Daily Technical Forex Forecast 20.03.2019


EUR/USD

After the test of the level of resistance 1.1356, the price smoothly corrected downwards. Nevertheless, it’s still located near this mark and given the recent confident and steady growth, we can and should regard a scenario of its breakout, which will be a great bullish signal.

The rise of the pair must be abrupt and supported by the large volume, which will insure us against a fake breakout and will be a more secure signal for entering the market. A stop loss should be located below the breakout volume bar. Our first target is the level of resistance 1.1416.

If the price goes on falling, we’d better stay out of the market.

GBP/USD

The Pound corrected downwards and is currently locked inside the local consolidation between 2 strong volume levels. The first one is the level of support 1.3192, the second one is the level of resistance 1.3335.

Therefore, the best solution with this instrument is just to wait for the breakout of one of these levels and the sharp exit of the price from the range and only after that we can open new positions. Furthermore, the breakout movement must be keen and supported by the large volume, in order to insure us against a fake breakout.

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

USD/JPY

Nothing has changed with the Yen. The price is still located within the local consolidation between 2 strong levels. The first one is the level of support 110.26, the second one is the level of resistance 112.00. Hence, we can consider new trading scenarios only after the sharp and confident exit of the price from this consolidation. Moreover, 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 stay out of the market.

USD/CAD

The Canadian dollar tested the level of support 1.3248, but failed to break it down and then sharpy corrected upwards. Now the price is locked inside the local consolidation between this mark and the level of resistance 1.3463. Hence, we can consider new trading scenarios only after the exit of the pair from the range. The breakout movement must be keen and supported by the large volume, which will be a more secure signal for entering the market.

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

AUD/USD

The Australian dollar fell down yesterday and is currently trading inside the local consolidation between 2 strong levels. They are: the support 0.7008 and the resistance 0.7118. Thus, the best decision with this pair is just to wait for the confident and keen exit of the price from the range and only after that we can regard new positions. Moreover, the breakout move must be supported by the large volume, which will insure us against a fake breakout.

Until that, we’d better omit this pair from our trading plan.

XAU/USD

The same situation with gold as the price is trading within the local consolidation between the support 1293.50 and the resistance 1312.00. Thus, we can open new positions after the confident and sharp breakout of one of these levels and the exit of the price from the range.

Besides it, the breakout movement must be supported by the large volume, which will be a more secure and precise signal for entering the market.

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

The sentiment: this technical indicator fully confirms our scenario with EUR/USD, which is a great additional signal (trading against the “crowd”). As with other instrument, unfortunately we can apply the sentiment only after the exit of prices from local consolidations.

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