Daily Technical Forex Forecast 06.06.2018


EUR/USD

After the test of the level of support/the lower limit of the range, the Euro rose up significantly on the increased volume yesterday. Now it is trading near the resistance/upper limit of the consolidation 1.1744 at the moment. Thus, we can regard a scenario of the breakout of this mark, which will be a strong bullish signal. The breakout movement must be sharp and supported by the large volume, which will be a more precise signal for entering the market. A stop loss should be located under the breakout volume bar. The potential of the deal is around 80-90 points.

buy euro

GBP/USD

After a sharp downward correction, the Pound resumed its steady growth on the increased volume and is testing the resistance level/upper limit of the local range of 1.3417. Thus, we can consider the trading scenario of a breakout of this mark, which will be an excellent bullish signal. This will also allow us to open long positions with this currency pair. The breakout movement must be swift and supported by the large volume, which will insure us from a false breakdown and will be a stronger signal for opening purchases. A stop loss should be placed just below the breakout volume bar. The potential of the deal is more than 150 points.

buy gbp eng

USD/JPY

The Yen is still located underneath the resistance level/upper boundary of the local consolidation of 110.33. Hence, our yesterday’s trading scenario remains actual: we should give preference to long positions. We can enter the market only after a sure and keen breakout of this mark on the large volume, which will be a more secure signal for opening purchases. A stop loss must be placed under the breakout volume bar. The potential of the deal is around 100 points.

buy jpy

USD/CAD

The price tested the resistance level of 1.3030, but failed to break it out and then showed an abrupt adjustment down. The drop of the pair was supported by the increased volume, so we can’t open long positions now. Therefore, the best decision with this instrument is just to wait for a sure exit of the price from the local consolidation of 1.2750 – 1.3030. The breakout movement should be supported by the large volume, which will be a more precise and secure signal for entering the market.

trade cad

AUD/USD

The Australian dollar resumed growing after a recent abrupt adjustment. The price is testing the resistance level of 0.7660 at the moment. The move was sharp and on increased volume, so it allows us to regard the scenario of a breakout of this mark, which will be a great bullish signal. The move should be sure and supported by the large volume, which will insure us against a false breakdown. A stop loss should be located below the breakout volume bar. The potential of the deal is more than 100 points.

buy aud

XAU/USD

Nothing has changed here as the price is still locked within the local range between the support level of 1282.80 and the resistance level of 1306.20. Therefore, our previous trading scenario remains actual: we can enter the market only after a sure and swift exit of the price from this local consolidation. The breakout move must be supported by the large volume, which will be a more reliable signal for entering the market.

Until that, while gold is located inside its local range, we should stay out of the market.

trade gold

The sentiment: the mood of the market affirms our scenario of opening long positions with USD/JPY, so this pair should be in priority today. The situation is contrary with EUR/USD, GBP/USD and AUD/USD, so we can enter the market only after the appearance of strong additional confirming signals. It is necessary to wait for exits of prices from range with USD/CAD and XAU/USD.

sentiment