Daily Technical Forex Forecast 24.07.2018
EUR/USD
The Euro fell down sharply yesterday, but the sink of the apri was on the small volume. Moreover, the price is still located inside the local consolidation between the support 1.1517 and the resistance 1.1827.
Hence, our previous trading scenario is still actual: we can open new positions here only after a sure and a abrupt exit of the pair from the local range. The breakout movement must be supported by the large volume, which will be a more precise signal for entering the market.
GBP/USD
The Pound also adjusted downwards and on the small volume yesterday. Nevertheless, the pair is still trading within the local range between two strong levels. They are the support 1.2970 and the resistance 1.3345.
Therefore, the best decision with this currency pair is just to wait for a sure and swift exit of the price from the consolidation on the large volume. This will be a more precise and reliable signal for opening new positions.
USD/JPY
The Yen smoothly corrected upwards. Moreover, the movement was on the small volume, so we cannot regard long positions. We also need to point out the resistance level 111.70 – 111.85, so we still need to give preference to short positions. We can enter the market after a stoppage of the growth and a resumption of a keen drop of the price on the large volume. A stop loss must be located a little above the resistance level. The potential of the deal is about 100 points.
USD/CAD
After the test of the support level 1.3112 – 1.3143 the price grew up and is trading a little bit above this mark at the moment. Hecen, we can deliberate 2 possible trading scenarios:
- The resumption of the sink and a sure breakdown of the support level on the large volume, which will be an excellent signal for opening sales. A stop loss should be placed just above the breakdown volume bar. The potential of the deal is more than 120 points.
- A test of the level of support and a sharp rebound of the pair from this mark on the large volume, which will be an excellent bullish signal. A stop loss must be placed below this level. The potential of the deal is more than 150 points.
AUD/USD
The Australian dollar is still locked in the middle of the local consolidation between 2 strong volume levels. They are the support 0.7318 and the resistance 0.7480. Therefore, we can open new deals here only after a abrupt and sure exit of the price from this range. The breakout movement should be supported by the large volume, which will be a more reliable signal for entering the market.
XAU/USD
Correction on gold was over and the price resumed its sharp decline yesterday. At the moment, the instrument is trading near the volume support level 1213.00, so we can consider a scenario of the breakdown of this mark, which will be an excellent bearish signal and will allow us to open sales.
Short positions can be opened only after a rapid breakdown of the support on 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: our trading scenario with gold is affirmed by this indicator, which is a good additional signal. With the Canadian dollar we should give a little advantage to long positions, but first of all we need to wait for a sharp reaction of the price on the support. With all other currency pairs, we need to wait for a strong confirmation signals to appear and only after that we can consider new positions.
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