Weekly Technical Forex Forecast 09-13.04.2018


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EUR/USD

The Euro tested the support level of 1.2227 again and rebounded sharply. It is worth noting that the price increase was on the large volume. However, the pair is still trading within the local consolidation between the support and the resistance level of 1.2342 – 1.2357.

volume euro tfxi
The large volume is concentrated in this range, so the best scenario with the Euro will be to wait for a confident exit of the price from 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 within the range, it is better to stay out of the market.

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GBP/USD

The Pound also showed a rapid price rise on the large volume after the publication of data on the labor market last Friday. It’s worth noting that the pair is still trading within the local range, but is currently testing the upper limit/the resistance of 1.4095. Therefore, we can consider the scenario of a breakout of this mark, which will be an excellent signal for opening purchases.

volume gbp tfxi
Long positions can be opened in case of a sharp breakout of the resistance on the large volume, which will be a more reliable signal for entering the market. A stop loss should be locate under the breakout volume bar. The potential of the deal is 110-120 points.

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USD/JPY

After the test of the resistance level of 107.48, the Yen showed a sharp drop on the very large volume, which gives us the opportunity to consider the scenario of opening sales with this currency pair, even despite the local uptrend.

Short positions can be opened after a small correction of the price upwards to get a more advantageous entry point. A stop loss should be placed a little above the resistance. The potential of the deal is 90-100 points. If the price breaks down this mark, we can “roll over” and open purchases.

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USD/CAD

The Canadian dollar tested the support level of 1.2737, but could not break it, after which it sharply adjusted upwards. At the moment the price is closed in the local consolidation between this level and the resistance of 1.2840.

Thus, it is necessary to wait for a confident exit of the price from the range on the large volume, which will be an excellent signal for opening new deals.
While the pair is trading in the consolidation, it’s better to stay out of the market.

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AUD/USD

The Australian dollar is still trading in the local consolidation of 0.7650 – 0.7775. Nevertheless, given the fact that the price is near to the support level, we can consider the scenario of its breakdown, which will be an excellent bearish signal.

The breakout movement must be sharp and supported by the large volume, which will be a more accurate signal for entering the market. A stop loss should be placed just above the breakdown volume bar. The potential of the deal is more than 100 points.

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XAU/USD

Gold tested the support level of 1323.10 – 1324.40, after which it demonstrated a sharp price growth on the very large volume, which is an excellent bullish signal. Therefore, even in spite of the fact that the pair is still trading in the consolidation, we can consider the scenario of opening purchases.

volume gold tfxi
Long positions can be opened after a small price correction down to get a more advantageous entry point. A stop loss should be placed just below the support level test. The potential of the deal is more than 200 points.
If the pair breaks down the support, then we can “roll over” and open sales.

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The sentiment: this indicator fully confirms our scenarios with the Pound, Yen, Australian dollar and gold (trading against the “crowd”), which is an excellent additional signal. With the euro and the Canadian dollar, the situation is unclear, so it’s better to wait for pairs to exit from ranges.

sentiment


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