Daily Technical Forex Forecast 30.01.2019


EUR/USD

The Euro is still located within the range between the level of support 1.1267 and the level of resistance 1.1585. Moreover, we should allocate that the large volume is concentrated inside this consolidation

Considering all these factors, we must wait for the exit of the price from the range and only after that we can open new deals. The breakout movement must be supported by the large volume, which will be a more precise signal for entering the market.

GBP/USD

The Pound sharply corrected down yesterday. The movement was on the large volume, but was stopped by the new level of support 1.3069 – 1.3102. The large volume is concentrated in this range. Given these factors, as well as the presence of a strong local uptrend, we still should give preference to long positions with this instrument.

Purchases can be opened after the resumption of the sharp growth of the pair on the large volume, which will be a more accurate signal to enter the market. A stop loss should be placed slightly below the new level of support. The potential of the deal is more than 120 points.

USD/JPY

The Yen goes on trading nigh the level of support/lower boundary of the range 109.15. Hence, we can regard a scenario of its breakdown, which will allow us to open short positions. The fall should be sharp and supported by the large volume, that will be a more secure 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.

USD/CAD

Everything remained the same with the Canadian dollar as the price is still locked inside the local range between 2 strong levels. They are the support level 1.3185 and the resistance level 1.3367. Hence, we can enter the market only after the sure and abrupt exit of the price from the range. The breakout movement must be supported by the large volume, which will be a more accurate signal for entering the market. Until that, we’d better stay out of the market.

AUD/USD

The same situation with the Australian dollar as the price is still locked inside the local range between the level of support 0.7084 and the level of resistance 0.7235. Hence, the best decision with this instrument is just to wait for the sure and keen exit of the pair from the range and only after that we can open new positions. The movement must be supported by the large volume, which will be a more secure signal for entering the market.

XAU/USD

Gold continued growing yesterday. The upward move was keen, but on the small volume, thus, we can’t allocate any new volume level or zone. Therefore, we should give advantage to long positions, but only after the appearance of the additional signal.

Such signal is a continuation of the surge, but the movement 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 move. A potential of the deal is more than 150 points.

The sentiment: this indicator affirms all our trading scenarios today, which is a great additional signal for us. As with other currency pairs, we must wait for the exit of the price from the local consolidation and only after that we can consider new positions.

Hits: 0