Weekly Technical Forex Forecast 11-15.06.2018


EUR/USD

After the test of the resistance level of 1.1835, the Euro corrected downward and is trading inside the local consolidation between this level and the support 1.1648 now. As can be seen from the chart below, the large volume is concentrated in this range, so the best solution will be to wait for the exit of the pair from it.

volume euro eng
The breakout movement must be sharp and confident, and also supported by the large volume, which will be a more accurate signal for entering the market. While the price is trading within the range, it is better to stay out of the market.

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GBP/USD

The Pound continues trading in the local consolidation between two volume levels. They are the support 1.3221 and the resistance 1.3619. The large volume accumulation is concentrated in this range.

volume gbp eng
Given all of the above factors, it is better to wait for a confident exit of the pair from this consolidation. The movement should be supported by the large volume, which will be a more accurate signal for entering the market.

trade gbp eng

USD/JPY

The Yen adjusted down after the resistance level test and is inside the local consolidation now. The boundaries of consolidation are the support 108.20 and the resistance 110.33. Thus, new positions can be opened only after the breakout of one of these levels and the exit of the price from the range. The movement should be sharp and supported by the large volume.
While the price is within the consolidation, it is better to stay out of the market.

trade jpy eng

USD/CAD

The price is inside the local consolidation between the support level of 1.2865 and the resistance level of 1.3030 now. The large volume is concentrated in this range, so the best solution is to wait for the exit of the pair from it. The breakout movement must be rapid and on the large volume, which will be a more reliable signal for opening new deals.

trade cad eng

AUD/USD

The Australian dollar also corrected down late last week and is trading in the middle of the local consolidation at the moment. The limits of the range are the support level of 0.7492 and the resistance level of 0.7675. Thus, we need to wait for the breakout of one of these levels and the confident exit of the pair from the range. The breakout movement must be supported by the large volume, which will insure us against a false breakout.

While the price is within the consolidation, it is better to stay out of the market.

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XAU/USD

Gold is also trading within the local range between two strong volume levels: the support 1282.80 and the resistance 1306.20. As can be seen from the chart below, the large volume accumulation is concentrated in this range, so we can consider new trading scenarios only after the exit of the price from it.

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

trade gold eng
The sentiment: based on the data of this indicator, it is worth giving preference to sales with the Euro, Pound, Yen and Australian dollar. The situation is the opposite with the Canadian dollar and gold. Nevertheless, we need to wait for exit of prices from ranges and start of new local trends.

sentiment