Weekly Technical Forex Forecast 04-08.06.2018


EUR/USD

The Euro is currently trading within a local consolidation between two strong volume levels: the support 1.1525 and the resistance 1.1822. Thus, our previous scenario remains relevant: new deals can be opened only after the exit of the price from this range.

volume euro eng
The breakout movement must be sharp and supported by the large volume, which will insure us against a false breakdown and will be a more accurate signal for entering the market. While the pair is trading within the consolidation, it’s better to stay out of the market.

trade euro eng

GBP/USD

The Pound showed a significant growth on the increased volume, but the price is between two strong volume levels at the moment. They are the support 1.3221 and the resistance 1.3417. Therefore, the best solution is to wait for the pair to exit from this range.

volume gbp eng
The breakdown movement must be confident, swift and supported by the large volume, which will be a more accurate and reliable signal for opening new deals. While the price is trading within the consolidation, it is better to stay out of the market.

trade gbp eng

USD/JPY

The Yen also rose significantly on Friday. The movement was sharp and supported by the large volume, but so far we cannot open purchases, as the price is trading within the range of 108.20 – 110.33. Thus, we should wait for the breakdown of one of the boundaries of the consolidation and only after that it is possible to open new deals. The movement should be sharp and supported by the large volume, which will be a more reliable signal for entering the market.

trade jpy eng

USD/CAD

After a sharp price increase at the end of last week, USD/CAD is trading in the small consolidation under the resistance level 1.3030 now. Thus, we can open purchases after a sure breakdown of this mark on the large volume, which will be a stronger signal. A stop loss should be placed under the breakout volume bar. The potential of the deal is more than 100 points.

buy cad eng

AUD/USD

The Australian dollar showed a sharp increase of the price on the large volume on Friday. However, the pair is still trading within the local consolidation between the support 0.7492 and the resistance 0.7600. Thus, we can enter the market and open new deals only after a confident and prompt exit of the price from the consolidation. The breakdown movement must be supported by the large volume. While the pair is trading within the range, it is better to stay out of the market.

trade aud eng

XAU/USD

Gold showed a sharp drop of the price on the large volume on Friday, but the pair is still inside the local consolidation between two strong levels. They are the support 1282.70 and the resistance 1306.20. The large volume is concentrated in this range, so the best solution is to wait for the pair to exit confidently.

volume gold eng
The movement should be swift and supported by the large volume, which will be a more accurate and strong signal for opening new positions. While the pair is within the local range, it is better to stay out of the market.

trade gold eng
The sentiment: this indicator confirms our scenario of opening purchases with USD/CAD. With the Euro, the Pound, the Australian dollar, we should give preference to sales, and with the Yen and gold – purchases. Nevertheless, we need to wait for prices to come out of ranges. Only after this we can consider new positions with these instruments.

sentiment

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