Daily Technical Forex Forecast 31.05.2019


EUR/USD

Nothing has changed with the Euro as the price is trading near the level of support 1.1112 – 1.1120. Hence, our previous scenario remains relevant: we may reckon a scenario of its breakdown, which will be a great bearish signal.

The fall of the price must be keen and supported by the large volume, which will insure us against a false 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 tested the level of support/local minimum 1.2607 – 1.2617, but could not break it down. On the other hand, the pair is trading inside it now. Moreover, given the presence of the strong downtrend, we can and should regard a scenario of its breakdown, which will allow us to open short positions.

The sink of the price must be abrupt, confident and supported by the large volume, which will be a more reliable and accurate 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 Yen restarted falling and now is testing the level of support 109.10. Therefore, we may consider a scenario of its breakdown, which will be a great signal for opening short positions. The sink of the price must be sharp, confident and supported by the large volume. A stop loss should be located above the breakdown volume bar. A potential of the deal is more than 100 points.

USD/CAD

The Canadian dollar showed a sharp rise and is testing the resistance level 1.3539 at the moment. Thus, we may consider a scenario of its breakout, which will allow us to open long positions. The surge must be keen and supported by the large volume, which will be a more secure signal for entering the market. A stop loss should be located below the breakout volume bar. A potential of the deal is around 110 points.

AUD/USD

The Australian dollar corrected down yesterday, but is still located nigh the level of resistance 0.6932. Therefore, we can regard a scenario of opening long positions after the breakout of this mark. Moreover, the movement must be rapid, sharp and supported by the large volume, which will be a more precise 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

Despite the sharp growth, the price is still trading inside the local consolidation between the support 1267.30 and the resistance 1301.00. Therefore, we can open new positions only after the sharp exit of the price from this range.

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 inside this range, we’d better stay out of the market.

The sentiment: this technical indicator totally confirms all our trading scenarios (trading against the “crowd”), except the one with AUD/USD. Hence, we should be more careful trading this pair. As with gold, we can open new positions only after the exit of the price from the consolidation.

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