Daily Technical Forex Forecast 29.03.2019


EUR/USD

The Euro continued falling, which is a good bearish signal. The move was supported by the increased volume, but, unfortunately, it was evenly spread across the chart. Therefore, we can’t point out any new volume levels or zones. However, we still should prefer a scenario of opening short positions.

We can enter the market after the continuation of the 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 the sharp drop. A potential of the deal is more than 100 points.

GBP/USD

The price fell down sharply yesterday, but the movement was on the average volume. Besides it, the price is still located inside the local range, where the large volume is concentrated. The boundaries of the range are the support 1.2985-1.2998 and the resistance 1.3335.

Therefore, the best solution with the Pound is just to wait for the exit of the price from the range and only after that we can consider new positions. Furthermore, the breakout movement must be keen and supported by the large volume, which will be a more accurate signal for entering the market.

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

USD/JPY

The Yen failed to continue falling and resumed its growth. Now the pair is located almost in the middle of the local range between 2 strong volume levels. The first one is the support 109.82, the second one is the resistance 112.00. 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 regard new positions. Furthermore, the breakout movement must be abrupt and supported by the large volume, which will insure us against a false breakout.

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

USD/CAD

The Canadian dollar is still trading nigh the level of resistance/upper boundary of the local range 1.3463. Thus, our previous scenario remains actual: we can consider its breakout, which will allow us to open long positions. The surge must be keen 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 100 points.

AUD/USD

Nothing has changed here as the pair is still located within the local range between the level of support 0.7008 and the level of resistance 0.7165. Hence, we can open new positions only after the sure and abrupt exit of the price from the local consolidation. The breakout movement must be supported by the large volume, which will be a more secure and precise signal for entering the market.

While the price is locked within the range, we’d better omit this pair from our trading plan.

XAU/USD

Gold demonstrated a huge drop supported by the large volume and broke down the previous support level. Besides it, we need to point the new level of resistance 1295.30, which contains the large volume. Given all these factors, we should prefer a scenario of opening short positions.

We can enter the market after a smooth upward correction, in order to get a more profitable entry point. A stop loss should be placed above this strong bearish bar. A potential of the deal is more than 150 points.

An alternative scenario: a continuation of the drop and the sure breakdown of the support level 1282.00, which will also allow us to open short positions.

The sentiment: this technical indicator totally confirms all our trading scenarios with EUR/USD, USD/CAD and XAU/USD, which is a great additional signal (trading against the “crowd”). As with other pairs, we should wait for the exit of prices from local ranges.

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