Daily Technical Forex Forecast 15.05.2019


EUR/USD

The Euro corrected downwards after the test of the resistance level 1.1266 – 1.1276. At the moment the price is trading almost in the middle of the local range between this mark and the previous level of support 1.1121, where the large volume is concentrated.

Therefore, the best decision with the Euro is just to wait for a breakout of one of these levels and the sharp exit of the price from the range and only after that we can open new positions. The movement must be keen and supported by the large volume, which will insure us against a fake breakout.

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

GBP/USD

The Pound continued falling and now is trading nigh the level of support/lower boundary of the local consolidation 1.2871. Given that the drop of the price was supported by the large volume, we may consider a scenario of a breakout of this level, which will allow us to open short positions.

The drop of the price must be keen, confident and supported by the large volume, which will be a more accurate and 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 120 pips.

USD/JPY

Nothing has changed here: after the correction of the price upwards, the pair is trading in the local consolidation right now. Nevertheless, given the presence of the strong local downtrend, we still should prefer a scenario of opening short positions. However, we can enter the market only after the resumption of an abrupt drop and the confidant breakdown of the support 109.10. 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 100 points.

USD/CAD

Nothing has changed with the Canadian dollar as the pair is still located within the local consolidation between 2 strong volume levels. They are the support level 1.3382 and the resistance level 1.3514. Thus, we can open new positions only after the sure and abrupt exit of the price from the range. Moreover, the breakout movement must be supported by the large volume, which will insure us against a fake breakout.

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

AUD/USD

The Australian dollar continued its steady decline yesterday. Moreover, the fall was supported by the large and increased volume, which is an excellent indicator of the strength of sellers among the major players. It is also necessary to point out a new resistance level 0.6958, in which the large volume is concentrated.

Considering all these factors, we should give preference to short positions. Sales should be opened after a small and smooth upward price correction to get a better entry point to the market. A stop loss should be placed slightly above the new resistance level. A potential of the deal is more than 80 points.

XAU/USD

The price corrected downwards yesterday, but the move was smooth and on the small volume, so that we can’t consider it as a reversal signal Moreover, given the recent strong growth supported by the huge volume, we still should prefer a scenario of opening long positions.

However, we can enter the market only after a stoppage of the correction and a resumption of an abrupt growth, supported by the large volume, which will be a more accurate signal for entering the market. A stop loss should be placed below the beginning of this move. A potential of the deal is more than 150 pips.

The sentiment: this technical indicator totally confirms all our trading scenarios today (trading against the “crowd”), which is a great additional signal. As with other instruments, we can consider new positions only after the sharp and confident exit of prices from local ranges.

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