Daily Technical Forex Forecast 09.11.2018


EUR/USD

Yesterday, the Euro continued its decline, moreover, the downward movement was on the large volume, which is an excellent bearish signal. However, the price is still within the local range 1.1304 – 1.1490, so we can open short positions only after the breakdown of the support level (the pair is just trading near this mark).

The price fall should be swift and confident, and also supported by the large volume, which will be a more accurate signal to enter the market and insure us against a false breakdown. A stop loss should be placed slightly above the breakout volume bar. The potential of the deal is more than 100 points.

GBP/USD

The Pound also adjusted down yesterday, but the drop was on the small volume, so we can’t regard short positions and highlight any new volume levels now. Besides it, the price is trading inside the local consolidation between the support level 1.2964 and the resistance level 1.3168.

Considering all these factors, we can regard new positions with the Pound only after the confident and abrupt exit of the pair from this consolidation. The breakout move must be supported by the large volume, which will be a more reliable signal for entering the market.

USD/JPY

The Yen continued rising, but the movement was on the small volume, so we can’t point out any new volume level or zone. However, given the presence of the local uptrend, we still should consider long positions. Purchases can be opend after the resumption of the keen growth, but the surge must be supported by the large volume, which will be a more accurate signal for entering the market. A stop loss should be placed below this surge. A potential of the deal is around 80 points.

USD/CAD

The Canadian dollar showed a sharp rise and broke out the resistance level. Moreover, the growth was supported by the large volume, which is a good bullish signal. So now, we should give advantage  to long positions. We can enter the market after the smooth downward adjustement, in order to obtain a more profitable entry point. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 100 points.

AUD/USD

The Australian dollar fell down strongly after the formation of the new level of resistance 0.7296 yesterday. The pair is located within the local consolidation between this mark and the level of support 07170 now. Hence, we can enter the market only after the confident and keen exit of the price from this range. The movement must be supported by the large volume, which will insure us against a fake breakout.

XAU/USD

The price also showed an abrupt drop and is currently trading a little bit above the level of support/the lower boundary of the local consolidation 1212.50. The sing was keen, so we can regard a scenario of the breakdown of this mark, which will be a good bearish signal.

The breakdown movement should be confident and supported by the large volume, which insure us against a fake breakdown. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 150 points.

The sentiment: this indicator fully confirms all our trading scenarios, which is a good additional signal. As with GBP/USD and AUD/USD, it is necessary to wait for the sure exit of pairs from local consolidations and only after that we can regard new positions.