Daily Technical Forex Forecast 16.03.2018


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EUR/USD

The Euro dropped down yesterday, but is still locked in the local consolidation between 2 strong volume levels: the support of 1.2280 and the resistance 1.2411 – 1.2426. Moreover, the fall was on the small volume, so we can’t highlight any new levels or zones.

Thus, our previous scenario remain the same: we should wait for the sure exit of the price from the range. The move must be supported by the large volume, which will be a more secure signal for opening new deals with the Euro.

While the price is located within this range, we should stay out of the market.

trade euro

GBP/USD

The Pound tested the local maximum/the new level of resistance 1.3994, but failed to break it out and corrected down yesterday. At the moment the pair is locked inside the local consolidation between the new resistance and the level of support 1.3790. Hence, the best decision with GBP/USD is just to wait for the sure and abrupt exit if the price from this range. The breakout move must be supported by the large volume, which will insure us against a fake breakout.

Until that, we should stay out of the market.

trade gbp

USD/JPY

The Yen continued falling, but the volume on the market is still small, so we can’t point out new volume level. Besides it, the price is still locked within the local range of 105.43 – 107.83, so we need to wait for the breakout of this consolidation and only after that we can regard new positions here. The breakout movement must be keen and on the large volume, which will be a stronger and more reliable signal for entering the market.

Until that, it’s better to stay out of the market.

trade jpy

USD/CAD

The Canadian dollar grew up sharply and on the increased volume yesterday. The price broke the previous resistance level, which is an excellent bullish signal. Unfortunately, the volume was evenly spread throughout the movement, so we can’t highlight any new level.

That’s why, we can open purchases after a smooth downward price correction to get a more profitable entry point. A stop loss should be placed below a breakout volume bar. The potential of the deal is more than 100 points.

buy cad

AUD/USD

The pair failed to continue its rise and fell down sharply downwards. Nevertheless, sales should not be opened, as the volume during the fall was small. At the moment the price is trading in the middle of the local consolidation of 0.7717 – 0.7908. Thus, the best decision is just to wait for a sharp exit of the pair from the range on the large volume, which will be an excellent signal for opening long positions.

While AUD/USD is trading within its consolidation, we should stay out of the market.

trade aud

XAU/USD

Gold again showed a fairly sharp fall on the increased volume and tested the lower limit of the consolidation/support level 1313.50 – 1317.50 yesterday. Now the pair is trading at this mark, which gives us an opportunity to consider the scenario of its breakdown, which will be an excellent signal for the opening short positions with gold.

volume gold tfxi
The breakout movement must be swift and supported by the large volume, which will insure us against false breakdown and will be a more accurate indicator for the opening new deals. A stop loss should be placed just above the breakdown volume bar. The potential of the deal is more than 100 points.

sell gold tfxi

The sentiment: the mood of the market affirms only our scenario with the Canadian dollar, but it’s not surprising as all other instruments are trading in local consolidation.

sentiment