Daily Technical Forex Forecast 08.05.2018


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EUR/USD

The Euro resumed its fall and tested the lower limit of the local consolidation/support level of 1.1916. The price could not break this mark, however, it remained trading near the support. Given this fact, as well as the presence of a strong downtrend with EUR/USD, we still should give preference to short positions with this instrument.

volume euro eng
Sales can be opened after a confident and sharp breakdown of the level of support on the increased volume. This will be an excellent bearish signal. A stop loss should be placed just above the breakout bar. The potential of the deal is more than 100 points.

sell euro eng

GBP/USD

The Pound is located  in the small local range just above the minimum/support level of 1.3497 at the moment. Thus, our previous scenario remains actual: new deals can be opened only after a sure breakdown of this mark.

volume gbp

The breakdown movement must be sharp and sure, which will be a stronger signal for entering the market. A stop loss should be placed just above the breakout bar. The potential of the deal is more than 120 points.

sell gbp

USD/JPY

The Yen tested the support 108.65 – 108.81, but is still located in the local range between this level and the resistance of 109.97. Therefore, the best decision is to wait for the pair to exit from this range. The movement should be supported by the large volume, which will insure us against a false breakdown.

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

trade jpy

USD/CAD

The price grew up significantly and is testing the resistance level/upper limit of the local consolidation 1.2909 at the moment. This gives us an opportunity to regard the scenario of a breakdown of this level, which will be an excellent signal for opening long positions. A stop loss must be placed under the breakout bar. The potential of the deal is more than 100 points.

buy cad

AUD/USD

The Australian dollar resumed drop and the price is trading slightly above the support/lower limit of the local consolidation of 0.7475 at the moment. Thus, we can consider the scenario of a breakdown of this mark, which will be an excellent bearish signal and will allow us to open sales. A stop loss should be placed just above the breakdown bar. The potential of the deal is more than 100 points.

sell aud

XAU/USD

Nothing has changed with gold as the price is still in the local consolidation between the support of 1302.20 and the  resistance of 1326.00. The large volume is concentrated in this range, so the best solution is just to wait for a sure exit of the price from it. The breakout movement must be swift and supported by the large volume, which will be a more reliable and accurate signal for the opening of new positions.

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

volume gold

The sentiment: the mood of the market affirms all our deals, which is a great additional signal. The situation with USD/JPY and XAU/USD is not clear, as they are located in consolidations, so we must wait for the resumption of local trends with these pairs.

sentiment