Daily Technical Forex Forecast 18.04.2018


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EUR/USD

The Euro tested a local maximum/resistance level of 1.2395, after which it was sharply adjusted downwards. At the moment, the pair is trading in the local consolidation between this level and support of 1.2307. Both levels contain the large volume, moreover, large volume accumulation is also concentrated in the consolidation, so the best option is to wait for the price to come out of the range.

volume euro tfxi
The breakout movement must be rapid and abrupt, and also supported by the large volume. This will be a more accurate and strong signal for entering the market + will insure us against a false breakout.

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

trade euro tfxi

GBP/USD

After the creation of the new volume level of resistance 1.4370, the Pound showed an abrupt downward correction. Yes, this level contains increased volume, but the drop was on the small one, so we can’t open sales at the moment. Moreover, there is a strong uptrend, so we still should give advantage to long positions.

volume gbp

We can enter the market after a resumption of the growth and a confident breakout of the level of resistance. The move must be supported by the large volume, which will be a more accurate signal for entering the market. A stop loss should be placed under the breakout volume bar. A potential of the deal is more than 100 pips.

buy gbp

USD/JPY

The Yen is still trading in the local consolidation 106.67 – 107.48. This range contains large volume, so the best decision is just to wait for the exit of the price from the range. The breakout movement must be keen and supported by the large volume. It will be a more reliable signal for opening new positions.

Until that, we should stay out of the market.

trade jpy

USD/CAD

The Canadian dollar is still trading in the local consolidation 1.2544 – 1.2622. The large volume is concentrated in the range, so the best decision is just to wait for the exit of the price from the range. But given the fact that the price is located near the support an the presence of the local downtrend, we can consider a breakout of this level, which will allow us to open short positions. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 100 pips.

sell cad

AUD/USD

The Australian dollar is still trading a little bit below the level of resistance/upper limit of the consolidation 0.7775, that’s why our previous scenario remains the same: we should consider a scenario of the breakout of this mark, which will be a great bullish signal. The movement must be abrupt and supported by the large volume. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 100 pips.

buy aud

XAU/USD

Nothing has changed with gold as the price is still locked in the local consolidation between two strong volume levels: the support of 1323.10 – 1324.40 and the resistance 1362.00 – 1363.30. Also we should note, that large volume is concentrated in this range, so the best decision is just to wait for the exit of the price from the range.

volume gold

The breakout movement must be sharp and supported by the large volume, which will be a more reliable and accurate signal for entering the market. Moreover, it will insure us against a false breakout.

While the pair is located inside this consolidation, we should stay out of the market.

trade gold

The sentiment: this indicator totally affirms our scenarios with GBP/USD, USD/CAD and AUD/USD. With the Euro and gold we should give preference to long positions (trading against the “crowd”), while with the Yen – short positions.

sentiment


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