Daily Technical Forex Forecast 01.02.2018


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EUR/USD

The Euro is still trading in the local consolidation between the support 1.2350 – 1.2365 and the resistance 1.2520. As can be seen from the volume chart below, there is a large volume accumulation within this range, so the exit of the price from it will be a great signal for entering the market.

Given the recent exit of the pair from the range up and the presence of the local uptrend, we should give advantage to long positions.

volume euro

We can enter the market after a resumption of the growth and a confident breakout of the resistance on large volume, which will be a more accurate signal for opening purchases. 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 Pound continued growing, but volume is still evenly spread throughout the chart, so we can’t point our any concrete level. Anyway, given the presence of the strong uptrend with this currency pair, we should give preference to long positions.

volume gbp

We can enter the market after a continuation of the growth and a confident breakout of the level of resistance 1.4314. The breakout must be sharp and supported by large volume. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 100 pips.

buy gbp

USD/JPY

The Yen broke out the previous resistance, but the move was on small volume, so we can’t consider long positions at the moment. Moreover, there is a strong local downtrend, that’s why we still should give preference to sales.

Short positions can be opened after a resumption of the fall and a sure breakdown of the local minimum. The breakdown move must be sharp. A stop loss should be placed above the breakdown bar. A potential of the deal is more than 100 pips.

sell jpy

USD/CAD

The Canadian dollar tested the level of support, but failed to break it down and is trading in the local consolidation above the new support 1.2261. Given that the rebound of the price was on small volume, we still should give preference to short positions. We can enter the market after a breakdown of the support. The move must be abrupt and confident. A stop loss should be placed above the breakdown bar. A potential of the deal is more than 100 pips.

sell cad

AUD/USD

After the one more test of the resistance 0.8121, the price fell down and is located in the local consolidation below this level. Given the strong global uptrend with AUD/USD, we still should give advantage to long positions, but we can enter the market only after a resumption of the growth and a sure breakout of the resistance. A stop loss should be placed below the breakout bar. A potential of the deal is more than 70 pips.

buy aud

XAU/USD

The price tested the support level 1331.70 – 1334.90 again, after which it showed a rapid growth on very large volume and is trading near the resistance level 1345.60 – 1348.20 at the moment. Thus, it is worth considering the scenario of a breakout of this mark, which will be an excellent bullish signal and will allow us to open long positions with this instrument.

volume gold tfxi
The breakout movement must be sharp and supported by 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.

buy gold tfxi

The sentiment: the mood of the market totally confirms all our scenarios which is a good additional signal for active trading.

sentiment

The bottom line: the situation on the market became worse as almost all pairs are in ranges. The best trading situation right now is with gold.