Weekly Technical Forex Forecast 01-05.07.2019


EUR/USD

The Euro continues trading in a small local consolidation just below the resistance/local maximum level 1.1395. Thus, our previous scenario remains relevant: we can consider a breakout 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 reliable signal to enter the market. A stop loss should be placed slightly below the breakout volume bar. The potential of the deal is more than 100 points.

GBP/USD

The Pound continues trading in the local consolidation between the support level 1.2520 and the resistance level 1.2796. It should also be noted that the large volume is concentrated in this range, so we can assume that large players are gaining their positions in it.

Taking into account all these factors, we can open new positions only after a rapid exit of the price from this local consolidation. Moreover, the breakout movement should be supported by the large volume, which will be a more reliable signal to enter the market.

While the price is within the range, it is better to stay out of the market.

USD/JPY

The Yen tested the support level of 107.60, but could not break it down, and then resumed its growth. Thus, we still need to give a slight advantage to long positions. Nevertheless, we can open purchases only after a continuation of the growth on the large volume, which will be a more accurate signal to enter the market. A stop loss should be placed just below the support level. A potential of the deal is more than 100 points.

USD/CAD

The Canadian dollar has tested the support level 1.3075, but could not break through it. Nevertheless, the price continues to trade near it, and given the presence of a strong downtrend, we can consider the scenario of the breakdown of this mark. This will be a great signal for opening short positions. The fall should be rapid and on the large volume, which will be a more accurate 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 its growth and is now testing the resistance level/local maximum 0.7017. Thus, we can consider the scenario of the breakdown of this mark, which will be an excellent signal for opening long positions. The movement should be confident, sharp and on the large volume, which will be a stronger signal to enter the market. A stop loss should be placed slightly below the breakdown volume bar. A potential of the deal is more than 80 points.

XAU/USD

Gold is in the middle of the local consolidation between 2 strong volume levels. They are the support 1383.30 and the resistance 1435.30.

Thus, our previous scenario remains relevant: we can open new deals only after a rapid breakout of one of these levels and a confident exit of the price from the consolidation. Moreover, the breakout movement should be supported by the large volume, which will be a more accurate signal to enter the market.

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

The sentiment: this technical indicator fully confirms all our trading scenarios (trading against the “crowd”), which is an excellent additional signal. The only exception is the Yen, so we should be extremely careful with this currency pair. As with GBP/USD and XAU/USD, we can open new deals only after the exit of prices from consolidations.

Potentially good deals: EUR/USD, USD/JPY, USD/CAD, AUD/USD

While out of the market: GBP/USD, XAU/USD

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