Daily Technical Forex Forecast 31.01.2018


EUR/USD

The Euro tested the support 1.2350-1.2365 one more time and rebounded up sharply. Now the price is trading in the local consolidation between the support and the resistance 1.2520. Given the local uptrend and the recent exit of the pair from the range up, we still should give preference to long positions.

volume euro

We can open new deal after a continuation of the growth and the sure breakout of the resistance level. The movement must be supported by large volume, so that it will be a more reliable signal for entering the market. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 100 pips.

buy euro

GBP/USD

The price resumed growing, but unfortunately, the upward movement was on small volume, so that we can’t trade it at the moment. Moreover, we can’t point out any specific volume level right now, which makes trading tougher. Anyway, given the presence of the strong uptrend, we should give advantage to long positions.

volume gbp

We can open purchases after a little downward correction and a resumption of the growth on large volume, which will be a more reliable signal for the continuation of the uptrend. A stop loss should be placed below the beginning of the abrupt move. The target is the resistance 1.4314.

buy gbp

USD/JPY

The Yen is trading in the local consolidation below the resistance level 108.96 – 109.06, so nothing has been changed here and we still should give preference to short positions. Moreover, there is a strong downtrend with this currency pair.

We can enter the market after a rebound of the price from the level of resistance down. The fall must be sharp and confident. A stop loss must be placed above the test of the resistance. A potential of the deal is more than 100 pips.

sell jpy

USD/CAD

The pair fell down and now is located a little bit above the support 1.2286, so our previous scenario remains the same: short positions can be opened after a confident and abrupt breakout of the support level. A stop loss should be placed above the breakdown bar. A potential of the deal is more than 100 pips.

sell cad

AUD/USD

The Australian dollar is trading in the consolidation below the level of resistance 0.8121, where large volume is concentrated. Given that the uptrend with this instrument is still actual, we should give preference to long positions.

Purchases can be opened after a sure breakout of the resistance level. A stop loss should be placed below the breakout bar. A potential of the deal is more than 70 pips.

buy aud

XAU/USD

After the test of the support level 1331.70 – 1334.90 the price showed quite a rapid growth. Nevertheless, the upward movement was stopped by the new resistance level 1345.60 – 1348.20, in which increased volume is concentrated. Thus, now the price is in the local consolidation between these two levels, but given the global uptrend, it is still worth giving preference to purchases with gold.
volume gold tfxi

Long positions can be opened after a sure breakout of the resistance level on large volume, which will be a more accurate and 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 150 points.

buy gold tfxi

The sentiment: the situation with this indicator has not been changed as it confirms all our trading scenarios today too.

sentiment

The bottom line: our previous scenarios are still actual as corrections with all instruments seem to be over.