Weekly Technical Forex Forecast 03-07.06.2019


EUR/USD

The Euro showed a sharp growth on the large volume on Friday. Nevertheless, the pair continues trading within the local range between the support 1.1112 – 1.1120 and the resistance 1.1220. It is also worth noting the presence of the large volume accumulation within this consolidation.

Taking into account all these factors, we can open new positions only after a confident and rapid exit of the price from the consolidation. Moreover, the movement should be supported by the large volume, which will be a more accurate signal to enter the market.

While the price is trading within the range, it is better to stay out of the market.

GBP/USD

The Pound adjusted up yesterday, but the movement was smooth and on the small volume, so we should not consider it as a reversal signal. Moreover, given the strong downtrend, it is worth giving preference to short positions.

Sales can be opened after a confident and sharp breakdown of the local minimum 1.2568. The movement should be supported by the large volume, which will be a more reliable signal to enter the market. A stop loss should be placed slightly above the breakout volume bar. The potential of the deal is more than 120 points.

USD/JPY

The Yen showed a significant drop on the large volume and broke down the previous support level, which is an excellent bearish signal. It is also worth highlighting the new volume resistance level 108.90. Considering all these factors, we should give preference to short positions. Sales can be opened after a slight price correction up to get a better entry point. A stop loss should be placed slightly above the new resistance. The potential of the deal is more than 100 points.

USD/CAD

The Canadian dollar tested the resistance level 1.3539, but could not break it out. Nevertheless, the price continues trading near this mark, so we can still consider the scenario of its breakdown. The movement should be rapid and on the large volume, which will be a more accurate signal to enter the market. A stop loss should be placed slightly below the breakout volume bar. A potential of the deal is more than 100 points.

AUD/USD

The Australian dollar broke the previous resistance level, which is an excellent bullish signal. However, further movement was stopped after the formation of the new volume level 0.6942. At the moment, the price is trading near this mark, so we can consider a scenario of its breakout, which will allow to open long positions. The movement should be confident and on the large volume, which will be a more reliable signal to enter the market. A stop loss should be placed slightly below the breakdown volume bar. A potential of the deal is 70 points.

XAU/USD

Gold showed strong and steady growth on the large volume and broke out the previous resistance level. This is a great bullish signal for us. However, purchases can be opened after a small price adjustment down to get a better entry point. A stop loss should be placed slightly below the breakdown volume bar. The potential of the deal is more than 150 points.

The sentiment: this technical indicator fully confirms our trading scenarios with GBP/USD, USD/JPY, USD/CAD (trading against the “crowd”), which is an excellent additional signal. The opposite situation with the Australian dollar, so we should be more careful. With the Euro and gold, it is worth waiting for the exit of prices from local consolidations.

The best deal: USD/JPY

Potentially good deals: GBP/USD, USD/CAD, AUD/USD

While out of the market: EUR/USD, XAU/USD

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