Daily Technical Forex Forecast 02.05.2018


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EUR/USD

The Euro continued its decline and broke down the previous support level, which is an excellent signal for the continuation of the local downtrend. It is also necessary to allocate a new volume support level of 1.1985, which stopped the fall of the pair yesterday. Nevertheless, given the fact that the price did not show a significant reaction to the new level of support + the presence of the strong trend, it is worth giving preference to short positions.

volume euro tfxi
We can enter the market after the resumption of the fall of the price and a sure breakdown of the level of support. A stop loss should be placed just above the breakout bar. The potential of the deal is more than 100 points.

sell euro tfxi

GBP/USD

The Pound also demonstrated a significant fall of the price on the large volume, which is an excellent bearish signal. Thus, the local downtrend with the Pound continues, so it is worth considering exceptionally short positions with this currency pair now.

volume gbp

We can enter the market after a small and smooth correction of the price up, in order to obtain a more profitable entry point. A stop loss should be located just above the beginning of the sharp drop of the pair. The potential of the deal is about 150 points.

sell gbp

USD/JPY

The Yen grew up and broke out the resistance level/the upper limit of the consolidation, which is an excellent bullish signal. Therefore, we should  preference to the scenario of opening purchases with this pair.

We can enter the market after a small correction of the price down on the small volume, in order to get a more profitable entry point. A stop loss should be located under the lower limit of the consolidation. The potential of the deal is 110-120 points.

buy jpy

USD/CAD

The Canadian dollar is still trading in the local range of 1.2819 – 1.2892. The large volume is concentrated in this consolidation, so the best decision is just to wait for a confident and sharp exit of the pair from the consolidation. The breakout movement must be supported by the large volume, which will insure us against a fake breakout and will be a more secure signal for entering the market.

Until that, we should stay out of the market.

trade cad

AUD/USD

The pair continued falling and broke down the previous support level, but the price was stopped after the formation of the new support of 0.7475, that contains the increased volume. Nevertheless, given the local downtrend and the fact that the price is just above this mark, we should regard the scenario of a breakdown of the support, which will be an excellent bearish signal and will consent us to open sales with this currency pair. A stop loss should be located just above the breakout bar. The potential of the deal is more than 100 points.

sell aud

XAU/USD

Gold demonstrated an abrupt drop and broke down the previous support level, but the move was stopped by the new support of 1302.20, which the increased volume is concentrated. The growth of the price from the level was on the small volume, and given the recent sharp fall of the price, short positions still should be in priority.

volume gold

Sales can be opened after the resumption of the price fall and a sure breakdown of a new level of support. A stop loss should be placed just above the breakout bar. The potential of the deal is more than 150 points.

sell gold

The sentiment: this indicator confirms all our trading scenarios, which is an excellent additional signal. With the Canadian dollar we should give preference to purchases, however, firstly we must wait for the pair to exit from the consolidation. The situation with gold is 50/50, but given that all technical factors indicate sales, it is worth giving preference to short positions.

sentiment


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