Daily Technical Forex Forecast 15.11.2018


EUR/USD

The Euro carried on rising yesterday, moreover, the growth was supported by the large volume. On the other hand, there is a strong downtrend with this instrument. Besides it, the pair is trading in the local range between the new support level 1.1267 and the resistance level 1.1425.

Cosnidering all these factors, we can regard new deals only after the confident and keen exit of the price from the local consolidation. Moreover, the breakout move must be supported by the large volume, which will insure us against a fake breakout.

GBP/USD

The Pound tested the resistance level 1.3020 – 1.3035, but could not break it out, after which it plummeted. However, the price could not continue to decline, since a new volume support level 1.2897 – 1.2913 was formed, after which the pair rose sharply again. At the moment, the Pound is in the small local consolidation between these 2 levels.

Taking into account all these factors, we can consider new positions with this instrument only after a confident and rapid exit of the price from the local consolidation. The breakout movement must be supported by the large volume, which will be a more accurate and reliable signal to enter the market.

USD/JPY

The Yen showed an abrupt drop and broke down the previous support level yesterday. The movement was stopped by the new volume level 113.41. At the moment the pair is located near this mark, thus, we can regard a scenario of its breakdown, which will consent us to open short positions. The breakdown move must be supported by the large volume, which will be a more secure signal for entering the market. A stop loss should be placed above the breakdown volume bar. A potential of the deal is around 80 points.

USD/CAD

The Canadian dollar tested the resistance level, but failed to break it out and adjusted down. Now the pair is locked within the local range between the level of support 1.3185 and the level of resistance 1.3258. Therefore, we can consider new positions only after an abrupt breakout of one of these levels and the confident exit of the price from the consolidation. The breakout move must be supported by the large volume, which will be a more secure signal for entering the market.

AUD/USD

The Australian dollar rose up yesterday, but the surge was on the small volume, so we can’t allocate any new volume levels or zones. Besides it, the pair is still trading within the local range between the level of support 0.7170 and the level of support 0.7296. Hence, we can regard new positions only after the sharp exit of the price from this consolidation. Moreover, the breakout movement should be supported by the large volume, which will be a more accurate and reliable signal for entering the market.

XAU/USD

The price demonstrated an abrupt rise on the large volume and tested the previous level of resistance 1212.80. The pair failed to break it out, but is still trading near it. Besides it, this mark contains the large volume. Given these factors, we can regard 2 possible trading scenarios.

  1. A sharp rebound of the pair down and a resumption of the drop on the large volume. It will be a great bearish signal. A stop loss should be placed above the test of the resistance. A potential of the deal is more than 150 points.
  2. A sure and keen breakout of the resistance level on the large volume, which will allow us to consider long positions. A stop loss must be located below the breakout volume bar. A potential of the deal is around 130 points.

The sentiment: the mood of the market has not reacted on sharp changes in the market, so that we should be extremely careful today. Given that almost all pairs are in local ranges, we should wait for the exit of prices from them and only then we can consider new positions.