Daily Technical Forex Forecast 12.07.2018

EUR/USD

The Euro demonstrated a sharp sink on the large volume, but the general picture did not change, as the price is still located in the local consolidation 1.1517 – 1.1827, in which the large volume is concentrated. Hence, our previous scenario is still actual: we should wait for the sure exit of the price from the local range and only after that we can regard new trading positions. While the pair is inside the range, it is better to stay out of the market.

GBP/USD

The Pound also showed a keen sink yesterday, but is still located inside the local consolidation between the support level 1.3066 and the resistance level 1.3345. The large volume is accumulated within this range, so the best decision is just to wait for a sure and rapid exit of the price from it. The breakout move must be supported by the large volume, which will be a more precise signal for entering the market.

USD/JPY

As predicted, the Yen broke out the resistance level and continued its growth. Besides it, the move was abrupt and on the large volume, which only strengthens its importance. We should also point out a new level of support 111.51 – 111.61.

Given all of the above factors, we must consider exceptionally long positions. We can enter the market after a small price correction down to get a more profitable entry point. A stop loss should be placed a little below the support level. The potential of the deal is more than 120 points.

USD/CAD

The price grew up strongly and on the very large volume yesterday. We also should highlight the new volume support level 1.3112 – 1.3143. Therefore, now it is worth giving preference to long positions with this instrument.

We can enter the market only after a small and smooth downward correction in order to get a more profitable entry point. A stop loss should be placed slightly below the support. The main target of the deal is the global resistance 1.3367.

AUD/USD

The Australian dollar continued falling, but is still located inside the local consolidation 0.7318 – 0.7480, in which the large volume is concentrated. Hence, our previous trading scenario is still actual: new positions can be opened only after a sureexit of the price from the consolidation. The breakout move should be rapid and supported by the large volume, which will be a more precise signal for entering the market.

XAU/USD

Gold showed a sharp decline on the increased volume yesterday and broke down the previous level of support. This is an excellent bearish signal, so now it is worth giving preference to short positions with this instrument.

At the moment, gold is trading near the global support level 1240.00, thus, sales can be opened only after the breakdown of this mark. The movement should be sharp 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 just above the breakdown volume bar. The potential of the deal is more than 150 points.

The sentiment: the mood of the market affirms our trading scenarios with the Yen, the Canadian dollar and gold, which is an excellent additional signal. As with other instrument, we should wait for the sure exit of prices from local consolidation and only after that we can regard new deals.

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