Weekly Technical Forex Forecast 09-13.07.2018


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EUR/USD

The Euro showed a significant growth and is trading near the resistance level/upper limit of the consolidation 1.1827 now. The movement was on the large volume, which is an excellent bullish signal and allows us to consider the scenario of a breakout of this mark.

volume euro eng
The breakdown movement must be confident and supported by the large volume, which will be a more accurate and reliable signal for entering the market. A stop loss should be placed under the breakout volume bar. The potential of the deal is more than 100 points.

buy euro eng

GBP/USD

The Pound also showed a strong growth and is testing the resistance level/upper limit of the local consolidation 1.3291 now. This allows us to consider the scenario of a breakout of this mark, which will be an excellent signal for opening purchases.

volume gbp eng
The breakout movement must be swift and supported by the large volume, which will be a stronger signal for opening long positions. A stop loss must be placed under the breakout volume bar. The potential of the deal is about 130-140 points.

buy gbp eng

USD/JPY

The Yen is still trading inside the local consolidation between two volume levels. They are the support 109.32 and the resistance 111.00. Thus, our previous scenario remains relevant: new positions can be opened only after a sharp price exit from this range. The movement should be supported by the large volume, which will insure us against a false breakdown.
While the pair is within the consolidation, it is better to stay out of the market.

trade jpy eng

USD/CAD

The pair fell and broke down the previous support level, which is an excellent bearish signal. Thus, we should give preference to short positions. Sales can be opened after a small and smooth correction of the price upwards to get a more profitable entry point. A stop loss should be placed a little above the beginning of the sharp fall. The potential of the deal is about 100 points.

sell cad eng

AUD/USD

The Australian dollar tested the resistance level 0.7440, but could not break it and is trading near this mark now. The growth was on the increased volume, which allows us to consider the scenario of a breakdown of the resistance. The movement should be sharp and on the large volume, which will be a more accurate signal for entering the market. A stop loss should be placed under the breakout volume bar. The potential of the deal is about 110 points.

buy aud eng

XAU/USD

Gold is also trading in the small consolidation, in which the average volume is concentrated, so we cannot allocate any new level or zone, which makes trading this instrument very problematic.

volume gold eng
The best solution with gold will be to wait for the appearance of the large volume in the market and the exit of the price from the range. Only after this we can consider new trading scenarios. While gold is trading within the consolidation, it is better to stay out of the market.

trade gold eng

The sentiment: this indicator has not changed and so far it contradicts our trading scenarios. Therefore, it is worth to be extremely accurate and enter the market only after appearance of strong additional signals.

sentiment


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