Daily Technical Forex Forecast 27.06.2019


EUR/USD

The price is still trading near the level of resistance/local maximum 1.1395. Thus, our previous scenario remains relevant: we can reckon a breakout of this level, which will allow us to open long positions. The surge must be keen, confident and supported by the large volume. 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 correcting downwards, we’d better stay out of the market.

GBP/USD

The price is still trading inside the local range between 2 strong volume levels. They are the support 1.2520 and the resistance 1.2796. Thus, our previous scenario remains relevant: we can open new positions only after the sharp exit of the price from it. Moreover, the breakout movement must be rapid, keen 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 price continued growing and broke out the previous level of resistance, which is a good bullish signal. Besides it, we need to point out the new level of support 107.60. Therefore, we may reckon a scenario of opening long positions. We can enter the market after a smooth downward correction, in order to get a better entry point. A stop loss should be placed below the support level. A potential of the deal is more than 100 points.

USD/CAD

The Canadian dollar showed a significant and sharp drop on the large volume and broke down the previous support level, which is an excellent bearish signal. Moreover, the movement was on the large volume, which only enhances its value. It is also necessary to highlight the new resistance level 1.3219. Given all these factors, we should consider short positions. Sales can be opened after a small and smooth price correction upwards 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.

AUD/USD

The Australian dollar went on rising and now is trading near the level of resistance/upper boundary of the local range 0.7017. Moreover, the movement was supported by the large volume, which increased the probability of further growth. Hence, we may regard a scenario of a breakout of this mark, which will allow us to open long positions. The surge must be keen, sure and supported by the large volume. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 80 pips.

XAU/USD

The pair went on falling and is trading in the middle of the local range between the level of support 1383.30 and the level of resistance 1435.80. Thus, the best solution 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. Furthermore, the breakout movement must be supported by the large volume, which will be a more accurate signal for entering the market.

While the price is locked within this range, we’d better omit this instrument from our trading plan.

The sentiment: this technical indicator totally confirms our trading scenarios with EUR/USD, USD/CAD and AUD/USD, which is a great additional signal. As with GBP/USD, USD/JPY, XAU/USD, we can open new positions only after the sharp exit of prices from local ranges.

 

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