Daily Technical Forex Forecast 22.03.2019


EUR/USD

The Euro corrected downwards yesterday, but the movement was on the average volume, therefore we can’t allocate any new volume level or zone. Moreover, given the presence of the strong local uptrend, we still should prefer a scenario of opening long positions. However, we can enter the market after the continuation of the growth and a confident and sharp breakout of the level of resistance.

The movement must be keen 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 100 points.

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

GBP/USD

The Pound demonstrated an abrupt drop and tested the level of support 1.2985 – 1.2998, but failed to break it out and then corrected upwards. Now the price is locked in the local range between the support and the previous resistance 1.3335.

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

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

USD/JPY

After the test of the level of support 110.26, the Yen corrected upwards. Nevertheless, the growth was on the average volume and the price is still located near this mark, therefore, we can consider a scenario of its breakdown, which will allow us to open short positions. A drop must be supported by the large volume, which will insure us against a fake breakdown. A stop loss should be located above the breakdown volume bar. Our first target is the level 108.70.

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

USD/CAD

The Canadian dollar sharply grew up yesterday and now is trading in the middle of the local range again. The boundaries of the consolidation are the support 1.3248 and the resistance 1.3463. Therefore, we can regard new positions only after the breakout of one of these levels and the exit of the price from the range. The movement must be supported by the large volume, which will insure us against a fake breakout.

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

 

AUD/USD

The Australian dollar corrected down yesterday and is currently trading inside the local range between the level of support 0.7008 and the level of resistance 0.7165. Hence, we can reckon new trading scenarios only after the sure and sharp exit of the pair from the local consolidation. The breakout movement must be supported by the large volume, which will be a more reliable and accurate signal for entering the market.

XAU/USD

The price also demonstrated an abrupt correction on the large volume yesterday. Nevertheless, we can’t consider sales now as gold is trading in the consolidation between 2 strong volume levels. The first one is the previous support 1293.50, the second one is the resistance 1320.00.

Hence, the best solution with this instrument is just to wait for the exit of the price from the range and only in such case we can consider new positions. Furthermore, 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, while the price is locked inside this consolidation, we’d better skip this instrument from our trading plan.

The sentiment: this technical indicator confirms our scenario with the Euro, which is a good additional signal. The situation with the Yen is 50/50, thus, we should be careful with this instrument. As with other pairs and gold, we can open new positions only after the sure and keen exit of prices from local ranges.

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