Daily Technical Forex Forecast 10.10.2018


EUR/USD

The Euro demonstrated an abrupt growth on the large volume after the creation of the new support level 1.1433. At ht emoment the price is locked in the local consolidation between this mark and the previous resistance level 1.1525 – 1.2539.

volume euro

Hence, we can consider new positions only after a sure and keen breakout of one of these levels and the exit of the price from the range. Besides it, the breakout movement must be supported by the large volume, which will insure us against a false breakout and will be a more precise signal to enter the market.

trade euro

GBP/USD

Yesterday, the Pound showed a rapid and sharp growth on the large volume, which is an excellent bullish signal. However, the pair is still trading in the local range, near the resistance level 1.3188. Thus, we can open purchases only after a confident breakout of this mark.

volume gbp eng

The breakout movement should be strong and on the large volume, which will insure us against a false breakout and will be a more accurate and reliable signal for opening new deals. A stop loss must be placed under the breakout volume bar. The potential of the deal is more than 140 points.

buy gbp eng

USD/JPY

Nothing has chnaged with the Yen as the pair is still located within the local consolidation between the support level 112.45 and the resistance level 114.20. Therefore, we can enter the market only after a confident exit of the price from the local range. The breakout move must be keen and supported by the large volume, which will be a more precise and secure signal to enter the market.

trade jpy

USD/CAD

The Canadian dollar again adjusted down yesterday, but this time the drop was on the large volume, so now we should not regard purchases. Besides it, the price is currently within the local consolidation between the support 1.2790 and the resistance 1.3012. Given these factors, we can consider new positions only after the sure exit of the price from the range. The breakout movement must be swift and on the large volume, which will insure us against a false breakout.

trade cad

AUD/USD

The Australian dollar grew up and broke out the previous resistance level yesterday. The movement was significant and on the increased volume. Now the price is trading in the middle of the local consolidation 0.7058 – 0.7200. Hence, we can regard new positions only after a keen breakout of one of the boundaries of the range and the exit of the price from it. The breakout movement should be supported by the large volume, which will be a more accurate signal to enter the market.

trade aud

XAU/USD

Gold again tested the support level/lower limit of the local consolidation 1182.40. At the moemnt the price is located near this mark, and given the recent abrupt drop, we can consider the scenario of its breakdown. This will be a great bearish signal.

volume gold

The breakout movement must be sure and rapid, which will be a more precise and strong signal to enter the market. A stop loss must be placed slightly above the breakdown volume bar. The potential of the deal is more than 150 points.

sell gold

The sentiment: this indicator affirms our trading scenarios with the Canadian dollar and gold, which is a good additional signal. With all other instruments, the situation is confusing, as pairs are trading in consolidations, so we should wait for the exit of prices from them.

sentiment