Daily Technical Forex Forecast 05.10.2018


EUR/USD

The Euro adjusted up yesterday, but the growth was on the small volume, so we can’t open long positions at the moment. Besides it, there is a strong local downtrend with this instrument, so we still should give advantage to short positions.

volume euro

We can enter the market after a stoppage of the rise and a resumption of the rapid fall on the large volume, which will be a more precise signal to enter the market. A stop loss should be located just above the beginning of this movement. The potential of the deal is about 100-110 points.

sell euro

GBP/USD

The Pound grew up yesterday. The rise of the pair was keen, but on the small volume. Besides it, the resistance level 1.3069 – 1.3094 is still actual, in which the large volume is accumulated. Considering these factors, we still need to give preference to short positions.

volume gbp

We can enter the market after the stoppage of the adjustment and the resumption of an abrupt sink of the pair on the large volume, which will be a more secure signal to enter the market. A stop loss should be placed slightly above the resistance level. The potential of the deal is more than 120 points.

sell gbp

USD/JPY

The Yen sank sharply yesterday, but the fall was stopped by the creation of the new volume support level 113.64 – 113.77. Considering the presence of a strong uptrend, we still should give advantage to long positions. We can enter the market after a test of the level of support and a keen rebound of the pair up. A stop loss should be placed under this mark. The potential of the deal is more than 100 points.

buy jpy

USD/CAD

The Canadian dollar grew up yesterday, but is still inside the local consolidation between 2 strong volume levels. They are the support 1.2790 and the resistance 1.3012. Hence, we can open new deals only after a sure exit of the price from the range. The breakout move must be supported by the large volume, which will be a more precise and strong signal for entering the market.

trade cad

AUD/USD

The downward movement with the Australian dollar continued, and the price broke down the previous support level/local minimum. This is a great bearish signal. However, the decline of the pair was on the small volume, so now it is risky to open new deals, as there is a possibility of correction + there is no place to put a stop loss.

Despite this, we still need to give preference to short positions. Sales can be opened after the resumption of the price drop, but the movement should be supported by the large volume, which will be a more accurate signal to enter the market. A stop loss should be placed just above the beginning of this fall. The potential of the deal is more than 100 points.

sell aud eng

XAU/USD

Gold goes on trading within the local range between the support level 1182.40 and the resistance level 1210.00. We should also note that the large volume is concentrated inside this consolidation.

volume gold

Given all these factors, we can regard new trading scenarios only after a confident exit of the pair from the range. The breakout movement should be supported by the large volume, which will be a more precise and secure signal for entering the market.

trade gold

The sentiment: this indicator totally affirms all of our trading scenarios today, which is a good additional signal. As with the Canadian dollar and gold, we can open new positions only after a sure and sharp exit of prices from local ranges.

sentiment