Daily Technical Forex Forecast 30.05.2019


EUR/USD

The Euro demonstrated an abrupt drop supported by the large volume and now is testing the level of support/lower boundary of the local consolidation 1.1112 – 1.1120. Thus, we can and should a scenario of its breakdown, which will allow us to open short positions.

The movement must be keen, confident and supported by the large volume, which will insure us against a fake breakout. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 100 points.

GBP/USD

The Pound demonstrated a sharp fall and now is trading near the level of support/local minimum 1.2607 – 1.2617. Hence, we can reckon a scenario of its breakdown, which will allow us to open short positions.

The sink 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

The price corrected upwards yesterday. The correction was on the increased volume and now the pair is located inside the local range between the support 109.10 and the resistance 110.62. Therefore, the best solution with the Yen is just to wait for a breakout of one of these levels and sharp exit of the price from the range and only after that we can open new positions. 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 this range, we’d better stay out of the market.

USD/CAD

The Canadian dollar showed a sharp rise on the large volume and broke out the previous level of resistance, which is a great bullish signal. On the other hand, the price corrected down after the formation of the new volume level 1.3539. Therefore, we can open long positions only after the sure breakout of this mark. The move must be 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 110 points.

AUD/USD

The Australian dollar is testing the level of resistance 0.6932, so that our previous scenario remains actual: we can consider a scenario of its breakout, which will allow us to open long positions. The surge 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 below the breakout volume bar. A potential of the deal is around 70 points.

XAU/USD

Nothing has changed with gold as the price is still trading inside the local consolidation between 2 strong volume levels. The first one is the support 1267.30, the second one is the resistance 1301.00.

Hence, our previous scenario remains relevant: we can open new positions only after the sharp exit of the price form it. Moreover, the breakout movement must be confident and supported by the large volume, which will be a more accurate signal for 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 scenario with EUR/USD, GBP/USD and USD/CAD, which is a good additional signal for us. The situation with AUD/USD is opposite, hence, we should be more careful. As with other instruments, we can open new positions only after the sharp exit of prices from local consolidations.