Weekly Technical Forex Forecast 28.05-01.06.2018


EUR/USD

The Euro continued its decline and broke down the previous support level. Moreover, the breakout movement was sharp and supported by the large volume, which is an excellent bearish signal. Now the price is trading near the local minimum/new support level 1.1647.

volume euro eng
Thus, sales can be opened only after a sharp and sure breakdown of this mark. A stop loss should be placed just above the breakout bar. The potential of the deal is more than 100 points.

sell euro

GBP/USD

After the formation of the new resistance level of 1.3417, the Pound continued its drop. The movement was smooth and on the small volume, so we can not open sales at the moment.

volume gbp eng
We can enter the market only after a small correction of the price upwards to get a more profitable entry point. A stop loss should be placed a little above the resistance level. The potential of the deal is more than 120 points.

sell gbp

USD/JPY

The Yen tested the support level of 109.02 – 109.22, but could not break it and is trading in the small range between this mark and the resistance of 110.33 at the moment. Therefore, new positions can be opened only after a breakdown of one of these levels. The movement should be swift and supported by the large volume, which will be a more accurate and reliable signal for entering the market.

trade jpy

USD/CAD

The pair continued its growth and tested the resistance level/upper limit of the consolidation of 1.2985. The price has grown on the large volume and is trading near this mark now, which gives us the opportunity to consider the scenario of its breakdown. This will be an excellent bullish signal. A stop loss should be located under the breakout bar. The potential of the deal is 110-120 points.

buy cad

AUD/USD

The Australian dollar corrected down on Friday and is currently trading within a local consolidation between the support  0.7492 and the resistance 0.7600 . The large volume is concentrated in this range, so the best solution will be 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 signal for entering the market.

trade aud

XAU/USD

Gold tested the resistance level of 1306.20, but could not break it and is trading near this mark at the moment. Given the recent growth of the price on the large volume, we can consider a scenario of the breakout of this level, which will be an excellent bullish signal.

volume gold eng
The breakout movement must be sharp and supported by the increased volume, which will be a more accurate and strong signal for entering the market. A stop loss should be placed just below the breakout movement. The potential of the deal is about 200 points.
As with sales, they can be considered only after the breakdown of the level of 1282.80.

buy gold
The sentiment: this indicator fully confirms our scenarios with the Euro, Pound and Canadian dollar, which is an excellent additional signal. The situation with gold is 50/50, so it’s worth to be extremely accurate. With the yen and the Australian dollar, it is necessary to wait for the sure exit of prices from consolidations and only after that we can regard new deals.

sentiment