Daily Technical Forex Forecast 27.03.2019


EUR/USD

The Euro continued falling and broke down the previous support level, which is a great bearish signal. Unfortunately, the movement was on the small volume, therefore we can’t allocate any new volume levels or zones. Moreover, there is a high possibility of a correction.

Thus, we should give advantage to short positions, but we can enter the market only after the continuation of this sink, but the move must be supported by the large volume, which will be a more accurate signal for entering the market. A stop loss should be located above the beginning of this move. Our first target is the level 1.1180.

GBP/USD

The Pound is still located within the local range between 2 strong volume levels. The first one is the support 1.2985 – 1.2998, the second one is the resistance 1.3335. We should also notice that the large volume is concentrated within this consolidation.

Therefore, we can open new positions only after the confident and sharp exit of the price from it. 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/JPY

After the test of the level of support 109.82, the Yen sharply corrected upwards. Now the pair is located inside the local range between this mark and the previous level of resistance 112.00. Thus, 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 consolidation and only after that we can consider new positions. Furthermore, the breakout movement must be supported by the large volume, which will insure us against a fake breakout.

While the price is located inside this range, we’d better omit this instrument from our trading plan.

USD/CAD

Nothing has changed with the Canadian dollar as the pair is still located within the local consolidation between the level of support 1.3248 and the level of resistance 1.3463. Thus, the best solution with this instrument is just to wait for the sharp and sure exit of the price from the range and only after that we can open new positions. The breakout movement must be supported by the large volume, which will insure us against a false breakout.

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

AUD/USD

The same situation with the Australian dollar as the price continues trading within the local range between 2 strong volume levels. They are the support 0.7008 and the resistance 0.7165. Hence, we can consider new trading scenarios only after the keen and confident exit of the price from the consolidation. Furthermore, the breakout move must be supported by the large volume, which will be a more reliable and precise signal for entering the market.

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

XAU/USD

The price corrected downwards, but is still located near the level of resistance/local maximum 1322.80. Therefore, our previous scenario remains actual: we can and should regard a scenario of its breakout, which will be a great bullish signal.

The surge of the pair must be keen and supported by the large volume, which will insure us against a fake breakout. A stop loss should be located below the breakout volume bar. A potential of the deal is more than 150 points.

The sentiment: this technical indicator totally affirms our trading scenarios with the Euro and gold, which is a great additional signal (trading against the “crowd”). As with other currency pairs, we can open new positions only after the sharp and confident exit of prices from local consolidations.