Daily Technical Forex Forecast 16.05.2019


EUR/USD

Nothing has changed here as price is still trading inside the local range between the level of support 1.1121 and the resistance 1.1266-1.1276. We should also point out the large volume inside this range. Therefore, our previous scenario remains relevant: we can open new positions only after the confident and sharp exit of the price from it.

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

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

GBP/USD

The Pound demonstrated an abrupt drop supported by the large volume, but the further fall was stopped by the formation of the new volume level of support 1.2837. Now the price is testing this mark, therefore, we may reckon a scenario of its breakdown, which will be a great bearish signal.

The drop of the pair 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 located above the breakdown volume bar. A potential of the deal is more than 100 points.

USD/JPY

The Yen tested the level of support 109.10, but could not break it down and then corrected upwards. On the other hand, the price is still located nigh this level and given the presence of the strong local downtrend, we still should prefer a scenario of opening short positions. We can enter the market after the confident and abrupt breakdown of this mark. The movement must be supported by the large volume, which will be a more precise 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.

USD/CAD

The Canadian dollar showed a sharp drop, but is still located within the local consolidation. Moreover, the large volume is concentrated inside this range. Given all these factors, we can open new positions only after the sharp and sure exit of the price from it. The movement must be supported by the large volume, which will be a more accurate signal for entering the market.

Until that, we’d better stay out of the market.

AUD/USD

The Australian dollar went on falling on the large volume yesterday, but the further move was stopped after the formation of the new level of support 0.6902. Now the price is trading near this mark. Given these factors + presence of the strong local downtrend, we may consider a breakdown of this level, which will consent us to open short positions. The movement must be keen and supported by the large volume, that will be a more accurate signal. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 80 points.

XAU/USD

The price is trading a little bit below the new level of resistance 1301.00. This level contains the large volume, therefore, we may assume that big players opened their positions here. Given that the price did not show any sharp reaction and is still located near this mark, we may consider a scenario of its breakout, which will allow us to open long positions.

The surge must be keen, confident and supported by the large volume, which will insure us against a fake breakout and 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 150 pips.

The sentiment: this technical indicator totally confirms all our trading scenarios (trading against the “crowd”), which is a great additional signal for us. As with EUR/USD and USD/CAD, we can open new positions only after the sharp exit of prices from local consolidations.

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