Daily Technical Forex Forecast 10.07.2018


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EUR/USD

Nothing has changed with the Euro as the price is still within the local consolidation between the support level 1.1517 and the resistance level 1.1827. The large volume is concentrated in it, therefore, the best decision is just to wait for the exit of the pair from the range and only after that we can regard new positions.

Now the price is trading near the upper limit of the consolidation, which makes the probability of its breakout higher. However, we can enter the market only after the pair leaves the range. The breakout movement must be sharp and supported by the large volume, which will be a more accurate signal.

volume euro

GBP/USD

The Pound demonstrated a strong fall on the very large volume. We also should point out the new resistance level 1.3345. The pair began its sharp decline exactly from this mark.

The price is trading inside the local range between this level and the support level 1.3066 once again, so the best scenario is just to wait for a confident exit of the price from it. The breakout move should be rapid and on the large volume, which will be a more secure signal for opening new positions.

volume gbp

USD/JPY

The Yen continued its upward movement yesterday and tests the resistance level/upper limit of the local range 111.00. Thus, we can consider a scenario of the breakout of this level, which will be an excellent bullish signal and allow us to open long positions with this currency pair. The breakout movement must be sharp and confident, and also supported by the large volume, which will be a more accurate and strong signal for entering the market and opening purchases. A stop loss should be placed just below the breakout volume bar. The potential of the deal is more than 110 points.

buy jpy eng

USD/CAD

The price corrected upwards, but the growth was on the small volume, so we can’t regard purchases at the moment. Considering the recent abrupt fall and a breakdown of the support, we still should give advantage to sales.

We can enter the market after the stoppage of the correction and the resumption of a swift sink on the large volume, which will be a more secure signal for entering the market. A stop loss should be placed a little above this movement. The potential of the deal is about 100 points.

If the price continues its correction on the small volume, it is better to stay out of the market.

sell cad

AUD/USD

The Australian dollar continued rising and broke out the previous resistance level, which is a great bullish signal. However, the movement was on the small volume, so we can’t open purchases at the moment and should wait for the additional signal.

Such a signal is a growth of the price on the large volume, which will be a more reliable signal for entering the market. A stop loss should be placed just below the beginning of this movement. The potential of the deal is about 90-100 points.

buy aud

XAU/USD

Gold did not show any significant moves yesterday: first it rose sharply, then it also fell sharply. Besides it, both movements were on the small volume, so we can’t point out any new level or zone. Therefore, our previous scenario remains actual: we need to wait for the appearance of the large volume in the market and a sharp reaction of the price to it, which will prompt further direction of the movement.

volume gold

The sentiment: this indicator affirms our scenario with the Yen, which is a good additional signal. The situation with the Canadian and Australian dollar is opposite, so we should be extremely cautious. We should prefer sales with all other instrument (based on the sentiment), but firstly we must wait for the exit of pairs from consolidations.

sentiment


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