Daily Technical Forex Forecast 15.05.2018

EUR/USD

The Euro showed a smooth fall of the price on Monday, but this did not change the overall picture. The pair is still trading in the local consolidation between the support 1.1842 and the resistance 1.2014.
As can be seen from the chart below,the very large volume is concentrated within this range, so the best solution will be to wait for a sure exit of the price out of it. This will be an excellent signal for opening new deals with the Euro.
The breakdown movement must be swift and confident, and also on the large volume, which will insure us against a false breakdown and will be a more accurate and reliable signal for entering the market.

GBP/USD

The Pound is also within the local consolidation just above the support level of 1.3470, in which the very large volume is concentrated. Therefore, the best solution will be to wait for a sure exit of the price out of the range.

The move should be swift and confident + supported by the large volume, which will insure us against a false breakdown. This will be an excellent signal for entering the market.

While the pair is trading within the consolidation, it is better not to trade this instrument.

USD/JPY

The Yen didn’t show significant movement yesterday and is also trading in the local consolidation between two strong levels: the support of 108.65 – 108.81 and the resistance of 109.97. The large volume is concentrated in this range, so the best solution will be to wait for a sure breakdown of one of the levels, which will be an excellent signal for entering the market.

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

USD/CAD

The pair tested the support level of 1.2750, but could not break it, after which it jumped up. Nevertheless, considering that the price is still near the support, we can consider the scenario of 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 breakout bar. The potential of the deal is more than 100 points.

AUD/USD

The situation with the Australian dollar has not changed: the price is trading within the local consolidation of 0.7424 – 0.7581. The large volume is concentrated inside this range, so we should wait for a sharp exit of the price from it on the large volume, which will be an excellent signal for entering the market.

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

XAU/USD

The price showed a significant fall, but the price continues trading within the local consolidation of 1302.20 – 1326.00. As can be seen from the volume chart below, the large volume accumulation is concentrated in this range, so the best solution with gold will be to wait for the price to come out of it.

The breakout movement must be sharp and supported by the large volume, which will insure us against a fake breakdown and will be a more accurate and reliable signal for entering the market.

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

The sentiment: this indicator shows that we should give preference to sales with the Euro, Pound, Australian dollar and gold, and purchases with the Yen and Canadian dollar. Nevertheless, considering that almost all instruments are in consolidations, we need to wait for the resumption of trends.

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