Daily Technical Forex Forecast 03.01.2019


EUR/USD

The Euro showed a sharp fall on the large volume yesterday, which is a great bearish signal. However, the pair is still trading inside the local consolidation between the support level 1.1267 and the resistance level 1.1463.

Hence, we can regard new positions only after the sure and keen exit of the price from the local range. The breakout move must be supported by the large volume, which will be a more reliable signal for entering the market and will insure us against a false breakout.

GBP/USD

The Pound also demonstrated a keen drop on the large volume and tested the support level 1.2539. At the moment the pair is trading near this mark, therefore, we can regard sales only after its sure and sharp breakdown.

The breakdown movement should be supported by the large volume, which will be a more secure and accurate signal for entering the market. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 100 points.

USD/JPY

The Yen also indicated an abrupt drop, which is a good bearish signal, but the volume was average, so we can’t point out any new level or zone. However, we must give advantage to short positions. We can enter the market after a continuation of the fall, but the move must be supported by the large volume, which will be a more accurate signal for entering the market. A stop loss should be placed above this sink. A potential of the deal is more than 100 points.

USD/CAD

The Canadian dollar restarted growing and is currently testing the level of resistance/upper boundary of the local range 1.3652. Therefore, we can and should regard a scenario of its breakout, which will be a nice bullish signal. The rise must be supported by the large volume, which 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 continued its drop, furthermore, the movement was supported by the increased volume, which is a good bearish signal. Thus, we should give advantage to short positions with this pair. We can enter the market after a smooth upward correction of the price, in order to get an acceptable entry point. A stop loss should be placed above the beginning of the keen dip. A potential of the deal is more than 90 points.

XAU/USD

Gold continued its upward movement yesterday. Moreover, the price growth was sharp and on the large volume, which is an excellent bullish signal. Given these factors, as well as the presence of a strong uptrend, we should consider only long positions with this instrument.

Purchases can be opened after a small and smooth downward correction of the price, in order to get a better entry point to the market. A stop loss should be placed slightly below the local minimum. The potential 0f the deal is more than 150 points.

The sentiment: the mood of the market totally affirms all our trading scenarios , which is a great additional signal. As with the Euro, we should give preference to short positions, but we can enter the market only after the exit of the price from the local consolidation.

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