Daily Technical Forex Forecast 24.04.2019


EUR/USD

The Euro showed a significant decline on the very large volume, which is an excellent bearish signal for us. It is also worth highlighting the new support level 1.1196, in which the large volume is concentrated, so we can assume that big players opened their positions there. However, they could not turn up this movement and now the price is already testing this mark, which gives us the opportunity to consider a scenario of its breakdown. This will allow us to open short positions with the Euro.

The breakout movement should be sharp, confident and on the large volume, which will be a more accurate and strong signal to enter the market. A stop loss should be placed slightly above the breakout volume bar. A potential of the deal is more than 100 points.

GBP/USD

The Pound showed a sharp drop on the large volume, which is a good bearish signal. Besides it we need to point out the new resistance level 1.2947 – 1.2960, so that we might admit that institutional players opened their positions in this area. Given all these factors, we should consider short positions.

We can enter the market after a smooth upward correction, in order to get a more profitable entry point. A stop loss should be placed above the beginning of the sharp drop. A potential of the deal is more than 120 points.

USD/JPY

The Yen is still located nigh the level of resistance/local maximum 112.00. So that we may consider a scenario of its breakout, which will be a great bullish signal and will open a way up for the price. The surge 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 100 points.

USD/CAD

The Canadian dollar showed an abrupt rise on the large volume and now is testing the level of resistance 1.3463. Hence, we may regard a scenario of its breakout, which will be a great bullish signal. A growth of the price must be sharp and confident + 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.

AUD/USD

The Australian dollar indicated a sharp and confident sink on the large volume and broke down the previous support level, which is a strong bearish signal. We should also allocate the new resistance level 0.7101, where the large volume is concentrated. Thus, we should give preference to short positions. We can open sales after a slight upward correction, in order to get a better entry point. A stop loss should be placed above the resistance level. A potential of the deal is more than 80 points.

XAU/USD

Gold also showed a keen drop and broke down the previous level of support, which is a great bearish signal. On the other hand, the farther fall was stopped by the formation of the new support level 1267.30. Thus, we can open sales only after the breakdown of the new volume level.

The sink of the price must be abrupt, confident and supported by the large volume, which will be a more reliable and accurate signal for entering the market. A stop loss should be located above the breakdown volume bar. A potential of the deal is more than 150 points.

The sentiment: this technical indicator totally acknowledges all our trading scenarios today (we trade against the “crowd”), which is a great additional signal for us.