Daily Technical Forex Forecast 30.04.2019


EUR/USD

The price corrected upwards, but the movement was on the small volume. On the other hand, the price is located in the middle of the local consolidation between 2 strong volume levels. The first one is the level of support 1.1121 and the level of resistance 1.1266 – 1.1276.

Thus, the best solution with this the Euro is just to wait for the breakout of one of these levels and the exit of the price from the range and only after that we can open new positions. Moreover, the movement must be keen and supported by the large volume, which will insure us against a false breakout and will be a more accurate signal for entering the market. While the price is located within this range, we’d better stay out of the market.

GBP/USD

The Pound continued correcting upwards, but the growth was smooth and on the small volume, so we should not consider long positions now. Moreover, it is worth highlighting the strong volume resistance level 1.2947 – 1.2960 and the local downtrend. Thus, we still should give preference to short positions.

Sales can be opened after the test and a sharp rebound of the price from the resistance level. It is desirable that the movement was on the large volume. This will be an indication that the big players have entered the market again. A stop loss should be placed slightly above the resistance level. The first target is the support 1.2871, the second is the level  1.2780.

If the price breaks out the resistance level, it is better to stay out of the market.

USD/JPY

The Yen demonstrated a sharp drop and is testing the level of support/lower boundary of the local consolidation 111.39. Thus, we can consider a scenario of its breakdown, which will be a great bearish signal. The movement must be keen and supported by the large volume, which will be a more secure signal for entering the market. A stop loss should be placed above the breakdwon volume bar. A potential of the deal is around 80 points.

USD/CAD

The Canadian dollar is still located near the level of resistance/local maximum 1.3514, so that our previous scenario remains actual: we can regard a breakout of this mark, which will allow us to open long positions. 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.

If the price corrects down, we’d better stay out of the market.

AUD/USD

The Australian dollar went on correcting upwards, but the move was smooth and slight + on the small volume, so that we can’t consider long positions now. Moreover, given the recent sharp drop on the large volume, we still should give a little preference to short positions. We can enter the market after a stoppage of this correction and a resumption of the sharp fall on the large volume. A stop loss should be placed above the beginning of this keen sink. A potential of the deal is more than 80 pips.

XAU/USD

Nothing has changed here as the price is located inside the local consolidation between 2 strong volume levels. The first one is the level of support 1267.30, the second one is the resistance 1295.10. Therefore, the best solution with this instrument is just to wait for the exit of the price from the range and only after that we can consider new positons.

Moreover, the breakout movement must be sharp and supported by the large volume, which will be a more accurate 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, except the one with the Yen, which is a good additional signal. As with USD/JPY, the situation is opposite, so that we should be more careful. As with EUR/USD and XAU/USD, we can open new positions only after the sure exit of prices from local consolidations.