Daily Technical Forex Forecast 15.02.2019


EUR/USD

The Euro tested the level of support 1.1267, but failed to break it down. On the other hand, it is still located near this level. Given the presence of the strong local downtrend, we should regard a scenario of its breakdown, which will allow us to open short positions.

The fall must be keen 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 100 points.

GBP/USD

The Pound showed a significant and sharp drop of the price and broke down the previous support level, which is an excellent bearish signal. However, a further fall was stopped by the formation of the new volume level 1.2776. Thus, we can open sales only after the breakdown of this mark.

The downward movement should be swift and supported by the large volume, which will insure us against a false breakdown and 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 120 points.

USD/JPY

The Yen demonstrated an abrupt drop supported by the large volume. We also should point out the new level of resistance 111.06. As you can see from the chart, the price is located inside the local consolidation between this level and the previous level of support 109.35. Therefore, the best solution with the Yen is just to wait for the breakout of one of these levels and the exit of the price from the range and only after the we can open new positions. The breakout movement must be supported by the large volume, which will be a more reliable and accurate signal for entering the market.

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

USD/CAD

The Canadian dollar showed a sharp rise and is testing the level of resistance/upper limit of the local consolidation. The move was supported by the large volume, so that we can consider a scenario of its breakout, that will allow us to open long positions. The growth must be confident and supported by the large volume, which will be a more secure signal for entering the market. A stop loss should be placed below the breakout volume bar. A potential of the deal is around 140 points.

AUD/USD

The Australian dollar is trading inside the local consolidation between the level of support 0.7058 and the level of resistance 0.7138. Therefore, the best solution with this pair is just to wait for the exit of the price from the range and only after that we can open new positions. Moreover, the breakout movement must be supported by the large volume, which will be a more reliable and accurate signal for entering the market.

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

XAU/USD

Nothing has changed here as the price is still locked in the local range between the level of support 1297.00 and the level of resistance 1325.80. Hence, our previous scenario remains relevant: we can open new positions only after the sharp and sure exit of the price from this range.

Moreover, the movement must be supported by the large volume, which will be a more precise signal for entering the market.

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

The sentiment: this technical completely confirms our trading scenarios with EUR/USD, GBP/USD, USD/CAD, which is nice additional signal for us. We should wait for the sharp exit of prices from local range with other currency pairs and only after that we can open new positions.