Weekly Technical Forex Forecast 27-31.08.2018


EUR/USD

The Euro showed a sharp growth and is testing the resistance level/upper limit of the local range 1.1620 now. The movement was on the large volume, so we can consider the scenario of a breakout of this mark, which will be an excellent bullish signal.

volume euro eng

The breakdown movement must be swift and confident, and also supported by the large volume, which will insure us against a false breakout and will be a more accurate signal for entering the market. A stop loss should be placed under the breakout volume bar. The potential of the deal is about 120 points.

buy euro eng

GBP/USD

The Pound also showed a significant growth on the large volume on Friday. It is also necessary to allocate a new resistance level 1.2877. Thus, we can open purchases only after a sure breakout of this mark.

volume gbp eng

The breakout movement must be sharp and supported by the large volume, which will insure us against a false breakout and will be a more reliable signal for entering the market. A stop loss should be placed just below the breakout volume bar. The potential of the deal is about 150 points.

buy gbp eng

USD/JPY

The Yen continues trading within the local range between the support level 109.82 and the resistance level 111.94. Thus, our previous scenario remains relevant: we can open new positions only after a confident and prompt exit of the price from the consolidation. The move should be supported by the large volume, which will be a more accurate and reliable signal for entering the market.

trade jpy eng

USD/CAD

The Canadian dollar showed a significant decline, but it was on the medium volume , so we cannot point out any new level or zone. Moreover, the pair is trading within the local range between the support 1.2980 and the resistance 1.3165.
Given this fact, we should wait for a confident exit of the price from the consolidation and only after that it is possible to open new deals. The movement should be supported by the large volume, which will insure us against a false breakout.

trade cad eng

AUD/USD

The Australian dollar rose sharply on Friday and is currently trading in the middle of the local consolidation between the support level 0.7211 and the resistance level 0.7439. Thus, we can consider new trading scenarios only after the sharp exit of the price from the range. The breakout movement must be supported by the large volume, which will insure us against a false breakout and will be a more accurate signal for entering the market.

trade aud eng

XAU/USD

Gold demonstrated a rapid growth on the large volume and is trading just below the resistance level/upper limit of the local range 1215.70 now. Thus, we can consider the scenario of a breakout of this mark, which will be an excellent signal for opening purchases.

volume gold eng

We can enter the market after a sharp breakout of the resistance level on the large volume, which will be a more accurate and reliable signal for opening new deals. A stop loss must be placed under the breakout volume bar. The potential of the deal is more than 150 points.

buy gold eng

The sentiment: this indicator confirms our scenario with the Euro, which is a good additional signal. As with the Pound and gold, we need to wait for the appearance of confirmation signals and only after that to enter the market. With other instruments, we can consider new deals only after the exit of prices from local ranges.

sentiment