Daily Technical Forex Forecast 13.06.2019


EUR/USD

The Euro corrected downwards yesterday, however, the movement was on the small volume, so that we can’t consider short positions at the moment. Moreover, the pair is still trading near the level of resistance 1.1338, hence, we may regard a scenario of its breakout, which will allow us to open long positions.

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

If the price continues falling on the small volume, we’d better stay out of the market.

GBP/USD

Nothing has changed with this currency pair as the price is still locked within the local consolidation between 2 strong volume levels. They are the support 1.2568 and the resistance 1.2796. Besides it, the large volume is concentrated inside this area.

Considering all this factors, we can regard new trading scenarios only after the sharp and confident exit of the price from the range. Furthermore, the breakout movement must be supported by the large volume, which will be a more secure signal for entering the market.

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

USD/JPY

The same situation with the Yen as the pair is still trading within the local consolidation between 2 strong volume levels. The first one is the support 107.83, the second one is the resistance 108.85. Thus, 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 continued rising and broke out the previous resistance level, but the move was slight and on the small volume, so it’s too dangerous to open purchases now. Moreover, the price is locked within the local range between the support level 1.3253 and the resistance 1.3365. Hence, 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.

AUD/USD

The Australian dollar showed a significant and sharp drop yesterday. The movement was supported by the increased volume, which is a good bearish signal, since it means that it was the major players that pushed the price down. Currently the pair is testing the support level 0.6903. Thus, we can consider a scenario of the breakdown of this mark, which will allow opening short positions. The breakout movement should be rapid and on the large volume, which will be a more accurate and strong 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 80 points.

XAU/USD

Gold resumed rising and is trading near the level of resistance 1343.60. Yes, the movement was smooth and on the average volume, so we can’t reckon it as a strong bullish signal. Nevertheless, we may consider a scenario of a breakout of this level, which will allow us to open purchases.

The movement must be sharp and supported by the large volume, which will be a more secure and precise 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 our trading scenarios with EUR/USD and XAU/USD, which is a great additional signal. As with other instruments, we can open new positions only after the sharp exit of pairs from local ranges.

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