Daily Technical Forex Forecast 09.05.2019


EUR/USD

The Euro is still located within the local range between the support 1.1121 and the resistance 1.1266 – 1.1276. The large volume is concentrated in this range, hence, we can open new positions only after the sharp exit of the price from it.

Moreover, the movement must be keen, confident and supported by the large volume, which will be a more accurate signal for entering the market.

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

GBP/USD

The Pound continued falling and now is testing the level of support 1.3006. The move was on the increased volu e, which is a good bearish signal. Hence, we may and should regard a scenario of its breakdown, which will allow us to open short positions.

The drop must be abrupt and supported by the large volume, which will be a more secure and precise signal for entering the market. A stop loss should be placed above the breakdown volume bar. Our first target is the support 1.2871.

USD/JPY

The Yen also continued falling down and now is testing the global level of support 109.82. You can see it here. This, we may consider a scenario of its breakdown, which will allow us to open short positions. The drop must be sharp, confident 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 100 points.

USD/CAD

The pair resumed rising and now is trading near the level of resistance 1.3514. Therefore, we can consider a scenario of a breakout of this mark, which will allow us to open long positions. The surge must be keen, confident 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.

AUD/USD

The Australian dollar showed a sharp fall supported by the increased volume and now is testing the level of support 0.6966. Hence, we may reckon a scenario of its breakdown, which will consent us to open short positions. The drop of the price must be abrupt and supported by the large volume, which will insure us against a fake breakout. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 80 pips.

 

XAU/USD

Nothing has changed here as the price corrected downwards, but is still located within the local consolidation between the support 1267.30 and the resistance 1295.10. Besides it, we should point out that the large volume is concentrated within the range.

We can open new positions only after the sharp exit of the price from it. Furthermore, the movement must be supported by the large volume, which will insure us against a false breakout.

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

The sentiment: this technical indicator totally affirms all our trading scenarios today, which is a good additional signal. As with the Euro and gold, we can open new positions only after the exit of prices from local consolidations.