Daily Technical Forex Forecast 03.05.2018


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EUR/USD

The Euro fell down and broke out the previous support level, which is a great bullish signal. Moreover, the move was abrupt and supported by the large volume, which only strengthens its importance. Also we should allocate a new resistance level of 1.2014, that contains the large volume.

volume euro

Thus, all the factors point that we should regard only sales at the moment. Short positions can be opened after a small correction of the price upwards to get a more profitable entry point. A stop loss should be located a little above the resistance level. The potential of the deal is more than 100 points.

sell euro

GBP/USD

The downtrend with the Pound continued and the pair showed a sharp drop yesterday. It is also necessary to point out the resistance level of 1.3664, which has already been tested twice, which only strengthens its value. Thus, considering all of the above, it is necessary to give preference to sales with GBP/USD.

volume gbp tfxi
Short positions can be opened after a small correction of the price upwards to obtain an acceptable entry point. The movement should be on the small volume. A stop loss should be placed just above the resistance level. The potential of the deal is more than 120 points.

sell gbp tfxi

USD/JPY

The Yen continued its growth, moreover, the movement was on the large volume, which is an excellent bullish signal. We also need to allocate a new level of support of 109.60, in which the significant volume is also concentrated.

The price is correcting down right now, but the move is on the small volume, so we still should give preference to long positions with the Yen. Purchases can be opened after a resumption of the sharp surge of the pair. A stop loss should be located below the support level with a small margin. The potential of the deal is about 100 points.

buy jpy

USD/CAD

The Canadian dollar tested the lower boundary of the range, after which it showed a keen price growth. Nevertheless, this pair is still locked within the local consolidation of 1.2819 – 1.2892, so we should wait for a sure and rapid exit of the price from the consolidation and only after that we will be able to enter the market. The breakout movement should be supported by the large volume, which will be a more accurate signal for opening new deals.

While the price is trading within the range, it is better to stay out of the market.

trade cad

AUD/USD

Nothing has changed with this pair, as the price is still trading slightly above the local minimum/support level of 0.7475. Hence, our previous scenario remains actual: we can open sales after a confident and abrupt breakdown of the level of support. A stop loss should be located just above the breakdown bar. The potential of the deal is more than 100 points.

sell aud

XAU/USD

Gold showed a smooth upward correction yesterday, but then resumed the drop of the price on the large volume, which is a good bearish signal. Now the price is located slightly higher than the local minimum/volume support level of 1302.20.

volume gold

Therefore, we can open short positions only after an abrupt and strong breakdown of this mark. 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: all our deals are confirmed by the mood of the market, which is an excellent additional signal. As with the Canadian dollar, we should give advantage to long positions, however, firstly it is necessary to wait for the price to come out of the range.

sentiment