Daily Technical Forex Forecast 13.02.2018

EUR/USD

The Euro slightly grew up yesterday, but the move was on small volume, so we can’t consider long positions at the moment. Moreover, the price is locked in the local consolidation a little bit above the level of support 1.2209. Given the presence of large volume accumulation on the top of the chart and a smooth growth, we still should regard the scenario of the breakdown of the support which will be a great bearish signal.

The breakdown move must be abrupt and confident + supported by the large volume, which will be a more reliable signal for entering the market. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 100 pips.

GBP/USD

GBP/USD is trading in the small local consolidation just above the local minimum. It should be noted that the large volume is concentrated both at the current level and slightly above it, which puts pressure on the price, and given the presence of a strong local downtrend, it is necessary to give preference to short positions with this currency pair.

We can open sales after the resumption of the fall of the price and the breakdown of the local minimum. The breakdown movement must be sharp and swift, preferably on the increased volume. A stop loss should be placed just above the breakdown bar. The potential of the deal is more than 100 points.

USD/JPY

The Yen is trading in a little consolidation near the local minimum. The price did not show any significant move yesterday, so our previous scenario remains the same: short positions after a sure breakdown of the local minimum. The breakdown move should be supported by the increased volume. A stop loss must be placed above the breakdown bar. A potential of the deal is more than 100 pips.

USD/CAD

The Canadian dollar is still trading in the local consolidation between the level of support 1.2488 and the resistance 1.2675, that’s why our previous scenario is actual – it is necessary to wait for the exit of the price from the range and only after that we can consider new positions here. While the pair is locked in this consolidation, we should stay out of the market.

AUD/USD

The price continued growing, but the upward move was smooth and supported by the small volume, so we can’t regard long positions at the moment, moreover, there is a strong resistance 0.7917, so still should give advantage to short positions.

We can enter the market after a stoppage of the correction and a resumption of the sharp fall. A stop loss should be placed above the level of resistance. A potential of the deal is 90-100 pips.

XAU/USD

Nothing has been changed here as gold is still located in the local consolidation between the support 1307.80 and the resistance 1333.70 – 1337.20. That’s why our previous scenario is relevant: we should wait for the exit of the price from the range and only after that we can consider new deals here. The breakout movement must be sharp and supported by the large volume, which will be a more accurate signal for entering the market.

Until that, it is better to skip this instrument from our trading plan.

The sentiment: unfortunately, given the tough situation on the market, that almost all pairs are in consolidations, we can’t use this indicator today.

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