Daily Technical Forex Forecast 13.02.2019


EUR/USD

The Euro tested the support level/lower limit of the local range 1.1267, but could not break it down, after which the price sharply adjusted upwards. The growth of the pair was on the small volume, so we can’t consider long positions at the moment. Moreover, given that the price is trading near this mark, we can consider the scenario of its breakdown, which will allow us to open short positions with the Euro.

The breakout movement must be swift and on the large volume, which will be a more accurate and 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.

If the price continues correcting upwards, it is better to stay out of the market.

GBP/USD

The same situation here as the price tested the level of support 1.2848, but could not break it down. Nevertheless, it is still located near this mark, so that we can regard a scenario of its breakdown, which will be a great signal for opening short positions.

The sink must be abrupt and supported by the large volume, which will be a more secure and precise signal for entering the makret. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 100 points.

USD/JPY

The Yen continued growing, but unfortunately the movement was on the small volume, so we can’t point out any new volume level or zone. Nevertheless, we should give preference to long positions. We can enter the market after the continuation of the rise, but the movement 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 this surge. A potential of the deal is more than 100 points.

USD/CAD

The Canadian dollar fell down and broke down the previous support level. However, the move was on the small volume, so that we can’t reckon short positions at the moment. Furthermore, the price is locked within the local range between the level of support 1.3075 and the level of resistance 1.3323. Given all these factors, we can consider new positions only after the keen and confident exit of the price from the range. The movement must be supported by the large volume,  which will be a more accurate signal for entering the market.

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

AUD/USD

The Australian dollar corrected up sharply yesterday, but the move was on the small volume, so that we can’t consider long positions now. Besides it, the price is still trading near the support level 0.7084, thus, we can reckon a scenario of its breakdown, which will be a great bearish signal. The fall must be confident and supported by the large volume. A stop loss should be located above the breakdown volume bar. A potential of the deal is more than 80 points.

If the price goes on correcting upwards, it is better to stay out of the market.

XAU/USD

Nothing has changed here as the price is still locked within the local range between 2 strong volume levels. They are the support 1297.00 and the resistance 1325.80.

Hence, our previous scenario remains actual: we can open new positions only after the sure exit of the price from it. Besides it, the breakout movement must be keen and supported by the large volume, which will be a more reliable signal for entering the market.

While the price is locked inside this range, we’d better omit this instrument from our trading plan.

The sentiment: this technical indicator confirms our trading scenarios with EUR/USD, GBP/USD, USD/JPY and AUD/USD, which is a great additional signal for us. As with gold and USD/CAD, we can open new deals only after the sharp exit of prices from local consolidations.

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