Daily Technical Forex Forecast 02.04.2019


EUR/USD

The Euro continued falling, but the movement was on the average volume, therefore, we can’t point out any new volume levels or zones. However, given the presence of the strong downward, we still should prefer a scenario of opening short positions.

We can enter the market after the continuation of this sink, but the movement must be supported by the large volume, which will be a more secure signal for entering the market. A stop loss should be placed above the beginning of this move. A potential of the deal is more than 100 points.

GBP/USD

The price is still located near the level of support/lower boundary of the local range 1.2985 – 1.2998. Therefore, our previous scenario remains relevant: we can consider a scenario of its breakdown, which will be a great bearish signal.

The drop of the price should be keen and supported by the large volume, which will be a more reliable and accurate signal for entering the market. A stop loss should be located above the breakdown volume bar. Our first target is the level of support 1.2773.

USD/JPY

Nothing has changed with the Yen as the price is still trading inside the local range, where the large volume is concentrated. The boundaries of the range are the support 109.82 and the resistance 112.00. Hence, we can open new positions only after the sharp and confident exit of the price from the range. Furthermore, the breakout movement must be keen 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 goes on trading inside the local consolidation between 2 strong volume levels. The first one is the level of support 1.3248 and the level of resistance 1.3463. Thus, we can open new positions only after the sharp and confident breakout of one of these levels and the exit of the price from the consolidation. The breakout move must be keen and supported by the large volume, which will be a more secure signal for entering the market.

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

AUD/USD

The Australian dollar fell down sharply yesterday, nevertheless, it is still located within the local consolidation between the support 0.7008 and the resistance 0.7165. Therefore, the best solution with this pair is just to wait for the keen exit of the price from the range and only after that we can open new positions. Moreover, the breakout movement must be supported by the large volume, which will insure us against a fake breakout.

While the pair is locked inside the range, we’d better stay out of the market.

XAU/USD

After the test of the level of resistance 1299.60, the price continued falling. The sink was sharp and confident, which is a good bearish signal. Hence, we still should prefer a scenario of opening short positions.

However, we can enter the market after a smooth upward correction, in order to get an acceptable entry point. A stop loss should be placed above the resistance level. A potential of the deal is more than 150 points.

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