Weekly Technical Forex Forecast 05-09.11.2018


EUR/USD

Euro adjusted downward after the test of the resistance level 1.1430. The fall was rapid and on the large volume, which is a good bearish signal. However, the pair is within the local range between the resistance and the support level 1.1304.

Thus, we should consider new trading scenarios with the Euro only after a confident and rapid exit from the local consolidation. Moreover, the breakout movement should be supported by the large volume, which will be a more accurate signal to enter the market.

GBP/USD

A similar situation with the Pound: the pair showed a significant decrease after the test of the resistance level 1.3034. At the moment, the price is trading within the local range between this mark and the previous support level 1.2863.

Considering all these factors, we can open new deals only after a confident and rapid breakout of one of these levels and the exit of the price from the consolidation. Moreover, the movement should be supported by the large volume, which will insure us against a false breakout and will be a more reliable signal to enter the market.

USD/JPY

The Yen resumed its growth and is currently testing the resistance level/local maximum 113.28. Thus, we can consider a scenario of the breakout of this mark, which will allow us to open purchases with this pair. The breakout movement must be supported by the large volume. A stop loss should be placed under the breakout volume bar. The potential of the deal is about 120 points.

USD/CAD

The Canadian dollar also resumed its growth and is now just below the level of resistance/upper limit of the local consolidation 1.3150. This gives us the opportunity to consider a scenario of its breakout, which will be an excellent bullish signal. The breakout movement should be confident and sharp, as well as on the large volume. A stop loss must be placed under the breakout volume bar. The potential of the deal is more than 100 points.

AUD/USD

The Australian dollar showed a significant decline after the formation of the new resistance level 0.7244. It is also necessary to highlight the previous support level 0.7170, which remains relevant. Thus, the pair is inside the local consolidation between these 2 levels.
Considering these factors, we can open new deals only after a confident exit of the price from the range. The movement must be swift and on the large volume, which will insure us against a false breakout.

XAU/USD

Gold continues trading inside the local consolidation between the  support level 1212.50 and the  resistance level 1242.50. It is also worth highlighting the large volume accumulation, which is concentrated in this range.

Thus, new positions can be opened only after a sharp exit of the price from the local consolidation. The breakout movement should be supported by the large volume, which will be a more accurate and strong signal to enter the market.

The sentiment: this indicator confirms our scenario with the Yen, which is an excellent additional signal. With the Canadian dollar, the situation is uncertain, so we should wait for a strong confirming signal. As with other instruments, it is necessary to wait for a confident and sharp exit of prices from local ranges.

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