Daily Technical Forex Forecast 12.06.2018


EUR/USD

Nothing has changed with the Euro as the price is still trading in the middle of the local range between 2 strong volume levels even despite the activity yesterday. The boundaries of the range are the support 1.1648 and the resistance 1.1835.

volume euro

Therefore, our previous scenario is still actual: new positions can be regarded only after a sure and abrupt exit of the price from the local range. The breakout move should be supported by the large volume, which will be a more precise signal for entering the market.

trade euro

GBP/USD

The Pound went on trading inside the local range between two strong volume levels: the support 1.3221 and the resistance 1.3619. We should note that the large volume is concentrated in this consolidation, so the exit of the price from it will be a good signal for opening new positions.

volume gbp

The breakout movement must be keen and supported by the large volume, which will insure us against a fake breakout and will be a more precise and secure signal for entering the market. Until that, while the price is inside the local consolidation, it is better to stay out of the market.

trade gbp

USD/JPY

The Yen resumed its growth and the movement was sharp and swift. At the moment, the pair is testing the resistance level/upper limit of the local consolidation 110.33, so we can consider the scenario of a breakout of this mark. This will be an excellent signal for entering the market and opening long positions.
The breakout movement must be confident and supported by the large volume. This will be a more accurate signal for entering the market, and will also insure us against a false breakout. A stop loss should be placed just below the breakout volume bar. The potential of the deal is more than 100 points.

buy jpy eng

USD/CAD

The Canadian dollar opened with a small gap and then demonstrated a significant rise yesterday. The price is located near the resistance level 1.3030 at the moment, which consents us to regard the scenario of its breakout, that will allow to open long positions. The breakout move should be sharp and on the large volume. A stop loss must be located below the breakout volume bar. The potential of the deal is about 110-120 points.

buy cad

AUD/USD

The Australian dollar grew up yesterday, but the move was smooth and on the small volume. Besides it, the pair is still locked inside the local range 0.7492 – 0.7675. Given that the large volume is accumulated in this consolidation, so the best scenario is just to wait for a confident breakout of one of the limits and the exit of the price from it. The breakout should be sure and supported by the large volume that will insure us against a fake breakout and will be a stronger signal for entering the market.

trade aud

XAU/USD

The same situation is with gold – the price is in the local range between the support level of 1290.40 and the resistance level of 1306.20. Considering that this consolidation contains the large volume, we should wait for the sure exit of the pair from it, which will be a good signal for entering the market.

volume gold

The breakout move should be sharp and supported by the large volume, which will be a more secure and signal for opening new deals with gold. While the price is within the range, it is better to stay out of the market.

trade gold

The sentiment: the mood of the market totally affirms our trading scenarios with USD/JPY and USD/CAD, that is a great additional signal. The situation with all other instruments has not changed, so it is necessary to wait for the sure exit of prices from consolidations.

sentiment