Daily Technical Forex Forecast 15.01.2019


EUR/USD

The situation with the Euro did not change as the pair is still locked inside the local range between 2 strong levels. The first one is the level of support 1.1267; the second one is the level of resistance 1.1585. We should also point out that the large volume is concentrated within the local consolidation.

Thus, we can regard new deals only after the sure and abrupt exit of the price from the local range. Furthermore, the breakout move should be supported by the large volume, which will be a more secure and precise signal for entering the market.

GBP/USD

The Pound fell down after the formation of the new resistance level 1.2925, which contains the large volume. However, considering the recent sharp growth and the presence of the local uptrend, we should consider a scenario of its breakout, which will be a great bullish signal.

The breakout movement should be sharp and supported by the large volume, which will be a more reliable 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.

USD/JPY

The Yen carries on trading inside the local range between the level of support 107.28 and the level of resistance 109.46. This range contains the large volume. Hence, the best decition with this pair is to wait for the confident and abrupt exit of the price from the consolidation. Only after that we can regard new deals. The breakout move must be supported by the large volume, which will insure us against a fake breakout.

USD/CAD

The Canadian dollar is still trading within the local range between the level of support 1.3183 and the level of resistance 1.3322. Thus, we can consider new trading scenarios only after the sure and keen exit of the price from this consolidation. Moreover, the breakout move should be supported by the large volume, which will be a more accurate signal for entering the market.

AUD/USD

The Australian dollar didn’t show any significant moves yesterday and is still located near the local maximum. Considering the presence of the strong local uptrend, we still should give a little advantage to purchases. Long positions can be opened after a resumption of the sharp surge, but 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 beginning of the growth. A potential of the deal is more than 80 points.

XAU/USD

Yesterday, gold did not show significant changes in the price and continues trading inside the local consolidation. The boundaries of this range are the support level 1280.00 and the resistance level 1297.00. It is also worth noting that the large volume is concentrated within this range.

Thus, the best trading scenario with gold is just to wait for a confident and rapid price exit from the range and only after that can we consider new deals. Moreover, the movement must be supported by the large volume, which will insure us against a false breakout.

The sentiment: the mood of the market fully confirms all scenarios with the Yen and the Australian dollar, which is a strong additional signal. As with other instruments, we must wait for the exit of prices from local ranges and only after that we can open new positions.

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