Daily Technical Forex Forecast 24.01.2019


EUR/USD

The situation with the Euro has not changed as the price is trading inside the local range between the level of support 1.1267 and the level of resistance 1.1585. We also should point out that the large volume is concentrated inside this consolidation.

Considering all these factors, we can enter the market only after the exit of the price from the local consolidation. Moreover, the breakout movement must be supported by the large volume, which will be a more precise and secure signal for entering the market.

GBP/USD

The Pound showed a significant and sharp rise of the price and broke out the previous resistance level, which is a strong bullish signal. Moreover, we should highlight the new volume support level 1.2975. Considering all these factors, we should consider extremely long positions with this instrument.

Purchases should be opened after a small and smooth correction of the price down to get a better entry point to the market. A stop loss should be placed slightly below the new level of support. A potential of the deal is more than 120 points.

USD/JPY

The Yen fell down after the formation of the new level of resistance 109.92. Besides it, the previous level of support 109.15 is still relevant, so now the pair is settled inside the local consolidation between them. Thus, we can enter the market only after the sure exit of the price from the range. The movement must be supported by the large volume, which will be a more reliable signal for entering the market.

USD/CAD

The Canadian dollar went on growing on the increased volume, but the movement was stopped by the creation of the new resistance level 1.3367. Therefore, we can regard purchases only after an abrupt breakout of this mark. Moreover, the rise should be 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 100 points.

AUD/USD

The Australian dollar showed a sharp sink and broke down the support level, which is a great bearish signal. Unfortunately, the movement was on the small volume, so that we shouldn’t open sales at the moment. 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 reliable signal for entering the market. A stop loss should be placed above the beginning of this sink. A potential of the deal is more than 80 points.

XAU/USD

Gold resumed falling and is currently trading near the level of support/lower boundary of the local consolidation 1277.00. Hence, we can and should consider a scenario of its breakdown, which will be a great bearish signal.

The drop must be supported by the large volume, which will be a more reliable 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 150 points.

The sentiment: the mood of the market acknowledges all our trading scenarios today, which is a great additional signal for us. The only exception is gold, hence, we should be more careful trading this pair. As with other currency pairs, we must wait for the exit of prices from local ranges and only then we can open new positions.

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