Daily Technical Forex Forecast 16.04.2019


EUR/USD

Nothing has changed with EUR/USD as the price tested the level of resistance 1.1320, but failed to break it out, but is still located near this mark and given the presence of the local uptrend, we can and should regard a scenario of its breakout, which will be a great bullish signal.

The surge of the price must be abrupt and supported by the large volume, which will insure us against a fake 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 is still located inside the local range between the level of support 1.2985 – 1.2998 and the level of resistance 1.3335. Besides it, the large volume is concentrated inside this range. Therefore, we can assume that the big players are gaining their positions here.

In such case the best solution is just to wait for the exit of the price from the range and only after that we can open new positions. Moreover, the breakout movement must be keen and supported by the large volume, which will insure us against a fake breakout.

While the price is trading inside this range, we’d better omit this instrument from our trading plan.

USD/JPY

The Yen is testing the level of resistance/upper boundary of the local range 112.00. Hence, our previous scenario remains actual: we can regard a breakout of this mark, which will be a great signal for opening long positions. The rise of the pair must be confident, sharp 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.

USD/CAD

Despite the sharp growth of the price on the large volume, the pair is still located inside the local range between 2 strong volume levels. The first one is the support 1.3248, the second one is the resistance 1.3463. Hence, we can consider new positions only after the keen exit of the price from the range. The breakout 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 demonstrated an abrupt drop, but is still located within the local consolidation between 2 strong volume levels. The first one is the support 0.7056, the second one is the resistance 0.7188. Thus, we can open new positions only after the breakout of one of these levels and the sharp exit of the price from the consolidation. Furthermore, the breakout movement must be supported by the large volume, which will be a more secure signal for entering the market.

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

XAU/USD

The price tested the level of support, but failed to break it out. On the other hand, after the sharp correction, the price has already resumed falling and now is testing this mark once again. Hence, we can and should regard a scenario of its breakdown, which will be a great bearish signal.

The sink must be keen and supported by the large volume, in order to insure us against a fake breakdown. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 150 points.

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

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