Daily Technical Forex Forecast 02.08.2018


EUR/USD

The Euro demonstrated an abrupt fall, but the move was on the small volume, so we can’t point out any new levels or zones. Besides it, 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 actual: we can open new positions only after a confident exit of the price from the range. The breakdown movement must be sharp and supported by the large volume, which will insure us against a false breakdown and will be a more precise signal for entering the market.

volume euro

GBP/USD

The same situation is with the Pound, as the price is still locked within the local consolidation between the support level 1.2970 and the resistance level 1.3345. Thus, we can regard new positions only after a sure and keen breakout of one of these levels and the exit of the price from the range. The breakdown movement must be supported by the large volume, which will insure us against a false breakout.

volume gbp

USD/JPY

We need to point out a new level of resistance 111.94, after the creation of which, the pair sharply corrected downwards. Now the price is trading within the local consolidation between this mark and the support level 110.69. Therefore, we can regard new positions only after a sure exit of the price from it. The breakout movement must be confident and supported by the large volume, which will insure us against a false breakdown.

trade jpy

USD/CAD

The Canadian dollar fell down and broke down the previous support level, but could not continue its drop, as a new volume level 1.2980 was created. However, the price did not show a significant reaction and is still located near this mark, so we can regard a scenario of its breakdown, which will consent us to open sales. The breakdown move must be sharp and supported by the large volume. A stop loss should be placed just above the breakdown volume bar. The potential of the deal is more than 100 points.

sell cad

AUD/USD

The Australian dollar is still located inside the local consolidation between the support level 0.7318 and the resistance level 0.7480. Hence, our previous scenario remains actual: we can regard new positions only after a sure breakout of one of these levels and a sharp exit of the price from the range. The breakout move must be supported by the large volume, which will insure us against a fake breakdown.

trade aud

XAU/USD

The price continues trading within a small local consolidation just above the support/local minimum level 1213.00. It is also worth considering the presence of a strong downtrend. Thus, we can still give preference to sales.

volume gold eng
Short positions can be opened after the resumption of the fall and a sure breakdown of the support level 1213.00. Moreover, the breakout movement must be swift 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.

sell gold eng

The sentiment: this indicator totally affirms our scenarios with USD/CAD and XAU/USD, which is an excellent additional signal. With all other currency pairs, we must wait for a confident and abrupt exit of prices from local ranges.

sentiment