Daily Technical Forex Forecast 28.05.2019


EUR/USD

Nothing has changed with the Euro as the price is still located within the local consolidation where the large volume is concentrated. The boundaries of the range are the level of support 1.1112 – 1.1120 and the level of resistance 1.1266 – 1.1276.

Thus, we can consider new positions only after the confident exit of the price from it. Moreover, the breakout movement must be keen and 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 price resumed falling, but is still trading above the level of support 1.2607 – 1.2617. Given this factor + presence of the strong downtrend, we should prefer a scenario of opening sales. However, we can open short positions only after the confident breakdown of this mark.

The breakdown movement must be abrupt and supported by the large volume, which will be a more 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 120 pips.

USD/JPY

The price is trading near the level of support/lower boundary of the local consolidation 109.10. Thus, our previous scenario remains relevant: we can regard a breakdown of this level, which will allow us to open short positions. The sink of the price must be sharp 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

Nothing has changed here as the price is still trading inside the local range between the support 1.3382 and the resistance 1.3514. Thus, we can open new positions only after a confident exit of the price from the local consolidation. Moreover, the breakout movement should be supported by the large volume, which will be a more accurate signal to enter the market.

While the price is inside the consolidation, it is better to stay out of the market.

AUD/USD

The Australian dollar corrected down, but has already restarted rising and now is testing the resistance 0.6932 once again. Hence, we can consider the scenario of its breakdown, which will allow to open long positions, but we must be extremely careful, as the price grew up on the average volume. Purchases should be opened only after the rapid breakout of this mark on the large volume that will insure us against a false movement. A stop loss should be placed under the breakout volume bar. The potential of the deal is about 70 points.

XAU/USD

The price is locked in the middle of the local range between the level of support 1267.30 and the resistance 1301.00. Given that the large volume is concentrated within this consolidation, we can open new positions only after the sharp exit of the price from it.

Furthermore, the breakout movement must be supported by the large volume, which will insure us against a fake breakout.

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

The sentiment: this technical indicator totally confirms our scenarios with GBP/USD and USD/JPY, which a nice additional signal. As with AUD/USD, the situation is opposite, so we should be more careful. With all other pairs and gold, we can open new deals only after the exit of prices from local consolidations.

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