Daily Technical Forex Forecast 30.10.2018


EUR/USD

The Euro resumed falling, but the drop was smooth and on the average volume. The resistance level 1.1428 also remains actual, and given the presence of the local downtrend, we still should give advantage to short positions.

We can enter the market after the resumption of a sharp sink of the pair, but the movement must be supported by the large volume, which will be a more secure signal to enter the market. A stop loss should better be placed a little above the resistance level. The potential of the deal is about 90 points.

GBP/USD

The Pound continued its downward movement yesterday, but the decline was smooth and on the small volume, so we cannot point out any new volume levels or zones. Despite this, we still should give an advantage to short positions, as there is a strong downtrend.

However, sales can only be opened after the resumption of a sharp and confident fall, which will be 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 beginning of this movement. The potential of the deal is more than 120 points.

USD/JPY

The Yen demonstrated a sharp rise and is currently testing the resistance level/upper boundary of the local consolidation 112.76 – 112.89. Hence, we can regard a scenario of its breakout, which will be an excellent bullish signal. The breakout movement must be keen and on the large volume, which will insure us against a fake breakout. A stop loss should be placed slightly below the breakout volume bar. The potential of the deal is about 140 points.

USD/CAD

The Canadian dollar goes on trading just below the resistance level/local maximum 1.3121. Considering the local uptrend, we can regard a scenario of the breakout of this mark, which will consent us to open long positions. The movement should be sure and on the large volume, which will be a more accurate signal to enter the market. A stop loss should be placed under the breakout volume bar. The potential of the deal is more than 100 points.

AUD/USD

The Australian dollar carries on trading inside the local consolidation between the support level 0.7026 and the resistance level 0.7150. Therefore, our previous scenario remains actual, we can open new positions only after an abrupt exit of the pair from this range. The breakout movement must be swift and supported by the large volume that will insure us against a false breakout.

XAU/USD

The price fell down rapidly, but it is still located inside the local consolidation between the support level 1221.00 and the resistance level 1242.50. We should also note the presence of the large volume accumulation in this range.

Given all these factors, we can regard new trading scenarios only after a sure and swift exit of the pair from the range. The movement should be supported by the large volume, which will insure us against false breakout and will be a more accurate signal to enter the market.

The sentiment: the mood of the market totally affirms all of our trading scenarios, which is an excellent additional signal. With gold and the Australian dollar, we need to wait for a keen exit of prices from local consolidations and only after that we can regard new positions.