Daily Technical Forex Forecast 11.07.2018

EUR/USD

Nothing has changed with the Euro as the price is still inside the local range between 2 strong volume levels. They are the support 1.1517 and the resistance 1.1827.

Considering that the large volume is accumulated in this range, the best decision with this pair is just to wait for a sure exit of the price from it, which will be a great signal for opening new positions. The breakout movement should be keen and on the large volume, which will insure us against a fake breakout.

GBP/USD

The Pound is also trading within the local consolidation between two strong volume levels. They are the support 1.3066 and the resistance 1.3345.

Thus, our previous scenario is still actual: we can enter the market only after a sharp breakout of one of these levels and the exit of the price from the range. The move must be sure and on the large volume, which will be a more precise signal for opening new deals.

USD/JPY

The Yen adjusted downwards after the creation of the new resistance level 111.30. However, the price has already resumed its growth and is trading near this mark at the moment, which consents us to regard a scenario of its breakout. This will be a great bullish signal.

The move must be abrupt and rapid + supported by the large volume, which will insure us against a false breakout.  A stop loss should be placed under the breakout volume bar. The potential of the deal is more than 90 points.

USD/CAD

The Canadian dollar continued adjusting up, but the movement was on the small volume, so we can’t regard purchases now. Besides it, the price is located within the local range 1.3075 – 1.3218 at the moment, so the best decision is just to wait for a confident exit of the price from it. The breakout movement should be rapid and supported by the large volume, which will be a more precise signal for entering the market.

AUD/USD

The price fell down rapidly after the creation of a new resistance level 0.7480 yesterday. At the moment, the price is trading within the local consolidation between this mark and the support level 0.7318. Therefore, we can regard new positions only after a sure exit of the price from this range. The breakout movement must be supported by the large volume, which will insure us against a false breakdown and will be a more secure signal for entering the market.

XAU/USD

Gold showed a rapid decline on the large volume yesterday, but further movement was stopped by the formation of a new volume support level 1248.80, after which the price adjusted upward. Nevertheless, the pair resumed its fall and is trading near this mark now, so we can consider a scenario of the breakdown of the support. This will be an excellent bearish signal.

The breakout movement must be confident and sharp, which will be a more accurate signal for entering the market + supported by a large volume, which will insure us against false breakdown. Stop the loss should be placed just above the breakdown volume bar. The first goal is global support 1240.00.

The sentiment: the mood of the market totally affirms our scenarios with USD/JPY and XAU/USD, which is an excellent additional confirming signal. As with all other pairs, we need to wait for the exit of prices from consolidations firstly and only after that we can regard the new positions.

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