Daily Technical Forex Forecast 01.06.2018


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EUR/USD

Nothing has changed with the Euro as the price is still located within the local range between 2 strong volume levels: the support 1.1525 and the resistance 1.1822.

volume euro

Hence, our previous scenario is still actual: we can open new positions only after a confident and abrupt breakdown of one of these levels. The breakout movement must be supported by the large volume, which will be a more precise signal for entering the market.

While the pair is locked in the consolidation, we should stay out of the market.

trade euro

GBP/USD

After a small and smoothly upward correction, the Pound resumed a sharp fall of the price on the large volume and is currently trading near the support/local minimum level of 1.3221. Given such a rapid decline and the presence of a strong downtrend, we can consider the scenario of a breakdown of this mark, which will allow us to open short positions.

volume gbp eng
We can enter the market after a sure breakdown of support on the large volume, which will be a more reliable and accurate signal for opening sales. A stop loss should be placed just above the breakdown volume bar. The potential of the deal is more than 150 points.

sell gbp eng

USD/JPY

The Yen grew up strongly and on the increased volume, but the pair is located inside the local range between two volume levels: the support 108.20 and the resistance 110.30 now. Therefore, the best decision is just to wait for the breakout of one of these levels, which will be a more accurate signal for entering the market and opening new deals.

trade jpy

USD/CAD

USD/CAD resumed its growth and broke down the resistance level, which annuls our previous scenario. Now the price is trading just below the local maximum, which consents us to regard a scenario of its breakout. This will allow us to open purchases with this currency pair. The move should be sure and supported by the large volume, which will be a more precise signal for entering the market. A stop loss should be located  just below the breakout volume bar. The potential of the deal is more than 100 points.

buy cad

AUD/USD

The Australian dollar is still locked within the local range between the support 0.7492 and the resistance 0.7600. The large volume is concentrated inside this consolidation, so the best decision with this pair is just to wait for a sure and sharp exit of the price from it. The movement should be supported by the large volume, which will insure us against a false breakout and will be a more accurate sign for entering the market.

trade aud

XAU/USD

The price tested the resistance level of 1306.20, after which it fell down. Nevertheless, given that the drop of the pair was smooth and on the small volume + the price is currently trading near this mark, we can regard a scenario of its breakout, which will be a great signal for opening purchases.

volume gold

The breakout movement must be keen and supported by the large volume, which will be a more reliable and accurate signal for opening new deals. A stop loss must be located just below the breakout volume bar. The potential of the deal is about 200 points.

buy gold

The sentiment: the mood of the market affirms our deals with GBP/USD, USD/CAD and XAU/USD, which is a good additional signal. We also should give preference to scenarios of opening sales (according to the sentiment) with EUR/USD, USD/JPY and AUD/USD, but it is necessary to wait for exit of prices from consolidations.

sentiment


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