Daily Technical Forex Forecast 19.03.2019


EUR/USD

Nothing has changed with the Euro. The price continued growing, but the movement was on the small volume, therefore, we can’t allocate any new volume level or zone. Nevertheless, given this confident and steady growth, we still should prefer a scenario of opening long positions.

We can enter the market after the continuation of this movement, but the rise must be abrupt and on 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 move. A potential of the deal/our first target is the level of resistance 1.1416.

GBP/USD

The Pound is still located near the level of resistance/upper boundary of the local range 1.3335. Besides it, we need to point out that yesterday after the appearance of the large volume, the price resumed growing. Therefore, we can and should regard a scenario of the breakout of this resistance, which will be a great bullish signal.

The surge of the price must be abrupt and 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 more than 120 pips.

USD/JPY

The Yen continued correcting yesterday and now is trading almost in the middle of the local range between the level of support 110.26 and the level of resistance 112.00. Hence, we can open new positions only after the confident exit of the price from the range. Furthermore, 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 trading inside this consolidation, we’d better stay out of the market.

USD/CAD

The Canadian dollar is still located within the local consolidation between the level of support 1.3248 and the level of resistance 1.3463. Therefore, our previous scenario remains the same: we can enter the market after the sure and sharp exit of the pair from the range. The breakout movement must be confident and 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.

AUD/USD

The Australian dollar broke out the previous level of resistance, but after the creation of the new one 0.7118, the pair corrected down. However, the price is still located near this mark, so that we can consider a scenario of opening long positions after its breakout. The surge must be keen and supported by the large volume, which will be a more precise signal for entering the market. A stop loss should be placed below the breakout volume bar. A potential of the deal is around 90 pips.

XAU/USD

The price resumed growing and now is trading near the level of resistance/upper limit of the local range 1312.00. Therefore, we can try to consider a scenario of its breakout, which will be a great bullish signal.

The rise of the pair must be confident, abrupt and supported by the large volume. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 150 pips.

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

The sentiment: this technical indicator totally affirms our trading scenarios with EUR/USD, GBP/USD, AUD/USD and gold, which is a great additional signal (trading against the “crowd”). As with other instruments, we can open new positions only after the sure and sharp exit of prices from local ranges.