Daily Technical Forex Forecast 08.08.2018


EUR/USD

The Euro grew up yesterday and is again located in the local consolidation between the support level 1.1517 and resistance level 1.1827 now. Therefore, the best decision with this pair is just to wait for a sure exit of the price from the range and only after that we can regard new positions. The breakout move should be keen and supported by the large volume, which will insure us against a fake breakout.

trade euro

GBP/USD

The Pound is trading in the small range a little bit above the local minimum. Given the recent breakdown of the level of support and the exit of the price from the consolidation down, we still should give advantage to short positions. We can enter the market after the resumption of the drop, but the move must be supported by the large volume, which will be a more precise signal for entering the market. A stop loss should be placed above the beginning of this movement. The potential of the deal is more than 150 points.

sell gbp

USD/JPY

The Yen carries on trading inside the local consolidation between the support 110.69 and the resistance 111.94. Hence, our previous scenario remains actual: we can consider new positions only after a sure and swift exit of the price from this range. Besides it, the breakout movement must be supported by the large volume, which will insure us against a fake breakdown and will be a more secure signal for entering the market.

trade jpy

USD/CAD

The Canadian dollar tested the support level, but failed to break it down. Then the price showed a significant riseon the large volume. Now it is trading near the resistance/upper limit of the range 1.3080, which gives us an opportunity to regard a scenario of the breakout of this mark. This will be a strong bullish signal.

The move should be sharp and supported by the large volume, which will insure us against a false breakdown and will be a more 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 90-100 points.

buy cad

AUD/USD

Nothing has changed with the Australian dollar as the price is still locked inside the consolidation between the support 0.7318 and the resistance 0.7480. The large volume is accumulated in this consolidation, so the best decision is just to wait for the confident exit of the pair from it and only after that we can deliberate new positions . The move should be abrupt and supported by the large volume that will insure us from a false breakout and will be a more secure signal for entering the market.

trade aud

XAU/USD

Gold could not continue its decline and adjusted up on the small volume yesterday. Thus, the price is still trading within the local range between 2 strong levels. They are the support 1204.80 and the resistance 1226.60. It is worth noting that the large volume is concentrated in this range.

Given these factors, the best solution is to wait for a confident and prompt exit of the price from the local range and only after that we can consider new deals with gold. Moreover, the breakout movement must be supported by the large volume, which will insure us against a fake breakout and will be a more accurate signal for entering the market.

trade gold

The sentiment: this indicator totally confirms our positions with GBP/USD and USD/CAD. With all other instrument we should wait for the keen exit of prices from local consolidations and only after that we can regard new deals.

sentiment