Daily Technical Forex Forecast 28.03.2019


EUR/USD

The Euro resumed falling, but the movement was on the average volume, therefore, we can’t point out any new volume levels or zones. However, we still should give preference to short positions, but we can enter the market only after the continuation of this sink.

The downward movement must be supported by the large volume, in order to be a more secure signal for entering the market. A stop loss should be placed above the beginning of this move. Our first target is the level 1.1180.

GBP/USD

Nothing has changed here as the Pound is still locked in the local range, where the large volume is concentrated. Therefore, the best solution with this instrument is just to wait for the exit of the price from the range and only after that we can open new positions.

The breakout movement must be keen and 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/JPY

The Yen resumed falling and now is trading near the level of support/lower boundary of the local range 109.82. Thus, we can and should regard a scenario of its breakdown, which will allow us to open short positions. The drop must be supported by the large volume, which will insure us against a fake breakdown. A stop loss should be placed above the breakdown volume bar. Our first target is the level 108.70.

USD/CAD

The Canadian dollar restarted rising and is currently trading near the level of resistance/uppwer limit of the local range 1.3463. Thus, we can and should regard a scenario of its breakout, which will be a great bullish signal. The surge of the price must be keen and supported by the large volume, which will be a more precise and secure signal for entering the market. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 100 points.

AUD/USD

Nothing has changed with the Australian dollar as the price continues trading inside the local consolidation between 2 strong volume levels. They are the support 0.7008 and the resistance 0.7165. Hence, we can open new positions only after the confident and sharp exit of the price from the range. Moreover, the breakout movement must supported by the large volume, which will be a more reliable signal for entering the market.

While the pair goes on trading inside the local range, we’d better stay out of the market.

XAU/USD

The price is still located inside this local range between the level of resistance 1322.80 and the level of support 1293.50. If we take a look at our volume chart, here we can see that the large volume is concentrated inside this range.

Thus, the best solution with this instrument is just to wait for the exit of the price from it and only in such case we can open new positions. Furthermore, 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 trading inside this consolidation, we’d better stay out of the market.

The sentiment: this technical indicator totally confirms all our trading scenarios today, which is a great additional signal (trading against the “crowd”). As with other instruments, we can use the sentiment only after the confident exit of prices from local consolidations.