Weekly Technical Forex Forecast 10-14.09.2018


EUR/USD

The Euro tested the resistance level 1.1628 – 1.1638, after which it showed a sharp drop on the large volume. Now the price is trading near the support level 1.1533, so we can consider the scenario of its breakdown, which will be an excellent signal for opening sales.

volume euro eng

Short positions can be opened after a sure breakdown of the support level on the large volume, which will be a more accurate signal for entering the market. A stop loss should be placed just above the breakdown volume bar. The potential of the deal is 120 points.

sell euro eng

GBP/USD

After the formation of the new resistance level 1.3022, the Pound showed a significant drop. Nevertheless, the pair is still trading in the local consolidation between this mark and the support level 1.2801. Thus, we can open new deals only after the exit of the price from the range.

volume gbp eng

The breakout movement must be rapid and sharp, and also supported by the large volume, which will insure us against a false breakout and will be a more reliable signal for entering the market.

trade gbp eng

USD/JPY

The situation with the Yen has not changed, since the pair is still inside the local range between two strong levels. They are the support 109.82 and the resistance 111.94. Thus, we can consider new trading scenarios only after the confident exit of the price from consolidation. The breakout movement should be supported by the large volume, which will be a more accurate and strong signal for entering the market.

trade jpy eng

USD/CAD

The Canadian dollar resumed its growth and is now trading near resistance level 1.3022. Given that the upward movement was on the large volume, we can consider a scenario of a breakout of this mark, which will be an excellent bullish signal. The movement should be sharp and on the large volume, which will insure us against a false breakout. A stop loss should be placed just below the breakout volume bar. The potential of the deal is about 100 points.

buy cad eng

AUD/USD

The Australian dollar showed a sharp decline and broke the previous support level on Friday. The movement was supported by the increased volume, which is an excellent bearish signal. Sales can be opened after a small correction of the price up, to get a more advantageous entry point. A stop loss should be placed just above the beginning of a rapid fall. The potential of the deal is more than 100 points.

sell aud eng

XAU/USD

Gold also showed a significant drop on the huge volume and is now trading near the support/lower limit of the local range 1190.00. This gives us an opportunity to consider a scenario of a breakout of this mark, which will allow us to open short positions.

volume gold eng

The breakdown movement must be confident and sharp, and also supported by the large volume, which 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 more than 150 points.

sell gold eng

The sentiment: this indicator completely confirms all our trading scenarios, which is an excellent additional signal. As with the Pound and the Yen, we need to wait for the exit of prices from consolidations.

sentiment