Daily Technical Forex Forecast 22.08.2018


EUR/USD

The Euro showed a significant and sharp growth yesterday. Moreover, the upward movement was on the large volume and the previous resistance level was broken out, which is a strong bullish signal. In addition, we should point out the new volume support level 1.1492. Considering all these factors, we should regard exceptionally long positions with this instrument.

volume euro eng

We can enter the market after a small price correction down on the small volume, in order to get a more profitable entry point. A stop loss should be placed just below the new support level. The potential of the deal is more than 100 points.

buy euro eng

GBP/USD

The Pound grew up gstrongly and supported by the increased volume as well yesterday. Besides it, we should point out the new volume support level 1.2818. Therefore, we should give advantage to long positions.

volume gbp

We can enter the market after a small downward correction of the price on the small volume, in order to obtain a more profitable entry point. A stop loss must be located just below the new support level. The potential of the deal is more than 150 points.

buy gbp

USD/JPY

The  Yen adjusted up after the creation of the new strong support level 109.82. The pair is trading inside the local consolidation between this mark and the resistance level 111.94 now. Hence, the best decision is just to wait for a confident and swift breakout of one of these levels and the exit of the price from the range. The breakout movement must be supported by the large volume, which will be a more precise and secure signal for entering the market.

trade jpy

USD/CAD

The Canadian dollar carried on trading inside the local range between the support level 1.2980 and the resistance level 1.3165. Therefore, our previous scenario remains actual: we can consider new positions only after an abrupt exit of the price from the consolidation. The breakotu movement must be supported by the large volume that will insure us against a fake breakout and will be a more precise signal for entering the market.

trade cad

AUD/USD

Nothing has changed with the Australian dollar as the pair is still located insider the local consolidation between the support level 0.7211 and the resistance level 0.7439. Hence, the best solution with this instrument is just to wait for a sure and keen exit of the price from the range. The breakout movement must be supported by the large volume, which will be a more secure and accurate signal for entering the market.

trade aud

XAU/USD

Gold went on adjusting upwards yesterday, but the growth was on the small volume, so we can’t point out any new volume level or zone. Beside it, the price is locked within the local consolidation between the support 1165.60 and the resistance 1215.70.

volume gold

Considering all these factors, we can open new positions only after a sure and abrupt exit of the pair from the local range. The breakout move must be supported by the large volume, which will insure us against a fake breakout and will be a more secure and stronger signal for entering the market.

trade gold

The sentiment: the mood of the market totally affirms our scenarios with EUR/USD and GBP/USD, which is a good additional signal. With all other currency pairs, it is necessary to wait for a sure exit of prices from ranges and only after we can open new positions.

sentiment