Daily Technical Forex Forecast 19.04.2018


EUR/USD

The Euro tested the resistance level of 1.2395 one more time, but could not break it out. However, the price also didn’t show any significant reaction or rebound. Moreover, it is testing this mark at the moment, so our previous scenario still remains actual.

volume euro

We can consider long positions after the price breaks out the resistance level/upper limit of the local consolidation on the large volume. It will an excellent bullish signal.  A stop loss should be located just below the breakout volume bar. The potential of the deal is about 80-90 points.

Until that, while the pair is trading in the range, we should stay out of the market.

buy euro

GBP/USD

Yesterday, the Pound showed a sharp and precipitous drop of the price on the very large volume, which is a strong bearish signal. In addition, we must allocate a new level of support 1.4175 – 1.4190, which was formed during this movement and which contains the increased volume. Nevertheless, it is worthwhile trading exactly this breakdown, since the price did not show any significant reaction after its formation. Moreover, the pair is testing this mark now.

volume gbp tfxi
The movement should be swift 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 150 points.

sell gbp tfxi

USD/JPY

The price is still trading in the local range of 106.67 – 107.48. Nevertheless, given the fact that the price tested the resistance/the upper limit of the consolidation and is under this mark at the moment, we can regard its breakout as the most likely scenario, which will allow us to open long positions with the Yen.

The move must be keen and supported by the large volume, which will be a more accurate signal for entering the market. A stop loss should be located below the breakout volume bar. The potential of the deal is more than 100 points.

buy jpy

USD/CAD

The Canadian dollar tested the support level of 1.2544 and then demonstrated a sharp growth on the very large volume, which is an excellent bullish signal. Thus, we should give advantage to long positions until the breakdown of the level of support. We can open long positions after a small price correction down in order to obtain a more profitable entry point. A stop loss should be placed below the support level. The potential of the deal is about 100-110 points.

buy cad

AUD/USD

The Australian dollar is testing the resistance level/upper limit of the consolidation of 0.7803 at the moment, which consents us to regard the scenario of its breakout. This will be an excellent bullish signal and will allow us to open long positions with this currency pair. The move should be sharp and on the large volume, which will be a more reliable signal for entering the market. A stop loss should be located below the breakout volume bar. The potential of the deal is around 100-110 pips.

buy aud

XAU/USD

Gold is still trading in the local range between two strong volume levels: the support of 1323.10 – 1324.40 and the resistance of 1362.00 – 1363.30. The large volume is concentrated within this consolidation, so the best decision with gold is just to wait for a sharp and confident breakout of one of the boundaries of the range on the large volume. This will be a great signal for entering the market.

While the price is located in the consolidation, we should stay out of the market.

volume gold

The sentiment: the mood of the market affirms our scenarios with the Euro and Australian dollar, which is a good additional signal. As with gold, we should give a slight preference to long positions, but first of all we need to wait for the price to come out of the range. With other instruments this indicator contradicts our scenarios, so it’s worth to be more attentive and enter only after strong signals appear.

sentiment