Daily Technical Forex Forecast 01.05.2018


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EUR/USD

The Euro continued falling and is testing the support level/local minimum of 1.2064. Hence, we can assume that the local downtrend continues, so now it is worth considering exceptionally short positions with the Euro. Nevertheless, sales can be opened only after a breakdown of the support/local minimum.

volume euro

The move should be sharp and supported by the large volume, which will be a more reliable and secure signal for entering the market. A stop loss should be located just above the breakdown volume bar. The potential of the deal is more than 100 points.

sell euro

GBP/USD

The Pound is trading in the small local range just above the local minimum of 1.3724. Given the recent drop of the price on the large volume and the presence of the strong downtrend with this instrument, we still should give preference to sales.

volume gbp

We can enter the market after the resumption of the sink of the price and a rapid breakdown of the local minimum. 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 just above the breakdown volume bar. The potential of the deal is more than 120 points.

sell gbp

USD/JPY

The pair is also located in the small local range below the resistance level of 109.46. Therefore, our previous scenario remains actual: given the strong local uptrend, we must give advantage to long positions. We can the market after a sharp breakout of the resistance level on the large volume, which will be a more accurate signal for opening new deals. A stop loss must be located below the breakout volume bar. The potential of the deal is about 100-110 points.

buy jpy

USD/CAD

The Canadian dollar tested the support level of 1.2819, but failed to break it out and is still located in the local range between this mark and the resistance level of 1.2892. The large volume is concentrated in this consolidation, so the best decision with this instrument is just to wait for a sharp breakout of one of the levels. This will be an excellent signal for the opening new deals.

While the price is inside the range, we should stay out of the market.

trade cad

AUD/USD

The Australian dollar resumed its drop, which is an excellent bearish signal. Also we must note the resistance level of 0.7589, in which the large volume is concentrated. Thus, our previous scenario remains actual: sales can be opened after a small correction of the price upwards to get a more profitable entry point. A stop loss should be placed a little above the resistance level. The potential of the deal is more than 100 points.

sell aud

XAU/USD

The price broke down the previous support level, but the fall was stopped by the appearance of the increased volume and the creation of the new level of support 1310.90. Nevertheless, the pair failed to continue its growth and is testing this mark right now. Hence, the scenario of opening sales is still relevant.

volume gold

We can enter the market after a sharp and rapid breakdown of the level of support. The move should be on the large volume, which will be a more secure signal for 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

The sentiment: this indicator fully confirms all our trading scenarios, which is an excellent additional signal. With the Canadian dollar should be given preference to purchases, however, firstly we should wait for the pair to exit the range. As with XAU/USD, all technical factors point to sales, so after a breakdown of the support, we can open short positions.

sentiment


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