Daily Technical Forex Forecast 20.09.2018


EUR/USD

The Euro once again tested the resistance level 1.1718, but failed to break it out. However, the pair is trading near this mark, so we can regard a scenario of its breakout, which will consent us to open long positions.

volume euro

The breakout move should be sure and abrupt + also supported by the large volume, which will be a more precise signal for entering the market. A stop loss must be located just below the breakout volume bar. The potential of the deal is about 100 points.

buy euro

GBP/USD

After the formation of the new resistance level 1.3201, in which the large volume is concentrated, the Pound sharply corrected down yesterday. Nevertheless, given the presence of the strong local uptrend, and the fact that the pair is trading near this mark, we still should give preference to a scenario of its breakout.

volume gbp eng

The breakout must be confident and rapid, which will be a more accurate signal for entering the market. The movement should be supported by the large volume, which will insure us against a false breakout. A stop loss should be placed under the breakout volume bar. The potential of the deal is about 130 points.
If the price continues correcting downwards, it is better to stay out of the market.

buy gbp eng

USD/JPY

The Yen is located in the small range near the local maximum. Given the breakout of the previous resistance level, we still should give advantage to purchases. We can enter the market after a resumption of the keen rise and a confident breakout of the local maximum. The breakout move should be supported on the large volume. A stop loss must be located below the breakout volume bar. The potential of the deal is about 100 points.

buy jpy

USD/CAD

The Canadian dollar demonstrated a sharp drop and is currently testing the support level 1.2895. Given that the move was on the increased volume, which consents us to regard a scenario of a breakdown of this mark, which will be a great bearish signal. The move should be keen and on 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 120 points.

sell cad

AUD/USD

The Australian dollar broke out the previous resistance level, which is a good bullish signal. However, the growth was on the small volume, so we can’t open long positions at the moment. We can enter the market after the resumption of the keen rise on the large volume, which will be a more precise and secure signal for entering the market. A stop loss must be placed below the beginning of this movement. The potential of the deal is more than 100 points.

buy aud

XAU/USD

Nothing has changed with gold as the price is still locked inside the local consolidation between the support level 1188.20 and the resistance level 1215.70. Also we should note the presence of the large volume accumulation within the range.

volume gold

Therefore, we can open new deals only after a sure and abrupt exit of the price from the local consolidation. The breakout movement should be supported by the large volume, which will be a more precise and strong signal for entering the market.

trade gold

The sentiment: this indicator totally affirms all our trading scenarios, except for purchases with GBP/USD, which is an excellent additional signal. As with this currency pair, we need to wait for a strong confirmation signal. With gold, it is worth waiting for the exit of the price from the consolidation and only after that we can enter the market.

sentiment