Daily Technical Forex Forecast 02.02.2018


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EUR/USD

The Euro resumed its growth and tested the resistance level 1.2520. The price could not break this mark, but did not show any significant reaction and is trading just below this level at the moment. Thus, it is worth considering the scenario of a breakout of the resistance, which will be an excellent bullish signal and will allow us to open long positions with EUR/USD.

volume euro tfxi
The breakout movement must be sharp and supported by large volume. This is a prerequisite, as it will be 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 100 points.

buy euro tfxi

GBP/USD

The Pound continued growing so the uptrend with this instrument is going on, thus, we should consider exceptionally long positions here. Also we should point out the resistance level 1.4314, where large volume is concentrated. That’s why we can open purchases only after a breakout of this level.

volume gbp

The breakout movement must be abrupt and supported by large volume in order to insure us from fake breakout and 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 gbp

USD/JPY

The price corrected up, but the growth was on small volume, while there is a strong downtrend with this currency pair, so that, we still should give advantage to short positions. We can enter the market after a resumption of the fall and the breakdown of the local minimum. The breakdown move must be abrupt and supported by increased volume. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 100 pips.

sell jpy

USD/CAD

The pair tested the support 1.2261 one more time and now is located a little bit above this level. The rebound of the price from the support was smooth and on small volume, so that we still must give preference to short positions.

We can open sales after a confident breakdown of the level of support. A stop loss should be placed above the breakdown bar. A potential of the deal is more than 100 pips.

sell cad

AUD/USD

Despite the fall of the price, we still should consider long positions with the Australian dollar, because the fall was on very small volume + there is a strong uptrend. Also we need to point out the resistance 0.8121, in which large volume is concentrated.

We can enter the market after a resumption of the growth of the price and a confident 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

Gold broke out the previous resistance, but unfortunately, the move was supported by small volume, so that we can’t trade it at the moment. Anyway, this is a good bullish sign, so we should give preference to long positions with this instrument.

volume gold

We can enter the market after a resumption of the growth of the price on large volume, which will be a more accurate and secure signal for opening purchases. A stop loss should be placed below the beginning of the abrupt move. The target is the local maximum.

buy gold

The sentiment: this indicator fully confirms all our scenario for today, which is a great signal for active trading.

sentiment

The bottom line: today the payrolls will be released, that’s why we should extremely careful before the news and close all positions. We can enter the market again only after it calms down.