Daily Technical Forex Forecast 02.10.2018


EUR/USD

The Euro carried on falling on the increased volume yesterday and is testing the support level/local minimum 1.1575 at the moment. Therefore, we can regard a scenario of the breakdown of this mark, which will be an excellent bearish signal.

volume euro

The move should be rapid and supported by the large volume, which will be a more accurate and reliable signal to enter the market. A stop loss should be placed just above the breakdown volume bar. The potential of the deal is about 90 points.

sell euro

GBP/USD

After the formation of the new resistance level 1.3069 – 1.3094, the Pound resumed its decline yesterday. The large volume is concentrated within a given level, which only increases its importance. Considering all these factors and the recent sharp fall of the pair, we should regrad only sales with this instrument.

volume gbp

Short positions can be opened after a small and smooth correction of the price upwards on the small volume in order to get a more favorable entry point. A stop loss should be placed slightly above the new resistance level. The potential of  the deal is about 140 points.

sell gbp

USD/JPY

The Yen is located in a small range near the local maximum 114.03 at the moment. The increased volume is concentrated in this mark, therefore, it is possible to open long positions (a strong uptrend) only after its breakout. The move should be sure and on the large volume that will insure us against a false breakout. A stop loss should be placed under the breakout volume bar. The potential of the deal is more than 100 points.

buy jpy

USD/CAD

The Canadian dollar went on sinking, but the move was on the small volume, so we can’t point out any new level or zone. However, given the recent abrupt drop on the large volume and the exit of the price from the range, we should give preference to sales. We can enter the market after the resumption of a sharp fall, but the movement should be supported by large volume, which will be a more reliable signal. A stop loss should be placed just above the beginning of this decline. The potential of the deal is more than 120 points.

sell cad

AUD/USD

The Australian dollar carries on trading inside the local consolidation between the support level 0.7100 and the resistance level 0.7310. Hence, our previous scenario remains actual: we can enter the market only after a steady exit from the range. The breakout movement should be sharp and on the large volume, which will insure us against a false breakout.

trade aud

XAU/USD

Gold corrected up yesterday. The growth was abrupt and the price is currently located within the local consolidation between 2 strong volume levels. They are the support 1182.40 and the resistance 1210.00.

volume gold

Given all these factors, we can regard new trading scenarios only after a sure and keen exit of the price from the local consolidation. The breakout movement should be supported by the large volume, which will be a more accurate signal to enter the market.

trade gold

The sentiment: this indicator fully confirms all of our trading scenarios, which is a good additional signal. As with the Australian dollar and gold, then we should give preference to sales, but we can enter the market only after a sharp exit of prices from local ranges.

sentiment