Daily Technical Forex Forecast 26.04.2019


EUR/USD

The Euro continued falling, but the further drop was stopped by the formation of the new level of support 1.1121. This level contains the large volume, therefore, we may assume that institutional players are gaining their positions in this area. Thus, we can open short positions only after the breakdown of this mark, which will open the road down.

The sink of the price must be confident and supported by the large volume, which will be a more reliable signal for entering the market. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 100 points.

GBP/USD

The similar situation with the Pound as the price corrected upwards after the formation of the new volume level of support 1.2871. But given the presence of the strong local downtrend, we still should prefer a scenario of opening short positions.

We can enter the market only after the resumption of an abrupt fall and the sure breakdown of the new level of support. The movement must be supported by the large volume. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 120 pips.

USD/JPY

We need to point out the new resistance 112.24, after the formation of which, the pair corrected downwards. Nevertheless, the price is still located near this mark, therefore, we can consider a scenario of its breakout, which will allow us to open long positions. The growth of the price must be keen and supported by the large volume. A stop loss should be placed under the breakout volume bar. A potential of the deal is more than 100 points.

If the price continues falling, we’d better stay out of the market.

USD/CAD

The Canadian dollar tested the level of resistance 1.3514, but could not break it out and corrected down. Nevertheless, the price is still located near this mark + the recent sharp growth on the large volume, we may regard a scenario of its breakout, which will allow us to open long positions. The rise 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.

AUD/USD

The Australian dollar corrected upwards, but is still located under the strong resistance level 0.7048, which contains the large volume. Thus, we may assume that big players have their positions in this area. Hence, we still should give preference to short positions. We can enter the market after a resumption of the sharp fall on the increased volume, which will be a more secure signal. A stop loss should be placed above the resistance level. A potential of the deal is more than 80 points.

XAU/USD

The pair continued correcting upwards and now is trading in the middle of the local range between the support 1267.30 and the resistance 1295.10. If we take a look at our volume chart, here we can see that the large volume is concentrated inside this range.

Hence, the best solution with gold is just to wait for the exit of the price from it and only after that we can open new positions. The 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 inside this range, we’d better stay out of the market.

The sentiment: this technical indicator totally confirms all our trading scenarios today (trading against the “crowd”), which is a great additional signal. As with gold, we may consider new trading scenarios only after the sharp exit of the price from the range.