Daily Technical Forex Forecast 23.11.2018


EUR/USD

Yesterday, the Euro showed a smooth growth, but the upward movement was on the small volume, so we cannot consider the scenario of opening purchases with this instrument. Moreover, the pair is within the local range between 2 strong levels. They are the support 1.1267 and resistance 1.1463.

Considering all these factors, the best solution with the Euro will be to wait for a confident and rapid exit of the price from the local range. The breakout movement should be supported by the large volume, which will be a more accurate signal to enter the market and insure us against false breakout.

GBP/USD

The Pound demonstrated a sharp growth on the increased volume, but is still located inside the local range between 2 strong levels. They are the level of support 1.2742 and the level of resistance 1.3031.

Hence, we can regard new deals only after the breakout of one of these levels and the exit of the price from the range. Furthermore, the breakout move must be sharp and supported by the large volume, which will insure us against a fake breakout.

USD/JPY

The Yen goes on trading inside the local range between the level of support 112.35 and the level of resistance 113.69. Thus, our previous scenario remains the same: we can consider new positions only after the confident and keen exit of the price from the range. The breakout move should be supported by the large volume, which will be a more secure and accurate signal for entering the market.

USD/CAD

The Canadian dollar carried on adjusting down and totally swallowed the recent keen rise. The pair is currently  lcoated within the local range between the support level 1.3055 and the resistance level 1.3315. Hence, we can ponder new deals only after the breakout of one of these levels and the exit of the price from the range. The breakout move must be abrupt and supported by the large volume, which will be a more reliable and precise signal for entering the market.

AUD/USD

The Australian dollar is still locked inside the local range between the support level 0.7170 and the resistance level 0.7330. Therefore, our previous scenario remains relevant: we can open new deals only after the exit of the price from the local range. Moreover, the breakout move must be sharp and supported by the large volume, which will insure us against a fake breakout and will be a more secure signal for entering the market.

XAU/USD

The price is located inside the level of resistance 1227.00 – 1228.30 now, thus we can and should regard a scenario of the breakout of this mark, which will be a great bullish signal and will allow us to open purchases.

The upward move should must be keen, sure and supported by the large volume, which will be a more accurate and reliable signal for entering the market. A stop loss should be placed below the breakout volume bar. A potential of the deal is around 80 points.

The sentiment: the general situation in the market is severe as almost all instruments are trading inside local ranges. The only exception is gold, but the sentiment with this instrument is equal, so we should wait for an appearance of strong confirming signal.