Daily Technical Forex Forecast 15.03.2018


EUR/USD

Nothing has changed with the Euro as the price is still trading in the local consolidation between the support level of 1.2280 and the resistance level of 1.2411 – 1.2426. Given that large volume is concentrated within this range, we should wait for the exit of the price from it, which will be a great signal for entering the market.

The breakout move must be abrupt and supported by the large volume, so it will be a more reliable sign for opening new deals. Until that, we should stay out of the market.

volume euro

GBP/USD

After a sharp price increase, the pound has adjusted downward and is now trading in a small local consolidation near the high. It is also worth noting that a large volume is concentrated in this range. Thus, it is necessary to wait for a confident pair exit from this consolidation.

volume gbp tfxi
Nevertheless, given the previous bullish pulse on a large volume and breakdown of the resistance level, it is worth giving preference to the breakdown of the local maximum, which will be an excellent signal for opening long positions. A stop loss should be placed just below the consolidation. The potential of the deal is about 140-150 points.

buy gbp tfxi

USD/JPY

The price showed an abrupt drop yesterday, but the move was on the small volume, so we can’t regard it as a strong bearish signal. Besides it, the pair is still trading in the local range 105.43 – 107.83, where large volume is concentrated.

Hence, the best scenario right now is just to wait for the exit of the price from the consolidation on the increased volume, so it will be a great sign for entering the market.

Until that, we should skip this instrument from our trading plan.

trade jpy

USD/CAD

The Canadian dollar remains trading near the resistance level/upper boundary of the range of 1.2994. Therefore, our previous scenario is still actual: we can open purchases after the confident breakout of this mark. A stop loss should be located below the breakout bar. The potential of the deal is more than 100 points.

buy cad

AUD/USD

The pair broke out the previous upper boundary of the consolidation/resistance level, which is a good bullish signal. Nevertheless, the growth of the price  was stopped by the new resistance of 0.7908. Therefore, long positions can be opened only after a sure and sharp breakout of this mark. A stop loss should be placed under the breakout bar. The potential of the deal is 70-80 points.

buy aud

XAU/USD

Gold is still located between the support level of 1313.50 – 1317.50 and the resistance level of 1340.00. Both levels contain the large volume, so the best solution will be to wait for the breakout of one of them, which will be an excellent signal for entering the market. The move must be sharp and supported by the large volume, which will be a more accurate and reliable signal for entering the market.

While gold is trading in the range, we should skip this instrument from our trading plan.

volume gold

The sentiment: this indicator fully affirms our trading scenarios with GBP/USD, USD/CAD and AUD/USD, that is a great confirming signal for us. Hence, these 3 pairs should be in priority today.

sentiment