Weekly Technical Forex Forecast 06.08.2018


EUR/USD

The Euro showed a significant drop on the increased volume and now the pair is trading near the support/lower limit of the local range 1.1517. Thus, we can consider the scenario of the breakdown of this mark, which will be an excellent bearish signal and will allow us to open short positions.

volume euro eng

The breakout movement must be swift and sharp, 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 about 120-130 points.

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GBP/USD

The Pound tested the support level/local minimum 1.2970, but could not break it. Nevertheless, the price did not show any significant reaction, and given the recent sharp drop on the large volume, we still should give preference to sales.

volume gbp eng

Short positions can be opened after a confident and sharp breakdown of the level of support on the large volume, which will insure us against a false breakdown and will be a more accurate 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 gbp eng

USD/JPY

The Yen sharply adjusted downwards, but the price is still inside the local range between the support level 110.69 and the resistance level 111.94. Thus, our previous scenario remains relevant: we need to wait for the pair to exit from the consolidation and only then we can consider new deals. The movement should be swift and supported by the large volume, which will be a more accurate signal for entering the market.

trade jpy eng

USD/CAD

The Canadian dollar tested the support level/lower limit of the local range 1.2980, but could not break it. Despite this, the price did not show a significant reaction and is trading near this level. Thus, we can consider the scenario of breakdown of this mark, which will allow us to open short positions. The breakout movement must be swift and supported by the large volume, which will be a more accurate and strong 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 100 points.

sell cad eng

AUD/USD

The situation with the Australian dollar has not changed: the price is still inside the local range between the support 0.7318 and the resistance 0.7480. Therefore, we can consider new trading scenarios only after a sure breakout of one of these levels and the exit of the pair from consolidation. Moreover, the breakout movement must be sharp and supported by the large volume, which will be a more reliable signal for entering the market.

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XAU/USD

Gold rose rapidly on the increased volume on Friday and is trading within the local consolidation between the support level 1204.80 and the resistance level 1226.60 at the moment.

volume gold eng

Thus, the best solution with gold will be to wait for a sure exit of the price from the range and only after that we can consider new positions. The movement should be swift and supported by the large volume, which will be a more accurate and reliable signal for entering the market.

trade gold eng

The sentiment: this indicator fully confirms our transactions with the Euro, Pound and Canadian dollar, which is an excellent additional signal. As with all other instruments, we need to wait for the confident exit of prices from ranges and only after that we can consider new deals.

sentiment