Daily Technical Forex Forecast 05.07.2019


EUR/USD

The price is still trading in the middle of the local consolidation between the level of support 1.1185 and the level of resistance 1.1395. Thus, our previous scenario remains relevant: we can open new positions only after the confident exit of the price from this consolidation. 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 inside this range, we’d better omit this instrument from our trading plan.

GBP/USD

The price continued falling and now is located near the level of support 1.2520. Thus, we may reckon a scenario of its breakdown, which will be a great signal for opening short positions. The sink of the price must be keen and supported by the large volume. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 120 pips.

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

USD/JPY

The Yen sharply corrected upwards and now is trading in the middle of the local consolidation between 2 strong volume levels. They are the support 107.60 and the resistance 108.49. Hence, we can open new positions only after the keen and confident exit of the price from the range. Moreover, the breakout movement must be 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/CAD

The Canadian dollar continued falling, but the move was on the small volume, so that we can’t point out any new volume levels or zones. Nevertheless, given the recent sharp drop and the breakdown of the previous support level, we should prefer a scenario of opening short positions. We can enter the market after the continuation of the keen fall on the large volume, which will be a more secure signal for entering the market. A stop loss should be placed above the beginning of this movement. A potential of the deal is more than 100 points.

AUD/USD

The Australian dollar is located near the level of resistance 0.7036. Considering the recent sharp rise on the large volume, we may reckon a scenario of its breakout, which will allow us to open long positions. The surge must be rapid, sure and supported by the large volume, which will be a more precise signal for entering the market. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 80 points.

XAU/USD

Nothing has changed here. The price continues trading inside the local consolidation between the level of support 1383.30 and the level of resistance 1435.80. Therefore, the best solution with gold is just to wait for the exit of the price from the range and only in such case we can consider new positions. Furthermore, the breakout movement must be abrupt 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.

The sentiment: this technical indicator totally affirms our trading scenarios with GBP/USD, USD/CAD and AUD/USD, which is a good additional signal for us. As with other instrument, we can use the sentiment only after the exit of prices from local consolidations.

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