Daily Technical Forex Forecast 14.11.2018


EUR/USD

The Euro adjusted upwards and on the increased volume yesterday. The volume was evenly spread throughout the rise, so we can’t allocate any new volume level or zone. Moreover, there is a strong downtrend with this currency pair, so now we still should give advantage to short positions.

We can enter the market after the stoppage of the growth and a resumption of a keen drop. The downward movement should be supported by the large volume, which will be a more secure signal for entering the market. A stop loss should be placed above this move. A potential of the deal is more than 100 points.

GBP/USD

Yesterday, the Pound showed a sharp increase on the large volume, but further movement was stopped by the new resistance level 1.3020 – 1.3035. The large volume is concentrated in this mark. Given these factors and the absence of any trend, we should consider 2 trading scenarios.

The first scenario: a test of the resistance level and a sharp rebound of the price down – it will be a great bearish signal. A stop loss should be placed slightly above the level 1.3035. The potential of the deal is more than 120 points.
The second scenario: a confident and rapid breakout of the resistance level on the large volume, which will allow us to open purchases. A stop loss should be placed under the breakout volume bar. A potential of the deal is about 130 points.

USD/JPY

The Yen is located inside the local range between the level of support 113.62 and the level of resistance 114.13. Thus, we can regard new deals only after the confident and sharp exit of the price from this consolidation. The breakout movement should be supported by the large volume, which will be a more secure and accurate signal for entering the market.

USD/CAD

We need to allocate the new resistance level 1.3258 with the Canadian dollar. Nevertheless, given the presence of the local uptrend and the fact, that the price is located near this mark, we should consider a scenario of its breakout, which will be a great bullish signal. The surge should be abrupt and supported by the large volume. A stop loss should be located below the breakout volume bar. A potential of the deal is more than 100 points.

AUD/USD

The Australian dollar continues trading within the local consolidation between the support level 0.7170 and the resistance level 0.7296. Hence, we should wait for the exit of the price from this range and only after that we can regard new positions. The breakout movement should be keen and supported by the large volume, which will insure us against a fake breakout and will be a more reliable signal for entering the market.

XAU/USD

The price also grew up yesterday, but the rise was smooth and on the medium volume, so we can’t point out any new level or zones. Besides it, there is a strong local downtrend with this instrument, so we still should give preference to short positions.

Sales can be opened after a stoppage of the correction and a resumption of the sharp sink on the large volume, which will be a more reliable signal for entering the market. A stop loss should be located above this drop. A potential of the deal is more than 150 points.

The sentiment: this indicator totally affirms all our trading scenarios, which is a strong additional signal. The situation with the Pound is puzzled, so we need to wait for appearance of new signals. As with the Yen and the Australian dollar, we must wait for the confident exit of prices from local consolidations and only after that we can consider new deals.