Daily Technical Forex Forecast 17.04.2019


EUR/USD

The Euro resumed growing and now is trading near the level of resistance/local maximum 1.1320. The move was sharp and confident. Thus, our previous scenario remains actual: we can consider a breakout of this mark, which will be a great bullish signal.

The surge must be keen and supported by the large volume, which will be a more reliable and accurate signal for enteirng 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 is still located inside the local consolidation between 2 strong volume levels. The first one is the support 1.2985 – 1.2998, the second one is the resistance 1.3335. Moreover, the large volume is concentrated inside this range, so that we may assume that big players are gaining their positions here.

Thus, 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 open new positions. Moreover, the movement must be supported by the large volume, which will insure us against a fake breakout.

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

USD/JPY

The Yen is still testing the level of resistance/upper boundary of the local range 112.00. Therefore, our scenario remains actual: we can reckon a breakout of this mark, which will be a great bullish signal. The breakout movement must be abrupt and supported by the large volume, which will be a more secure 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.

USD/CAD

The Canadian dollar is still located almost in the middle of the local consolidation between 2 strong volume levels. They are the level of support 1.3248 and the level of resistance 1.3463. Hence, we can consider new trading scenarios only after the sharp and confident exit of the price from the range. Moreover, the movement must be 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 showed a sharp rise supported by the large volume and broke out the previous resistance level, which is a strong bullish signal. However, the farther surge was stopped by the creation of the new volume level 0.7202. Thus, we can open long positions only after the confident and keen breakout of this mark, which will be a more accurate signal for entering the market. The movement must be supported by the large volume. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 80 pips.

XAU/USD

The price demonstrated an abrupt drop supported by the large volume and broke out the previous level of support, which is a great bearish signal. The further movement was stopped by the formation of the new volume level, it’s 1273.90.

Therefore, we can open short positions only after the confident breakdown of the level of support. The drop of the price must be confident, keen and supported by the large volume. 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 the Pound and Canadian dollar, we can open new positions only after the sure and sharp exit of prices from local ranges.

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