Daily Technical Forex Forecast 29.11.2018


EUR/USD

The Euro showed a sharp rise on the large volume yesterday, but the price is still located within the local range between 2 strong levels. They are the support level 1.1267 and the resistance level 1.1463.

Hence, we can consider new trading scenarios only after the breakout of one of these levels and the exit of the price from the consolidation. The breakout move must be sharp and supported by the large volume, which will be a more precise signal for entering the market.

GBP/USD

The Pound also grew up yesterday, but the rise was on the average volume, so that we can’t regard long positions now. Furthermore, the pair is still located inside the local range between the level of support 1.2742 and the level of resistance 1.3031.

Therefore, the best decision with this instrument is just to wait for the sure and keen exit of the price from the local range. The breakout movement must be supported by the large volume, which will insure us against a fake breakout.

USD/JPY

The Yen strongly adjusted down yesterday. The fall was on the increased volume and the new resistance level was created. It’s 113.62 – 113.75. The price is currently trading inside the local range between this mark and the support level 112.35. Thus, we can regard new deals only after the breakout of one of these levels and sure exit of the price from the range. The breakout movement must be keen and supported by the large volume, which will be a more reliable signal for entering the market.

USD/CAD

The Canadian dollar dropped down after the formation of the new resistance level 1.3356. The sink was on the increased volume, but the pair is located inside the local consolidation between this mark and the previous support level 1.3144. Hence, we should wait for the exit of the price from this consolidation and only after that we can regard new deals. Moreover, the breakout move must be sharp and supported by the large volume, which will be a more accurate and secure signal for entering the market.

AUD/USD

The Australian dollar showed a sharp growth on the large volume and now is testing the resistance level/upper limit of the local consolidation 0.7330. It gives us a possibility to ponder a scenario of its breakout, which will be a great bullish signal. The rise of the pair should be abrupt and on the large volume, which will be a more accurate signal for entering the market. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 80 points.

XAU/USD

Gold showed a significant and sharp growth yesterday and is now trading near the resistance level 1227.00 – 1228.30. Given that the upward movement was on the large volume, we can consider the scenario of the breakout of this mark, which will allow us to open long positions with this instrument.

The growth of the pair should be confident and strong, as well as on the large volume, which will be a more reliable and accurate signal to enter the market. A stop loss must be placed slightly below the breakout volume bar. The potential of the deal is about 100 points.

The sentiment: the mood of the market affirms our scenario with AUD/USD, which is a good additional signal. The situation with gold is unchangeable, so we should be extremely careful. As with all other pairs, we can consider new positions only after the exit of prices from local ranges.