Daily Technical Forex Forecast 11.06.2019


EUR/USD

The Euro corrected downwards after the formation of the new volume level 1.1338. On the other hand, the fall was smooth and on the small volume and the price is still trading near this mark, therefore, we may reckon 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 reliable and precise signal for entering the market. A stop loss should be located below the breakout volume bar. A potential of the deal is more than 100 points.

GBP/USD

Nothing has changed with the Pound as the price is still trading inside the local consolidation, where the large volume is concentrated. The boundaries of this range are the support 1.2568 and the resistance 1.2796.

Thus, we can reckon new positions only after the exit of the price from the consolidation. Moreover, the breakout movement must be sharp, confident and supported by the large volume, which will be a more secure signal for entering the market.

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

USD/JPY

The similar situation with the Yen as the price is still locked inside the local range between 2 strong volume levels. The first one is the support 107.83, the second one is the resistance 108.85. Hence, our previous scenario remains relevant: we can consider new positions only after the confident and abrupt exit of the price from this consolidation. Furthermore, the breakout movement must be supported by the large volume, which will insure us against a fake breakout.

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

USD/CAD

The Canadian dollar is trading in the local consolidation below the volume level of resistance 1.3304 – 1.3314. Therefore, we still should give preference to short positions. We can enter the market after a smooth upward correction, in order to get a better entry point. A stop loss should be placed above the resistance level with a little margin. A potential of the deal is more than 100 points.

AUD/USD

The Australian dollar sharply corrected down yesterday. The price is trading in the middle of the local consolidation between the level of support 0.6903 and the level of resistance 0.7017. Thus, we can open new positions only after the confident and rapid exit of the price from it. Furthermore, the breakout movement must be supported by the large volume, which will be a more accurate signal for entering the market.

Until that, we’d better stay out of the market.

XAU/USD

The price corrected downwards yesterday, but the movement was smooth and on the small volume, so that, we can’t allocate any new volume level or zone. On the other hand, the price is locked inside the local range between the support 1316.60 and the resistance 1343.60.

Therefore, the best solution with gold is just to wait for the exit of the price from the range and only after that we can open new positions. Moreover, the movement must be supported by the large volume, which will be a more accurate and reliable 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 affirms our trading scenarios with EUR/USD and USD/CAD, which is a great additional signal (trading against the “crowd”). As with other instruments, we can open new positions only after sharp and rapid exit of prices from local ranges.

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