Weekly Technical Forex Forecast 24-28.06.2019


EUR/USD

The Euro showed a rapid and sharp rise on the increased volume and broke out the previous resistance level, which is an excellent bullish signal. Thus, we should consider exceptionally long positions.

Puchases can be opened after a small and smooth downward price correction to get a better entry point. A stop loss should be placed just below the beginning of the breakout movement. A potential of the deal is more than 100 points.

GBP/USD

The Pound also showed a significant growth and is now trading near the resistance/upper limit of the local range 1.2796. Thus, we can consider a scenario of the breakdown of this mark, which will allow us to open long positions.

The breakout movement must be confident, sharp 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 below the breakout volume bar. A potential of the deal is more than 120 points.

USD/JPY

The Yen corrected upwards, but the movement was on the small volume, so we cannot regard it as a bullish signal. Moreover, it is worth noting the resistance level 108.13. Thus, we still should give preference to short positions.
Sales can be opened after another small price correction to get a better entry point. A stop loss should be placed slightly above the resistance level. A potential of the deal is more than 100 points.

USD/CAD

The Canadian dollar is trading near the support/lower limit of the local range 1.3153. Given this fact and the recent sharp fall of the price, we can consider the scenario of the breakdown of this mark, which would be an excellent bearish signal. The breakout movement should be swift and on the large volume, which will be a more reliable signal to enter the market. A stop loss should be placed slightly above the breakout volume bar. A potential of the deal is more than 100 points.

AUD/USD

The Australian dollar continued growing, but is still trading within the local range between 2 strong volume levels. The first is the support 0.6845, the second is the resistance 0.7017. Thus, we can open new deals only after a confident and rapid exit of the price from the range. Moreover, the movement should be supported by the large volume, which will be a more accurate signal to enter the market.

While the price is inside the consolidation, it is better to stay out of the market.

XAU/USD

Gold tested the support level 1382.60, but failed to break it down and then resumed its growth on the large volume. Thus, we still should give preference exceptionally to long positions.

Purchases can be opened after a small and smooth price correction down to get a better entry point to the market. A stop loss should be placed just below the support level. A potential of the deal is more than 150 points.

The sentiment: this technical indicator fully confirms our trading scenarios with the Euro, Yen, gold and Canadian dollar, which is an excellent additional signal. As with the Pound, the situation is opposite, so we should be extremely careful. As with the Australian dollar, we can open new positions only after a confident exit of the price from the consolidation.

The best deals: EUR/USD, XAU/USD

Potentially good deals: GBP/USD, USD/JPY, USD/CAD

While out of the market: AUD/USD

No Comments

Leave a Reply

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