Weekly Technical Forex Forecast 15-19.04.2019


EUR/USD

The Euro demonstrated an abrupt growth, but the movement was stopped by the formation of the new volume level of resistance, it’s 1.1320. Nevertheless, the price is still located near this mark + the presence of the local uptrend, therefore, 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, keen and supported by the large volume, which will be a more accurate 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.

GBP/USD

Nothing has changed with the Pound as the price continues trading inside the local consolidation where the large volume is concentrated. Hence, we may assume that institutional players are gaining their positions in this consolidation. 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 it and only after that we can open new positions. Moreover, the movement must be abrupt 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 the range, we’d better stay out of the market.

USD/JPY

The Yen resumed growing, moreover, the growth was sharp and supported by the increased volume and now is testing the level of resistance/upper limit of the local range 112.00. Thus, we can and should reckon a scenario of its breakout, which will be a great bullish signal. The rise of the pair must be supported by the large volume, in order to 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.

USD/CAD

The Canadian dollar goes on trading in the local consolidation between 2 strong volume levels. The first one is the support level 1.3248, the second one is the resistance level 1.3463. Hence, our previous scenario remains the same: we can open new positions only after the sharp and confident exit of the price from the range. The movement must be supported by the large volume, which will insure us against a fake breakout.

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

AUD/USD

The Australian dollar showed a sharp growth on the large volume and broke out the previous level of resistance, which is a great bullish signal. On the other hand, the further move was stopped by the creation of the new volume level 0.7188. Thus, we can open long positions only after the sharp breakout of this mark. The move must be keen and supported by the large volume, which will be a more reliable signal for entering the market. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 80 points.

XAU/USD

Gold continued falling, but is still located inside the local range between the support 1282.00 and the level of resistance 1310.00. However, given that the price is much closer to the level of support, we may consider a scenario of its breakout, which will be a great bearish signal.

The movement must be keen and supported by the large volume, which will be a more accurate signal for entering the market. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 150 points.

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

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