Weekly Technical Forex Forecast 26.02-02.03.2018


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EUR/USD

The situation with the Euro has not changed as the pair is locked in the global consolidation between the support of 1.2209 and the resistance of 1.2520. It should also be noted that there is a large volume accumulation within this range, so the exit of the price from the consolidation will be an excellent signal for entering the market. The movement must be sharp and supported by the large volume, which will be a more secure signal for entering the market.

While the price is locked within this consolidation, it’s better to stay out of the market.

volume euro

GBP/USD

The Pound is still trading in the local consolidation between the support of 1.3795 and the resistance of 1.4140. The large volume accumulation is concentrated in this range. Thus, the best decision with this pair will be just to wait for the exit of the price from the consolidation.

The move must be swift and sharp + supported by the large volume, which will insure us from fake breakout and will be a more reliable signal for entering the market.

While the pair is trading within the local consolidation, it is better to stay out of the market.

volume gbp

USD/JPY

The Yen continued falling, but drop of the price was on the small volume, so we cannot point out any new level at the moment. Nevertheless, given the strong global downtrend, we still should give advantage to short positions.

Sales can be opened after the resumption of sharp price fall supported by the large volume, which will be a more accurate signal for entering the market. A stop loss should be placed a bit above the beginning of a sharp downward movement . The potential of the deal is 100-110 points.

sell jpy

USD/CAD

The pair is testing the level of support 1.2629 – 1.2642 right now, so we can regard the scenario of its breakdown, which will be an excellent bearish signal and will allow us to open short positions.

The breakdown move must be sharp and on the large volume. This will be a more reliable signal for entering the market. A stop loss should be placed just above the breakdown volume bar. The potential of the deal is about 150 points.

sell cad

AUD/USD

The Australian dollar is also locked in the local consolidation between the support of 0.7770 and the resistance of 0.7987. Both levels contain the large volume, so the best decision is just to wait for a breakout of this range, which will be a good sign for opening new deals here. The breakout movement must be sharp and on the large volume, which will be an excellent signal for entering the market.

While the price is locked within this range, it’s better to be out of the market.

trade aud

XAU/USD

The price is trading in a small local consolidation between the support of 1321.50 and the resistance of 1333.40 – 1335.80, in which the large volume is concentrated. But now the pair is testing the resistance level, so we can consider the scenario of a breakout of this mark. It will allow us to enter the market and open long positions with gold.

volume gold

The breakout movement must be abrupt and confident + supported by the large volume, which will insure us from fake moves and will be a more accurate signal for opening new deals here. A stop loss should be placed under the breakout volume bar. The target is the level 1354.00.

buy gold

The sentiment: our scenarios with USD/JPY and XAU/USD are confirmed by the mood of the market, which a great additional signal, so these 2 pairs should be in priority today. As with the USD/CAD, the situation here is 50/50, so we need to wait for an additional signal – a sure breakdown of the support.

sentiment