Daily Technical Forex Forecast 30.05.2018


EUR/USD

Our scenario with the Euro was confirmed, as the price continued its decline. Moreover, the movement was sharp and supported by the large volume, which is an excellent bearish signal. It is also worth highlighting the new volume resistance level 1.1585, which was formed during  this movement.

volume euro eng
Given all of the above factors, we should consider exceptionally short positions with the Euro. Sales can be opened after a small and smooth correction of the price upwards to get a more profitable entry point. A stop loss should be placed just above the resistance level. The potential of the deal is more than 130 points.

sell euro eng

GBP/USD

The Pound demonstrated a sharp fall on the large volume yesterday, but the movement was stopped by the creation of the new volume support level of 1.3221. However, given the presence of the strong local downtrend with this pair, we should regard a scenario of the breakdown of this mark, which will be an excellent bearish signal and will allow us to open sales here.

volume gbp

The breakdown movement must be abrupt and sure + upheld by the increased volume, which will be a more precise signal for opening short positions. A stop loss should be placed just above the breakout bar. The potential of the deal is more than 150 points.

sell gbp

USD/JPY

The Yen sank on the large volume and broke down the previous level of support yesterday, which is an excellent bearish signal. However, we can open short positions only after the resumption of the fall and the sure breakdown of the new support level of 108.20. The breakout movement must be rapid and sharp + supported by the increased volume. A stop loss should be located just above the breakdown bar. The potential of the deal is about 120-130 points.

sell jpy

USD/CAD

The price continued rising, but the move was smooth and on the average volume, so we can’t point out any concrete level. Nevertheless, given the presence of the local uptrend, we should give advantage to purchases. We can enter the market after the continuation of the growth and the breakout of the local maximum. A stop loss should be located just below the breakdown bar. The potential of the deal is more than 100 points.

buy cad

AUD/USD

The Australian dollar continued falling and is testing the support level/the lower limit of the range 0.7492 at the moment, which consents us to regard the scenario of the breakdown of this mark. This will be an excellent bearish signal and will allow us to open short positions. A stop loss should be placed just above the breakdown bar. The potential of the deal is 70 points.

sell aud

XAU/USD

The price tested the resistance level of 1306.20, but could not break it, and then it sharply adjusted downwards and is trading inside the local range between this mark and the support 1282.80 at the moment. Hence, the best decision with gold will be to wait for a sure exit of the price from this range. The breakout movement must be sharp and supported by the large volume, which will be a more accurate and reliable signal for entering the market.

Until that, it is better to stay out of the market.

trade gold

The sentiment: this indicator totally affirms all our trading scenarios, that is a great additional signal. The situation with gold is almost 50/50 + given the local range, we should wait for the exit of the pair from it and only then we can regard new deals.

sentiment