Daily Technical Forex Forecast 09.04.2019


EUR/USD

The Euro demonstrated an abrupt growth supported by the large volume and broke out the previous level of resistance, but after the creation of the new one, 1.1272, corrected down. However, given that the price is testing this mark at the moment, we can and should regard a scenario of its breakout, which will be a great bullish signal.

The surge of the price must be confident and supported by the large volume, which will insure us against a false breakout. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 100 points.

GBP/USD

The Pound corrected upwards yesterday and still located inside the local range between 2 strong volume levels. The first one is the level of resistance 1.3335, the second one is the level of support 1.2985 – 1.2998. Besides it, we need to allocate that the large volume is concentrated inside this range.

Therefore, the best solution with the Pound is just to wait for breakout of one of these levels and the sharp exit of the price from the range and only after that we can open new positions. Moreover, the movement must be supported by the large volume, which will be an 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 also corrected downwards yesterday and is still located within the local consolidation between the support 109.82 and the resistance 112.00. Thus, we can consider new trading scenarios only after the sharp exit of the price from the range. Moreover, the movement must be abrupt, sure and supported by the large volume, which will be a more secure and precise signal for entering the market.

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

USD/CAD

The Canadian dollar showed a sharp drop on the increased volume, but is still located within the local range, where the large volume is concentrated. The boundaries of the range are the support level 1.3248 and the resistance level 1.3463. Thus, we can open new positions only after the keen and confident exit of the pair from the range. The movement must be supported by the large volume, which will be a more reliable signal for entering the market.

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

AUD/USD

The Australian dollar resumed rising and now is trading near the level of resistance/upper limit of the local range 0.7165. The move was on the large volume, so that we can consider a scenario of its breakout, which will allow us to open long positions. The surge must be sharp and supported by the large volume, which will insure us against a fake breakout. A stop loss should be placed under the breakout volume bar. A potential of the deal is more than 80 points.

XAU/USD

The price demonstrated an abrupt growth supported by the increased volume, but after the formation of the new level of resistance 1303.20, the price corrected down. However, it is still located near this mark, therefore, we can and should regard a scenario of its breakout.

The rise of the pair must be confident, keen and supported by the large volume, which will insure us against a false breakout. A stop loss should be placed below the breakout volume bar. Our first target is the level of resistance 1322.80.

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

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