Weekly Technical Forex Forecast 28.01-01.02.2019


EUR/USD

The Euro showed a significant growth of the price on the  large volume on Friday. Nevertheless, the pair is still within the local range between the support level 1.1267 and the resistance level 1.1585.

Thus, we can open new positions only after a confident and rapid exit of the price from the local range. The movement should be supported by the large volume, which will be a more accurate signal to enter the market.

GBP/USD

The Pound continued its growth on the large volume, so we can state that the uptrend with this currency pair is going on. Considering these factors, we should give preference to long positions.

Purchases can be opened only after a small and smooth correction of the price down to get a more profitable entry point into the market. A stop loss should be placed slightly below the local minimum. The  potential of the deal is more than 120 points.

USD/JPY

The Yen corrected downward after the test of the resistance level  109.92. At the moment, the price is trading in the middle of the local range between this mark and the support level 109.15. Thus, we can enter the market only after a steady exit from the local consolidation. The breakout movement should be supported by the large volume, which will be a more accurate signal for us.

USD/CAD

The Canadian dollar tested the resistance level, after which it showed a significant drop on the large volume and is  trading near the support level 1.3185. Thus, we can consider a scenario of the breakdown of this mark, which will allow us to open short positions. The fall should be supported by the large volume, which will be a more accurate signal to enter the market. A stop loss should be placed slightly above the breakout volume bar. The potential of the deal is more than 100 points.

AUD/USD

The Australian dollar rose sharply on Friday. Nevertheless, the pair continues trading within the local range between the support 0.7084 and the resistance 0.7235. Considering these factors, we should wait for a confident exit of the price from the consolidation and only after that we can consider new trading scenarios. The breakout movement must be swift and on the large volume, which will be a more reliable signal to enter the market.

XAU/USD

Gold showed a very sharp surge on the huge volume and broke out the previous resistance level. Moreover, the new support level 1290.50 – 1292.00 was formed. Thus, we should consider only long positions.

Purchases can be opened after a small and smooth price correction down to get a better entry point to the market. A stop loss should be placed just below the support level. The potential of the deal is more than 150 points.

The sentiment: this indicator fully confirms our scenarios with the Pound, gold and Canadian dollar (trading against the “crowd”), which is an excellent additional signal. As with other instruments, we should wait for a confident exit of prices from local consolidations, only after that we can open new positions.

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