Daily Technical Forex Forecast 23.04.2019


EUR/USD

The Euro resumed falling after a smooth upward correction of the price on the small volume. Now the price is located below the level of resistance 1.1266 – 1.1276, where the large volume is concentrated. Hence, our previous scenario remains actual: we should prefer opening short positions.

We can enter the market either from the current level, or after a smooth correction, in order to get even better entry point. A stop loss should be placed above the level of resistance 1.1266 – 1.1276. A potential of the deal is more than 100 points.

GBP/USD

Nothing has changed with the Pound as the price is still testing the level of support 1.2985 – 1.2998. Given the presence of the local downtrend, our previous scenario remains actual: we can consider a breakdown of this mark, which will be a great bearish signal.

The drop must be sharp, confident and supported by the large volume, which will insure us against a false breakdown. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 120 points.

USD/JPY

The Yen is still testing the level of resistance/upper boundary of the local range 112.00. Hence, our previous scenario remains relevant: we can and should reckon a breakout of this mark, which will allow us to open long positions. The surge of the price must be keen and supported by the large volume. A stop loss should be located below the breakout volume bar. A potential of the deal is more than 100 pips.

USD/CAD

The Canadian dollar is still locked in the middle of the local consolidation between 2 strong volume levels. They are the support 1.3248 and the resistance 1.3463. Hence, we can open new positions only after the sharp breakout of one of these levels and confident exit of the price from the range. The breakout movement must be supported by the large volume, which will be a more accurate signal for entering the market.

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

AUD/USD

The Australian dollar is still trading within the local consolidation between the level of support 0.7056 and the level of resistance 0.7202. Therefore, we can open new positions only after the keen and confident exit of the price from the range. Furthermore, the breakout movement must be supported by the large volume, which will be a more accurate and reliable signal for entering the market.

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

XAU/USD

The price resumed falling after a smooth upwards correction and now is testing the level of support/local minimum 1273.90 once again. Given this factor and the recent sharp drop, we can and should consider a scenario of its breakdown, which will allow us to open short positions.

The fall of the price must be abrupt, confident and supported by the large volume, which will be a more reliable signal for entering the market. A stop loss should be placed overhead 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 as we trade against the “crowd”, which is a great additional signal for us. As with USD/CAD and AUD/USD, we can open new positions only after the sharp exit of prices from local ranges.

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