Daily Technical Forex Forecast 06.02.2019


EUR/USD

The Euro showed an abrupt fall on the small volume yesterday, therefore, we can’t point out any new volume level or zone. Besides it, the price is still located inside the local range between the level of support 1.1267 and the level of resistance 1.1585.

Thus, we can open new positions only after the sure and abrupt exit of the price from the consolidation. The breakout movement must be supported by the large volume, which will insure us against a fake breakout and will be a more secure signal for entering the market.

While the pair is inside the range, we’d better stay out of the market.

GBP/USD

The Pound showed a significant and sharp drop yesterday. The downward movement was stopped by the formation of the new support level 1.2938, in which the increased volume is concentrated. However, the price is testing this mark at the moment, so we can consider a scenario of a breakout of the support level, which will be an excellent bearish signal.

The fall should be confident and on the large volume, which will be more accurate and a strong 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.

USD/JPY

The Yen corrected downwards after the creation of the new level of resistance 110.04. Now the price is located inside the local consolidation between this mark and the previous level of support 109.35. Hence, we can open new positions only after the confident and sharp exit of the price from the range. The movement must be supported by the large volume, which will be a more precise signal for entering the market.

Until that, we’d better stay out of the market.

USD/CAD

The Canadian dollar grew up yesterday, but the rise was on the small volume, so that we can’t point out any new volume level or zone. Moreover, the pair is still located inside the local range between the support level 1.3075 and the resistance 1.3274. Thus, the best decision with USD/CAD is just to wait for the keen and sure exit of the price from the consolidation. The move must be supported by the large volume, which will be a more reliable signal for entering the market.

While the price is locked inside the consolidation, we’d better stay out of the market.

AUD/USD

The Australian dollar fell down sharply, but is still located within the local consolidation between 2 strong levels. The first one is the support level 0.7084 and the resistance level 0.7292. Hence, we can open new positions only after the sure and keen exit of the price from the range. The breakout movement must be supported by the large volume, which will be a more secure and precise signal for entering the market.

Until that, we’d better stay out of the market.

XAU/USD

Nothing has changed with gold as the price is still trading within the local consolidation between 2 strong volume levels. They are the level of support 1297.00 and the level of resistance 1325.80.

Considering this factor, we can regard new trading scenarios only after the sure and sharp exit of the price from the local consolidation. Furthermore, the breakout movement must be supported by the large volume, which will be a more reliable signal for entering the market.

Until that, we’d better stay out of the market.

The sentiment: the mood of the market fully confirms our scenario of opening long positions with GBP/USD, which is a good additional signal. As with other pairs, we should wait for the exit of prices from local consolidations and only after that we can open new positions.

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