Daily Technical Forex Forecast 09.01.2019


EUR/USD

Nothing has changed with the Euro as the price is still located nigh the level of resistance/the upper boundary of the local consolidation 1.1476. Hence, our previous scenario remains relevant: we can regard a breakout of this mark, which will consent us to open long positions with this pair.

The upward movement should be sure, keen and supported by the large volume, which will insure us against a fake breakout. A stop loss should be placed below the breakout volume bar. A potential of the deal is around 120 points.

GBP/USD

The Pound adjusted down yesterday and is currently trading in the local range between the level of support 1.2539 and the level of resistance 1.2797. The large volume accumulation is concentrated within this consolidation.

Therefore, we can regard new positions only after the sure breakout of one of these levels and the exit of the price from the range. The breakout movement must be supported by the large volume, which will be a more secure and accurate signal for entering the market.

USD/JPY

The Yen continues trading inside the the local range between 2 strong volume levels. They are the support 107.28 and the resistance 109.46. Hence, our previous scenario remains relevant: we can consder new positions only after the keen exit of the price from this range. The breakout movement must be supported by the large volume, which will be a more accurate signal for entering the market.

USD/CAD

The Canadian dollar downward trend continues, as the pair showed a significant and sharp fall yesterday. Moreover, the movement was supported by the large volume, and a new strong resistance level 1.3322 was formed. Thus, we should consider only short positions with this currency pair today. Sales can be opened after a small and smooth price adjustment down to get a better entry point to the market. A stop loss should be placed slightly above the new resistance level. The potential of the deal is more than 100 points.

AUD/USD

The Australian dollar went on rising, moreover, the move was on the increased volume and the new level of support 0.7117 was formed. Thus, we should give preference to long positions with this instrument. We can enter the market after a smooth correction of the price down, in order to get a better entry point. A stop loss should be placed below the new support. A potential of the deal is more than 80 points.

XAU/USD

The price is still trading a little bit above the level of support 1277.00, which contains the large volume. Besides it, there is a strong uptrend with this instrument. Given all these factors, we still should prefer a sceanrio of opening long positions.

Purchases can be opened after a resumption of the sharp rise, supported by the large volume, which will be a more reliable signal for entering the market. A stop loss should be placed below the level of support. A potential of the deal is around 130 points.

The sentiment: this indicator affirms all our trading scenarios, which is a good additional signal. Only the situaion with the Australian dollar is uncertain, so that we should be more careful. As with the Pound and Yen, we should wait for the exit of the price from the consolidation and only after that we can open new positions.

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