Daily Technical Forex Forecast 07.08.2018


EUR/USD

The Euro fell down and tested the support level/lower limit of the local consolidation 1.1517, but could not break it. However, the price is still trading near this mark, which consents us to regard a scenario of its breakdown. This will be an excellent bearish signal.

volume euro

The breakout move should be accurate and sure + also supported by the large volume, which will insure us against a fake breakdown. A stop loss should be placed just above the breakdown volume bar. The potential of the deal is about 120-130 points.

sell euro

GBP/USD

As predicted, the Pound continued its decline and broke down the previous support level/lower limit of the local consolidation yesterday. This is an excellent bearish signal, but, unfortunately, we cannot open short positions now, since the movement was on the small volume, so there is a possibility of correction.

Nevertheless, we should give preference to sales with this instrument.

volume gbp eng

Short positions should be opened after the pair continues fallin, but on the large volume, which will insure us against a false breakdown and will be a more accurate and strong signal for entering the market. A stop loss should be placed a little above this move. The potential of the deal is more than 150 points.

sell gbp eng

USD/JPY

The Yen carried on trading inside the local consolidation between the support 110.69 and the resistance 111.94. Therefore, our previous scenario is still actual: new deals can be opened after a confident exit of the price from the local range. The breakout move should be abrupt and supported by the large volume, which will insure us against a false breakdown and will be a more secure signal for entering the market.

trade jpy

USD/CAD

The Canadian dollar is also located near the support/lower limit of the local range 1.2980. Hence, we can deliberate a scenario of a breakdown of this mark, which will be a great signal for opening short positions. The move should be sharp and supported by the large volume, which will insure us against a false breakdown. 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 situation with the Australian dollar remained the same as the pair goes on trading in the middle of the local consolidation between the support level 0.7318 and the resistance level 0.7480. Therefore, we can regard new trading scenarios only after the confident exit of the price from the consolidation. Moreover, the breakout movement must be sharp and supported by the large volume, which will be a more accurate signal for entering the market.

trade aud

XAU/USD

Gold resumed its decline and is trading near the support/lower limit of the local range 1204.80. Thus, we can consider the scenario of a breakdown of this mark, which will allow us to open short positions.

volume gold

The breakout movement must be swift and confident, and also supported by the large volume, which will be a more accurate and strong signal for entering the market. A stop loss should be placed slightly above the volume breakout bar. The potential of the deal is more than 150 points.

sell gold

The sentiment: the sentiment of the market fully confirms all our trading scenarios, which is an excellent additional signal. As with the Yen and the Australian dollar, we should wait for a sharp exit of prices from local ranges and only after that it is possible to consider new deals.

sentiment