Daily Technical Forex Forecast 28.06.2019


EUR/USD

The Euro is trading in the small local consolidation near the level of resistance 1.1395. Thus, we still may reckon a scenario of its breakout, which will allow us to open long positions. The surge must be abrupt, confident and supported by the large volume. A stop loss should be located below the breakout volume bar. A potential of the deal is more than 100 points.

GBP/USD

Nothing has changed here. The price is still located inside the local range between the level of support 1.2520 and the level of resistance 1.2796. Thus, our previous scenario remains relevant: we can open new positions only after the confident exit of the price from the range. Furthermore, 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.

USD/JPY

The Yen corrected downward after an abrupt growth, but the fall was smooth and on the small volume and the price is still located above the level of support 107.60. Therefore, we still should give a little advantage to long positions. We can enter the market only after the resumption of an abrupt growth supported by the large volume. A stop loss should be placed below the level of support. A potential of the deal is 100 points.

If the price breaks down this level of support, we’d better stay out of the market.

USD/CAD

The Canadian dollar continued falling on the increased volume, which is a good bearish signal. Besides it, we need to allocate the new level of resistance 1.3161, that contains the large volume. Therefore, we still should give preference to short positions. Sales can be opened after a smooth 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 100 pips.

AUD/USD

The Australian dollar showed a sharp and steady growth and is now testing the resistance level/local maximum 0.7017. Given the presence of a strong local uptrend, we can consider a scenario of the breakout of this mark, which will be an excellent bullish signal and will allow us to open long positions. The breakout movement must be swift and on the large volume, which will be a more accurate and reliable 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 80 points.

XAU/USD

The price is trading inside the local range between 2 strong volume levels. The first one is the support 1383.30, the second one is the resistance 1435.80. Thus, we can consider new trading scenarios only after the sharp exit of the price from the range. The breakout movement must be supported by the large volume, which will be a more secure and precise signal for entering the market.

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

The sentiment: this technical indicator totally affirms our trading scenarios with EUR/USD, USD/CAD and AUD/USD (trading against the “crowd”), which is a great additional signal. The opposite situation with USD/JPY, hence we should be more careful trading this pair. As with other instruments, we can open new positions only after the exit of prices from local consolidations.

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