Daily Technical Forex Forecast 23.05.2019


EUR/USD

Nothing has changed with the Euro as the price is testing the level of support 1.1143. Therefore, our previous scenario remains actual: we can reckon a scenario of its breakdown, which will allow us to open short positions.

The drop must be keen and confident, also 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 100 points.

GBP/USD

The price continued falling, moreover, the drop was sharp and supported by the increased volume, which is a good bearish signal. Therefore, we can state that the downtrend is going on. Thus, we should consider exceptionally short positions.

We can enter the market after the continuation of this drop, but he movement must be supported by the large volume, which will be a more secure signal for entering the market. A stop loss should be placed above the beginning of this move. A potential of the deal is more than 100 points.

USD/JPY

The Yen corrected downwards, after the formation of the resistance 110.62. Nevertheless, given that the price is located nigh this levels, we can consider a scenario of its breakout, which will allow us to open long positions. The surge of the price must be abrupt, confident and supported by the large volume, which will be a more accurate signal for entering the market. A stop loss should be placed below the breakout volume bar. A potential of the deal is around 100 points. If the price continues falling, we’d better stay out of the market.

USD/CAD

The Canadian dollar tested the support level 1.3382, but could not break it down and then sharply corrected upwards yesterday. Now the price is located within the local consolidation between this mark and the resistance level 1.3514. Thus, we can open new positions only after the keen and sure exit of the price from the range. The movement must be supported by the large volume, which will be a more accurate signal for entering the market.

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

AUD/USD

The Australian dollar is testing the level of support/l0cal minimum 0.6867. Hence, we can and should consider a breakdown of this mark, which will be a great signal for opening short positions. The movement must be abrupt 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 80 points.

XAU/USD

The price is still trading near the level of support/lower limit of the local range 1267.30. Therefore, our previous scenario remains relevant: we may reckon a breakdown of this mark, which will be a great bearish signal.

The sink of the pair must be keen, sure and supported by the large volume, which will be a more precise and secure signal for entering the market. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 150 pips.

The sentiment: this technical indicator totally affirms all our trading scenarios today (trading against the “crowd”), which is a great additional signal. As with the Canadian dollar, we can open new positions only after the sharp exit of the price from the consolidation.

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