Daily Technical Forex Forecast 14.03.2019


EUR/USD

The Euro continued growing yesterday, but the movement was on the small volume, therefore, we can’t allocate any new level or zone. Nevertheless, given the current confident growth and previous breakout of the level of resistance, we should prefer a scenario of opening long positions.

We can enter the market only after the resumption of an abrupt rise, supported by the large volume, which will be a more secure signal. A stop loss should be placed below the beginning of this move. Our first target is the level of resistance 1.1416.

GBP/USD

The Pound demonstrated ab abrupt growth and tested the previous level of resistance 1.3335, but failed to break it out. However, the price is trading near this level, therefore, we can consider a scenario of its breakout, which will be a great bullish signal.

The movement must be keen and supported by the large volume, which will be a more reliable and accurate signal for entering the market. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 120 points.

USD/JPY

The Yen is still locked inside the local consolidation between the level of support 110.26 and the level of resistance 112.00. Thus, our previous scenario remains relevant: we can open new positions only after the sharp and abrupt breakout of one of these levels and the exit of the price from the consolidation. The movement must be supported by the large volume, which will be a more accurate and reliable 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, but the move was on the small volume, so that we can’t consider sales at the moment. Besides it, the price is still located within the local consolidation between the level of support 1.3248 and the level of resistance 1.3463. Hence, we can open new positions only after the exit of the price from the range. The breakout movement must be keen and supported by the large volume, which will insure us against a fake breakout.

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

AUD/USD

The Australian dollar grew up, then fell down, but in general, is trading in the local consolidation between 2 strong levels. The first one is the level of support 0.7008, the second one is the level of resistance 0.7100. 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 consider new positions. Furthermore, the movement must be sharp and 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.

XAU/USD

The price corrected down yesterday, but the movement was on the small volume. Moreover, given the recent sharp growth and the breakout of the previous level of resistance, we should prefer a scenario of opening long positions.

We can enter the market and open purchases only after the resumption of an abrupt rise and the breakout of the resistance 1312.00. The movement must be supported by the large volume, which will insure us against a fake breakout. A stop loss should be placed below the breakout volume bar. A potential of the deal is around 140-150 points.

The sentiment: this technical indicator totally confirms our trading scenarios with EUR/USD, GBP/USD and XAU/USD, which is a nice additional signal (trading against the “crowd”). As with other pairs, we should wait for the exit of price from local range and only after that we can open new positions.