Daily Technical Forex Forecast 07.06.2019


EUR/USD

The Euro resumed growing the tested the level of resistance 1.1289 – 1.1302 yesterday, but could not break it out. On the other hand, the price is still trading near this mark, therefore, we can and should regard a scenario of the breakout of this level, which will allow us to open long positions.

The movement must be rapid 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 below the breakout volume bar. A potential of the deal is more than 100 points.

GBP/USD

Nothing has changed here as the price is still located in the local range between 2 strong volume levels. The first one is the support 1.2568, the second one is the resistance 1.2796. Given the large volume, which is concentrated inside this range, we can open new positions only after the confident exit of the price from it.

Moreover, the breakout movement must be keen, rapid and supported by the large volume, which will be a more reliable signal for entering the market.

While the price is trading inside this consolidation, we’d better stay out of the market.

USD/JPY

The Yen corrected upwards and now is trading inside the local consolidation between 2 strong volume levels. They are the support 107.83 and the resistance 108.85. Therefore, we can open new positions only after the sharp and sure exit of the price from the range. 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 the range, we’d better stay out of the market.

USD/CAD

The Canadian dollar fell down and broke down the support level, which is a great bearish signal. The movement was rapid and supported by the large volume. Besides it, we need to point out the new resistance level 1.3408. Given all these factors, we should consider exceptionally short positions. We can enter the market after a smooth upward correction of the price, in order to get a better entry point. A stop loss should be placed above the resistance level. A potential of the deal is more than 90 points.

AUD/USD

The Australian dollar is still located near the level of resistance 0.7002. Hence, our previous scenario remains actual: we can regard a breakout of this mark, which will be a great bullish signal. The movement must be rapid, keen 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 70-80 points.

XAU/USD

The price is trading near the level of resistance/local maximum 1343.60. Given the presence of the strong local uptrend, we still may reckon a scenario of its breakout, which will allow us to open long positions.

The surge of the price must be confident, sharp 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 more than 150 points.

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 GBP/USD and USD/JPY, we can open new positions only after the sharp exit of prices from ranges.

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