Daily Technical Forex Forecast 30.11.2018


EUR/USD

The Euro goes on trading inside the local range between 2 strong levels. They are the support level 1.1267 and the level of resistance 1.1463. Thus, we can regard new positions only after the confident exit of the pair from the range.

The breakout movement must be abrupt and supported by the large volume, that will be a more secure and percise signal for entering the market.

GBP/USD

The Pound was unable to continue its growth and resumed its decline, which almost completely swallowed the previous upward movement. At the moment, the pair is trading near the support/lower limit of the local range 1.2742 . This gives us the opportunity to consider a scenario of the breakdown of this mark, which will be an excellent bearish signal.

The fall of the pair should be swift and confident, 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 breakout volume bar. The potential of the deal is more than 120 points.

USD/JPY

The Yen is still located inside the local range between the level of support 112.35 and the level of resistance 113.62 – 113.75. Therefore, we can regard new positions only after the confident breakout of one of these levels and the exit of the price from the range. Furthermore, the breakout move must be supported by the large volume, which will insure us against a fake breakout.

USD/CAD

The Canadian dollar is also located within the local range between 2 strong volume levels. The first one is the support level 1.3144 and the second one is the level of resistance 1.3356. That’s why, the best solution with this pair is just to wait for the confident and sharp exit of the price from the local consolidation. The breakout move must be supported by the large volume, which will be a more secure and precise signal for entering the market.

AUD/USD

The Australian dollar tested the level of resistance 0.7330, but could not breakout it out. However, the pair is trading near this mark, so we still can regard a scenario of its breakout, which will be a great bullish signal. The rise must be keen and supported by the large volume, which will be a more reliable signal for entering the market. A stop loss should be placed under the breakout volume bar. A potential of the deal is more than 80 points.

XAU/USD

The similar situation here as gold tested the level of resistance 1227.00 – 1228.30, but did not break it out. Nevertheless, the pair is still trading near this mark, so we can ponder a scenario of its breakout, which will be a strong signal for opening long positions.

The surge should be sure, abrupt and supported by the large volume, which will be a more secure and accurate signal for entering the market. A stop loss should be placed below the breakout volume bar. A potential of the deal is around 100 points.

The sentiment: the mood of the market affirms our scenarios with GBP/USD and AUD/USD, which is a great additional signal. The situation with gold is unchangeable, so we should be extremely careful. As with all other instrument, we can regard new deals only after the sure exit of pairs from local consolidation.