Daily Technical Forex Forecast 13.11.2018


EUR/USD

The Euro continued sinking and broke down the previous level of support, which is a great bullish signal. Moreover, the fall was abrupt and on the large volume, which only increases its strength. Given these factors, we should give preference to short positions.

Sales can be opened after a smooth upward adjustment of the price, in order to obtain a more profitable entry point. The move should be on the small volume. A stop loss should be placed above the beginning of the breakdown movement. A potential of the deal is more than 100 points.

GBP/USD

The Pound corrected up, but after the creation of the new resistance level 1.2906 – 1.2920, resumed falling. We should note that this level contains the large volume, thus, we should give preference to sales until its breakout.

Short positions can be opened after the resumption of the keen drop, which will be a more precise signal for us. A stop loss should be located above the new level of resistance with a little margin. A potential of the deal is more than 120 points.

USD/JPY

It is necessary to allocate the new support level 113.62 with the Yen. This level had stopped the drop of the price and after that pushed it up. This mark contains the large volume. Considering the strong uptrend, we should give preference to purchases. We can enter the market after the continuation of the surge, but the rise should be supported by the large volume, which will be a more accurate signal for entering the market. A stop loss should be placed below the new support level. A potential of the deal is around 80-90 points.

USD/CAD

The Canadian dollar tested the support level 1.3185 and resumed rising, which is a strong bullish signal. So now we should give advantage to long positions. We can open purchases after a smooth downward correction of the price, in order to get a more profitable entry point. A stop loss should be placed under the level of support. A potential of the deal is more than 100 points.

AUD/USD

The Australian dollar tested the support level 0.7170, but failed to break it down and then showed a sharp growth. At the moment the pair is trading within the local range between this mark and the previous level of resistance 0.7296. Therefore, we can regard new trading scenarios only after the sure exit of the price from the local range. Moreover, the breakout move must be supported by the large volume, which will be a more secure signal for entering the market.

XAU/USD

Gold continued its downward movement yesterday. The fall was sharp and rapid, which is a great bearish signal. In addition, it is necessary to point out the new resistance level 1212.80, in which the large volume is concentrated. Given these factors, we should give preference to short positions.

Sales should be opened after a small and smooth price correction upwards to get a more profitable entry point. A stop loss should be placed slightly above the new resistance level. The potential of the deal is more than 150 points.

The sentiment: the mood of the market totally affirms all our trading scenarios, which is a strong additional signal. As with the Australian dollar, we must wait for the sure exit of the price from the local range and only after that we can regard new positions.