Weekly Technical Forex Forecast 05-09.03.2018


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EUR/USD

The Euro continued its local growth, but the upward movement was on the small volume, so we can not single out any new volume level. Moreover, the price has returned trading in the local consolidation 1.2267 – 1.2360, where the large volume is concentrated.

volume euro tfxi
Thus, the best solution with this currency pair is just to wait for the price to come out of this range. The breakout movement must be sharp and supported by the large volume, which will be a more accurate signal for entering the market.
While the price is trading within this consolidation, it is better to stay out of the market.

trade euro tfxi

GBP/USD

The Pound corrected upwards, but the price growth was on the small volume, so we cannot consider this movement as a signal for purchases.
Moreover, given the recent sharp decline of the price on the large volume and the breakdown of the lower boundary of the consolidation, we still should give preference to sales.

volume gbp tfxi
Short positions can be opened after resuming the price fall down on the large volume, which will be a more accurate and stronger signal for entering the market. A stop loss should be set just above the start of a sharp drop of the price. The potential of the deal is more than 100 points.

sell gbp eng

USD/JPY

The Yen continued falling, moreover, the downward movement was sharp and supported by the large volume, which is an excellent bearish signal. It is also necessary to note the volume resistance level of 106.39 – 106.50.
Considering all factors, it is necessary to consider exceptionally sales with USD/JPY. Short positions can be opened after a small and smooth correction of the price upwards to get a more profitable entry point. A stop loss should be placed a little above the resistance. The potential of the deal is more than 120 points.

sell jpy eng

USD/CAD

The Canadian dollar resumed its growth and is testing the resistance level of 1.2900. Given the absence of a sharp reaction on this mark, it is worth considering the scenario of a breakout of this level, which will be an excellent signal for opening long positions.
The breakout movement must be sharp and supported by the large volume, which will be a more reliable signal for entering the market. A stop loss should be placed just below the breakdown volume bar. The potential of the deal is more than 100 points.

buy cad eng

AUD/USD

The Australian dollar is trading in the local consolidation between the new support level of 0.7717 and the resistance of 0.7790 – 0.7800. Thus, the best scenario is to wait for the price to come out of the consolidation. The breakout movement must be sharp and supported by the large volume, which will be a more reliable signal for entering the market.
While the price is locked within the consolidation, it is better to stay out of the market.

trade aud eng

XAU/USD

Gold continued its growth, but is still located inside the local consolidation between two volume levels: the support  of 1305.60 and the resistance of 1327.20 – 1330.00.

volume gold tfxi
Thus, it is necessary to wait for the price to exit from this consolidation, which will be an excellent signal for entering the market. The breakout movement must be rapid and on the large volume, which will be a more accurate signal for opening new deals.
While the pair is within the consolidation, it is better to stay out of the market.

trade gold eng

The sentiment: this indicator confirms our deals with the Pound, Yen and the Canadian dollar, which is a good additional signal. With all other pairs, we need to wait for sure exits of prices from ranges.

sentiment