Daily Technical Forex Forecast 13.03.2019


EUR/USD

The Euro went on growing and broke out the previous level of resistance, which is a good bullish signal. The movement was smooth, but it was supported by the increased volume. So that we should give a slight advantage to long positions.

We can enter the market after the continuation of this surge, but the movement must be supported by the large volume, which will be a more accurate signal for entering the market. A stop loss should be placed below the beginning of this move. A potential of the deal is the level of resistance 1.1416.

GBP/USD

The Pound demonstrated a huge drop, supported by the large volume. But in general, the situation did not change, the pair is still located inside the local consolidation between the support 1.2985 – 1.2998 and the resistance 1.3304.

Hence, we can open new positions only after the confident exit of the price from this range. Furthermore, the movement must be keen and 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 stay out of the market.

USD/JPY

Nothing has changed with the Yen as the price is still trading in the middle of the local consolidation between 2 strong volume levels. The first one is the support 110.26 and the second one is the resistance 112.00. Hence, the best solution with the Yen is just to wait for the breakout of one of these levels and the sharp exit of the price from the range and only in such case we can open new positions. Besides it, the breakout movement 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.

USD/CAD

The Canadian dollar fell down and broke down the previous level of support, but the drop was smooth and on the small volume. Hence, we can’t open short positions now. Moreover, the pair is still trading inside the local range between the level of support 1.3248 and the level of resistance 1.3463. Therefore, we can open new positions only after the sharp and sure exit of the price from the range. The move must be supported by the large volume, which will insure us against a fake breakout.

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

AUD/USD

The Australian dollar resumed falling, but the sink was on the small volume, so that we can’t open sales at the moment. Nevertheless, given the presence of the strong downtrend, we should prefer a scenario of opening short positions. We can enter the market after a continuation of the fall, but the move must be supported by the large volume, which will be a more secure signal for entering the market. A stop loss should be placed above this beginning of this drop. A potential of the deal is more than 80 points.

XAU/USD

Gold continued its upward movement yesterday and is currently testing the resistance level/upper limit of the local range 1302.70 – 1304.20. The large volume is concentrated in this consolidation, so we can consider 2 possible trading scenarios.

The first scenario: a confident breakout of the resistance level on the large volume, which will be an excellent bullish signal. A stop loss should be placed slightly below the breakout volume bar. The potential of the deal is about 200 points.

The second scenario: a sharp rebound of the price from the resistance level, the fall should be on the large volume. In this case, we can open short positions. A stop loss should be placed slightly above the resistance level. The target of the deal is the support 1282.00.

The sentiment: this technical indicator fully confirms our trading scenarios with EUR/USD and AUD/USD, which is a great additional signal (trading against the “crowd”). As with our pairs and gold, we can open new positions only after the appearance of new signals (exit of prices from ranges).