Daily Technical Forex Forecast 11.09.2018

EUR/USD

The Euro tested the support level 1.1533, after which it rose significantly. However, the move was on the medium volume, so we can’t point out any new level or zone. Besides it, the price is still located inside the local range between this mark and the resistance level 1.1628 – 1.1648.

Hence, we can regard new trading scenarios only after a sure and swift exit of the price from the consolidation. The breakout movement must be supported by the large volume, which will be a more precise and secure signal for entering the market.

GBP/USD

Yesterday, the Pound showed a significant and sharp growth and broke out the previous resistance level. Nevertheless, the upward movement was stopped by the formation of a new volume resistance level 1.3028 – 1.3045. Despite this, the rise of the pair was on the large volume, so we can consider a scenario of a breakout of this mark, which will be an excellent bullish signal.

The breakout movement must be confident and supported by 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 100-110 points.

USD/JPY

The Yen is still locked inside the local consolidation between the support level 109.82 and the resistance level 111.94. Therefore, we can regard new trading scenarios only after an abrupt breakout of one of these levels and the exit of the pair from the range. The breakout move must be supported by the large volume, which will be a more precise and secure signal for entering the market.

USD/CAD

The Canadian dollar carried on trading near the resistance level 1.3203, so our previous scenario remains actual. We can consider purchases only after a swift breakout of this mark. The move should be supported by the large volume, which will insure us against a fake breakout. A stop loss must be placed just below the breakout volume bar. The potential of the deal is about 100 points.

AUD/USD

The Australian dollar is located within a small range near the local minimum. Given the recent keen drop on the large volume, we should give advantage to sale. We can enter the market after a small adjustment of the price upwards, in order to obtain a more profitable entry point. A stop loss should be palced a bit overhead the beginning of the sure fall. The potential of the deal is more than 100 points.

XAU/USD

The price tested the support level 1190.00, after which it jumoed up. However, the rise was supported by the medium volume and the pair goes on trading near this mark, so our previous scenario remains actual. Sales can be opened after an abrupt breakdown of the level of support.

The breakdown movement shoould be sure and keen + supported by the large volume, which will be a more precise 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.

The sentiment: this indicator totally affirms our scenarios with all instruments except with GBP/USD. However, considering all technical factors, we should give advantage to long positions. With all other currency pairs, we need to wait for a sure exit of prices from ranges.

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