Daily Technical Forex Forecast 03.07.2019


EUR/USD

Nothing has changed here as the price is located in the middle of the local range between the level of support 1.1185 and the level of resistance 1.1395. Therefore, our previous scenario remains relevant: we can open new positions only after the sharp exit of the price from this consolidation. Moreover, the breakout movement must be keen and supported by the large volume, which will be a more precise signal for entering the market.

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

GBP/USD

The price continued falling, but unfortunately, the movement was on the average volume, so that we can’t point out any new volume level or zone. Moreover, the price is still located inside the local range between the level of support 1.2520 and the level of resistance 1.2796. Hence, we can consider new trading scenarios only after the confident breakout of one of these levels and the sharp exit of the price from the consolidation. 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.

USD/JPY

The price showed a sharp and confident drop and now is testing the level of support 107.60. Therefore, we may reckon a scenario of its breakdown, which will allow us to open short positions. The drop of the price must be keen and supported by the large volume, which will be a more reliable signal for entering the market. A stop loss should be located above the breakdown volume bar. Our first target is this local minimum.

USD/CAD

The Canadian dollar goes on trading inside the local consolidation between 2 strong volume levels. They are the support 1.3075 and the resistance 1.3161. Hence, we can consider new trading scenarios only after the confident and sharp exit of the pair from the range. Furthermore, the breakout movement must be rapid and supported by the large volume, which will be a more precise and secure signal for entering the market.

While the price is locked within the range, we’d better stay out of the market.

AUD/USD

The Australian dollar resumed rising and is trading near the resistance level/upper limit of the local consolidation 0.7017. Therefore, we may reckon a scenario of its breakout, which will consent us to open long positions. The movement must be keen, confident and supported by the large volume, which will insure us against a fake breakout. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 80 points.

XAU/USD

The price grew up strongly and now is testing the level of resistance 1435.80. Moreover, the movement was supported by the large volume. Thus, we may reckon a scenario of its breakout, which will be a great signal for opening long positions.

The breakout movement must be abrupt, rapid and supported by the large volume, which will insure us against a fake breakout. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 150 pips.

The sentiment: this technical indicator totally affirms all our trading scenarios, which is a great additional signal (trading against the “crowd”). As with other instruments, we can open new positions only after the sharp exit of prices from local consolidations.

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