Daily Technical Forex Forecast 11.01.2019


EUR/USD

The Euro fell down yesterday, but the drop of the price was on the small volume, so we can’t regard short positions at the moment. Furthermore, given the recent sharp growth on the large volume, we still should prefer a scenario of opening long positions.

Purchases can be opened after a resumption of the abrupt rise , but the move must be supported by the large volume, which will be a more reliable signal for entering the market. A stop loss should be placed below the beginning of this growth. A potential of the deal is more than 100 points.

GBP/USD

The Pound goes on trading nigh the level of resistance/the upper boundary of the local range 1.2797. Hence, our previous scenario remains relevant: we can consider a breakout of this mark, which will allow us to open long positions.

The surge of the pair should be keenand supported by the large volume, which will be a more precise and secure signal for entering the market. A stop loss should be placed below the breakout volume bar. A potential of the deal is around 130 points.

USD/JPY

The Yen is still trading inside the local range between 2 strong volume levels. They are the level of support 107.28 and the level of resistance 109.46. Hence, we can consider new trading scenarios only after the sure and keen exit of the price from it. Moreover, the movement must be supported by the large volume, which will insure us against a fake breakout.

USD/CAD

The Canadian dollar restarted sinking and is currently testing the level of support/local minimum 1.3183. Thus, we can consider a scenario of its breakdown, which will be a great bearish signal. The fall of the pair should be sharp and supported by the large volume, which will be a more 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.

AUD/USD

The Australian dollar rose up yesterday, but the growth was on the small volume, so we can’t allocate any new volume level or zone. However, we still should give preference to long positions due to the local uptrend and the strong support level 0.7117. Purchases can be opened after a smooth downward correction, in order to get a more profitable entry point. A stop loss should be placed below the support level. A potential of the deal is more than 80 points.

XAU/USD

Gold corrected down, but has already resumed rising. Besides it, we need to allocated the new level of resistance/local maximum 1297.00. Thus, we can consider long positions only after the sure breakout of this mark.

The growth of the price must be sharp 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 more than 150 points.

The sentiment: the mood of the market fully confirms all our trading scenarios today, which is a nice additional signal. As with USD/JPY, we should wait for the exit of the price from the local range and only after that we can open new positions.

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