Daily Technical Forex Forecast 05.03.2019


EUR/USD

The Euro is still located inside the local consolidation between the level of support 1.1244 and the level of resistance 1.1416. Besides it, we need to point that the large volume is concentrated within this range.

Hence, we can open new positions only after the sharp exit of the price from it. Furthermore, the breakout move must be supported by the large volume, which will be a more accurate signal for entering the market.

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

GBP/USD

The Pound continued falling down, but the movement was on the small volume and smooth, therefore, we can’t point out any new volume level or zone. Besides it, the pair is located inside the local range between 2 strong volume levels. The first one is the resistance 1.3304, the second one is the support 1.2985 – 1.2998.

Hence, the best solution with this instrument is just to wait for the breakout of one of these levels and the exit of the price from the range and only after that we can open new positions. The breakout move must be supported by the large volume, which will be a more reliable signal for entering the market.

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

USD/JPY

After the test of the level of resistance 112.00, the Yen corrected downwards. Nevertheless, the pair is still located near this level and given the recent sharp rise on the large volume, we can consider a scenario of its breakout, which will be a great bullish signal. The surge must be keen and supported by the large volume, which will insure us against a false breakout. A stop loss should be located below the breakout volume bar. A potential of the deal is more than 100 points.

If the price continues correcting downwards, we’d better stay out of the market.

USD/CAD

The Canadian dollar is currently testing the level of resistance 1.3323, so that we can consider a scenario of its breakout, which will be a great bullish signal. The rise of the pair should be keen and supported by the large volume, that will insure us against a fake breakout. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 120 points.

AUD/USD

The Australian dollar is still located near the level of support/lower limit of the local range 0.7058. Therefore, we can reckon a scenario of its breakdown, which will allow us to open short positions. The fall of the price must be supported by the large volume, which will be a more reliable 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.

XAU/USD

Gold continued falling on the large volume, but the drop was stopped by the formation of the new level of support 1284.00. This level contains the large volume, therefore, we can consider short positions only after the confident and sharp breakdown of this mark.

The breakout 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 above the breakdown volume bar. A potential of the deal is more than 150 pips.

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