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Daily Technical Forex Forecast 24.05.2019


EUR/USD

The Euro demonstrated an abrupt growth supported by the large volume. Besides it, we need to point out the new volume level of support, it’s 1.1112 – 1.1120. These are good bullish signals. On the other hand, the price is located in the middle of the local consolidation between this mark and the previous level of resistance 1.1266 – 1.1276.

Thus, the best solution with the Euro is just to wait for a breakout of one of these levels and a sharp exit of the price from the range and only after that we can open new positions. Moreover, 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 within this range, we’d better stay out of the market.

GBP/USD

The Pound corrected upwards after the formation of the new support 1.2607 – 1.2617. Nevertheless, the growth was on the average volume and given that the price is still located near this mark and the presence of the strong downtrend, we still should prefer a scenario of opening short positions.

We can enter the market only after the breakdown of this mark. The breakdown movement must be keen 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 120 pips.

USD/JPY

The Yen showed an abrupt drop supported by the large volume, but it was evenly spread across this movement, therefore, we can’t point out any new volume level or zone. Moreover, the price is still locked within the local range between the support 109.10 and the resistance 110.62. Hence, we can open new positions only after the confident exit of the price from it. Moreover, the movement must be abrupt and supported by the large volume, which will be a more accurate signal for entering the market.

While the price is locked within this range, we’d better omit this instrument from our trading plan.

USD/CAD

Nothing has changed with the Canadian dollar as the price is still trading inside the local consolidation between 2 strong volume levels. They are the support level 1.3382 and the resistance 1.3514. Thus, we can open new positions only after the sharp and confident exit of the price from the range. Moreover, the breakout movement must be supported by the large volume, which will be a more precise signal for entering the market.
Until that, we’d better stay out of the market.

AUD/USD

The Australian dollar corrected upwards yesterday and now is trading in the middle of the local consolidation between the support 0.6867 and the resistance 0.6932. Given that the large volume is concentrated inside the range, we can open new positions only after the keen and sure exit of the price from it. Furthermore, the 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.

XAU/USD

The price demonstrated a sharp growth supported by the large volume. Nevertheless, the price is located in the middle of the local range between 2 strong volume levels. The first one is the support 1267.30, the second one is the resistance 1301.00.

Therefore, we can consider new trading scenarios only after the breakout of one of these levels and the exit of the price from the range. The breakout movement must be keen and supported by the large volume, which will be a more precise signal more 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 our trading scenario with GBP/USD, which is a good additional signal. As with other instruments, we can open new positions only after the sharp and confident exit of prices from local consolidations.

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