Daily Technical Forex Forecast 28.11.2018


EUR/USD

The Euro showed a significant and sharp decline on the large volume yesterday, which is an excellent bearish signal. At the moment, the price is testing the support level/lower limit of the local range 1.1267. Thus, we can consider the scenario of the breakdown of this mark, which will allow us to open sales.

The downward movement should be confident and sharp, as well as supported by the large volume, which will be a more accurate and reliable signal to enter the market. A stop loss should be placed slightly above the breakdown volume bar. The potential of the deal is more than 100 points.

GBP/USD

The Pound also demonstrated a keen fall and is currently testing the level of support/lower limit of the local range 1.2742. Therefore, our previous scenario is still actual: we can open sales only after the breakdown of this mark.

The breakdown volume must be sure, sharp and supported by the large volume, which will be a secure and precise signal for entering the market. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 120 points.

USD/JPY

The Yen rose up and broke out the previous resistance level, which is a good bullish signal. It is also necessary to allocated the new support level 113.41, which contains large volume. Given these factors, we must give preference to long positions. We can enter the market after a smooth downward correction of the price, in order to get a better entry point. A stop loss should be placed below the new support level. A potential of the deal is around 80 points.

USD/CAD

The Canadian dollar showed an abrupt surge on the increased volume and is testing the level of resistance 1.3315 at the moment. Hence, we can and should regard a scenario of its breakout, which will allow us to open purchases. The rise of the pair must be sharp and supported by the large volume, that will be a more secure signal for entering the market. 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 continues trading inside the local range between the level of support 0.7170 and the level of resistance 0.7330. Therefore, the best decision with this pari is just to wait of the sure and keen exit of the price from the range. The breakout move must be supported by the large volume, which will insure us against a fake breakout.

XAU/USD

Gold demonstrated a huge decline on the large volume yesterday. Furthermore, the new volume level of resistance was formed, it’s 1215.80 – 1216.80. Hence, we should give advantage to short positions with this instrument.

We can enter the market after a smooth upward correction of the price, in order to get a more profitable entry point. A stop loss should be placed above the beginning of this sharp drop. A potential of the deal is around 150 points.

The sentiment: this indicator fully confirms all our trading scenarios, which is a strong additional signal. As with the Australian dollar, we can regard new positions only after the abrupt exit of the pair from the local consolidation.