Daily Technical Forex Forecast 18.06.2019


EUR/USD

Nothing has changed here as the price is still trading near the level of support/lower boundary of the local range 1.1221. Therefore, our previous scenario remains relevant: we may reckon a scenario of its breakdown, which will allow us to open short positions. The drop must be keen, confident and supported by the large volume. A stop loss should be placed above the breakdown volume bar. A potential of the deal is around 100 points.

GBP/USD

The price continued falling and broke down the previous level of support, which is a great bearish signal. Moreover, the movement was supported by the increased volume and the large negative delta, which means that sellers were dominating the market. Given all these factors, we should consider exceptionally short positions.

We can enter the market after a smooth upward correction, in order to get a more profitable entry point. A stop loss should be placed above the beginning of the breakdown move. A potential of the deal is more than 120 pips.

USD/JPY

The Yen is still located inside the local range between 2 strong volume levels. They are the support 107.83 and the resistance 108.85. Thus, we can consider new trading scenarios only after the confident exit of the price from this consolidation. Moreover, the breakout movement must sharp and supported by the large volume, which will be a more precise signal for entering the market.

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

USD/CAD

The Canadian dollar is trading inside the small local consolidation near the level of resistance 1.3418. Thus, we can consider a scenario of a breakout of this mark, 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 placed below the breakout volume bar. A potential of the deal is around 100 points.

AUD/USD

The Australian dollar continued falling, moreover, the move was on the increased volume. Besides it, we need to allocate the new level of resistance 0.6884. Given all these factors, we should prefer a scenario of opening short positions. We can enter the market after a slight 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 80 points.

XAU/USD

The price resumed growing, but is still located inside the local range between the support 1320.30 and the resistance 1355.40. Therefore, our previous scenario remains relevant: we can open new positions only after the breakout of one of these levels and sharp exit of the price from the range.

Moreover, the movement must be supported by the large volume, which will be a more reliable signal and will insure us against a fake breakout. While the price is locked inside this range, we’d better omit this instrument from our trading plan.

The sentiment: this technical indicator totally affirms all our trading scenarios, which is a great additional signal for us. As with other instruments, such as gold and the Yen, we can consider new positions only after the sharp exit of prices from local consolidations.

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