Daily Technical Forex Forecast 21.06.2019


EUR/USD

Nothing has changed with the Euro as the price is still located inside the local range between the level of support 1.1185 and the level of resistance 1.1338. Therefore, the best decision with this instrument is just to wait for the exit of the price from the range and only after that we can open new positions. Moreover, the breakout movement must be supported by the large volume, which will be a more reliable signal for entering the market.

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

GBP/USD

The same situation here as the price continues trading inside the local range between the support 1.2520 and the resistance 1.2796. Thus, our previous scenario remains relevant: we can open new positions only after the confident and keen exit of the price from it.

Furthermore, the breakout 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.

USD/JPY

The price went on falling, but the movement was on the average volume, therefore, we cannot allocate any new volume level or zone. The only level that we can point out is the previous resistance 108.13. Thus, we can open short positions only after a smooth upward correction of the price, in order to get an acceptable entry point. A stop loss should be placed above the resistance level. A potential of the deal is more than 100 points.

USD/CAD

The Canadian dollar corrected upwards after the creation of the new level of support 1.3153. However, the price has already resumed falling and is trading near the level of support. Thus, we still may consider a scenario of the breakdown of this mark, which will allow us to open short positions. The drop 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 above the breakdown volume bar. A potential of the deal is more than 100 points.

AUD/USD

The Australian dollar is still located in the middle of the local consolidation between 2 strong volume levels. They are the support level 0.6845 and the resistance level 0.7017. Hence, we can reckon new positions only after the sharp and confident exit of the price from this range. The breakout movement must be rapid and supported by the large volume, which will be a more precise signal for entering the market.

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

XAU/USD

The price continued rising and broke out the previous level of resistance, which is a great bullish signal. Besides it, we need to point out the new level of support 1382.60. Considering all these factors, we should regard exceptionally long positions.

We can enter the market after a smooth downward correction of the price, in order to get an acceptable entry point. A stop loss should be placed below the level of support. A potential of the deal is more than 150 pips.

The sentiment: this technical indicator totally confirms our trading scenario with USD/JPY, USD/CAD and XAU/USD (trading against the “crowd”), which is a good additional signal. As with other currency pairs, we can regard new trading positions only after the sharp exit of prices from local ranges.

No Comments

Leave a Reply

Your email address will not be published. Required fields are marked *