Daily Technical Forex Forecast 15.08.2018

EUR/USD

The Euro demonstrated an abrupt sink on the large volume yesterday, which is an excellent bearish signal. Besides it, we need to point out the new level of resistance 1.1429. Given all these factors, we should give advantage to short positions.

We can enter the market after a small and smooth correction of the price upwards to obtain a more profitable entry point. A stop loss should be placed just above the resistance level. The potential of the deal is more than 100 points.

GBP/USD

The Pound fell down strongly and broke down the previous support level yesterday, which is a great bearish signal. Unfortunately, the downward move was on the small volume, so we can’t enter the market at the moment. However, we should give advantage to sales.

We can enter the market after the continuation of the fall, but the move must be supported by the large volume, which will be a more precise and secure signal for opening new positions. A stop loss should be placed slightly above the beginning of this drop. The potential of the deal is more than 120 points.

USD/JPY

Nothing has changed with the Yen as the price goes on trading within the local consolidation between the support level 110.17 and the resistance level 111.84. Therefore, we can regard new positions only after a keen and confident breakout of one of the levels and the exit of the price from the range. Beside it, the breakout movement must be supported by the large volume, which will insure us against a fake breakout.

USD/CAD

The Canadian dollar carried on correcting down and broke down the previous support level yesterday. As a result, the pair is now trading inside the local consolidation between the support level 1.2980 and the resistance level 1.3165. Hence, the best decision is just to wait for an abrupt and prompt exit of the price from this range. The breakout movement must be supported by the large volume, which will be a more precise and strong signal for entering the market.

AUD/USD

The Australian dollar continued falling, but the drop was on the small volume, so we can’t point out any new level or zone. However, we still should regard short positions.

We can enter the market after the resumption of the decrease, but the move should be supported by the large volume, which will be a more secure signal for entering the market. A stop loss should be placed slightly above the beginning of this movement. The potential of the deal is more than 100 points.

XAU/USD

After a slight upward correction, gold continued its decline, moreover, the downward movement was sharp and swift. In addition, it is necessary to allocate a strong level of resistance, in which the large volume is concentrated. This is the mark 1200.50 – 1202.10. Thus, we should give preference to short positions with this instrument.

Sales can be opened after a small and smooth upward price correction to get a more profitable entry point. Growth should be on the small volume. A stop loss should be placed just above the resistance level. The potential of the deal is more than 150 points.

The sentiment: this indicator totally affirms all our positions, which is a great additional signal for us. As with the Yen and the Canadian dollar, we should wait for the confident exit of prices from consolidations and only after that it is possible to open new deals.