.2365 and the resistance 1.2520. In both levels, large volume is concentrated, so it is worth waiting for the breakout of one of them and only after that it will be possible to enter the market.
Given the previous exit price from the consolidation up, it is worth giving preference to purchases.

volume euro tfxi
Long positions should be opened after a sure breakdown of the resistance level on large volume, which will be a more accurate signal for entering the market. A stop loss should be placed under the breakout volume bar. The potential of the deal is more than 100 points.

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GBP/USD

The Pound continued its correction downward, but the fall of the price was on small volume, and given the presence of a strong uptrend, it is still worth giving preference to long positions.

volume gbp tfxi
Purchases should be opened after a sure breakdown of the support level 1.4314 on large volume, which will be a more reliable signal for entering the market. A stop loss should be placed under the breakout volume bar. The potential of the deal is more than 100 points.

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USD/JPY

We need to point out the new resistance level 108.96 – 109.06, in which a fairly large volume is concentrated and has already been tested by the price, which only strengthens its value. Given the downward trend, it is worth giving preference to sales.
Short positions should be opened after the test of the resistance and a sharp rebound of the price down. A stop loss should be placed above the level 109.60. The potential of the deal is more than 100 points.

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USD/CAD

Canadian dollars are still trading slightly above the support level 1.2286, so our previous scenario of opening sales is still relevant. Short positions can be opened after a sure breakdown of the level of support. A stop loss should be placed just above the breakdown bar. The potential of the deal is more than 100 points.

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AUD/USD

The uptrend with the Australian dollar continues, as the price showed steady growth and broke out the previous resistance level.
Thus, it is necessary to consider only purchases with this currency pair. Long positions can be opened after a slight correction of the price down and the resumption of a price growth on increased volume. A stop loss should be placed at the beginning of a bullish impulse. The potential of the deal is 60-70 points.

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XAU/USD

After a sharp fall of the price, gold is trading in a small consolidation at the moment. Unfortunately, volume was evenly spread throughout the chart, so we can not allocate any volume level. Nevertheless, given the strong uptrend with gold, it is worth giving preference to long positions.

volume gold tfxi
Purchases can be opened after a resumption of price growth and a breakout of the local maximum. The upward movement should be sharp and, preferably, on increased volume. A stop loss should be placed under the breakout volume bar. The potential of the deal is more than 150 points.

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The sentiment: the mood of the market fully confirms all our trading scenarios, which is an excellent additional signal.

sentiment
The bottom line: as the situation on the market has not been changed a lot, all our previous scenarios are still relevant.


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