Daily Technical Forex Forecast 04.05.2018


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EUR/USD

The Euro is located in the small local consolidation just below resistance level of 1.2014 at the moment. The large volume is concentrated in this range. Nevertheless, given the strong local downtrend, we still should give preference to sales.

volume euro

Short positions can be opened after the test of the resistance level of 1.2014 and a sharp rebound of the price down. A stop loss should be placed a little above this mark. The potential of the deal is more than 100 points.

sell euro

GBP/USD

The local downtrend with the Pound continues, as prices showed a gradual decline yesterday. It is also necessary to allocate a strong level of resistance 1.3664, in which the increased volume is concentrated and which has already been tested twice. Thus, our previous scenario remains relevant: short positions should be in priority with GBP/USD.

volume gbp eng
Sales can be opened after a small and smooth upward price correction to get an acceptable entry point to the market. A stop loss should be placed just above the resistance level. The potential of the deal is more than 120 points.

sell gbp eng

USD/JPY

The Yen fell down on the increased volume and is trading in the local consolidation between the support of 108.36 – 108.48 and the resistance of 109.97. Thus, the best decision with it is just to wait for a confident and sharp exit of the pair from the range. The breakdown move must be on the large volume, which will be a more secure signal for entering the market.

Of course, given the presence of a local uptrend, we should give a slight advantage to purchases, however, new deals can be opened only after the pair leaves the consolidation.

trade jpy

USD/CAD

The Canadian dollar is also locked within the local range of 1.2819 – 1.2892, in which the large volume is concentrated. Thus, the previous scenario remains actual: we can enter the market only after a sharp and sure exit of the price out of the range. The breakdown movement must be supported by the large volume, which will be a more precise and reliable signal for entering the market.

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

trade cad

AUD/USD

The price slightly corrected upwards, but the movement was smooth and on the small volume, and given the local downtrend, we still should give preference to sales. Short positions can be opened after resumption of the price drop and a breakdown of the support level of 0.7475. A stop loss should be placed just above the breakout bar. The potential of the deal is more than 100 points.

sell aud

XAU/USD

Gold also grew up yesterday, but the movement was on the medium volume, so we cannot consider the scenario of opening purchases. Moreover, there is a strong local downtrend with this instrument, so we still need to give preference to sales.

volume gold

We can enter the market after the resumption of the sharp fall of the price and a sure breakdown of the support/local minimum level of 1302.20. A stop loss should be placed just above the breakdown bar. The potential of the deal is more than 150 points.

sell gold

The sentiment: this indicator confirms our trading scenarios with the Euro, Pound, gold and the Australian dollar. With the Canadian dollar and the Yen, we should give preference to purchases, however, first we need to wait for the prices to come out of the consolidations.

sentiment