Daily Technical Forex Forecast 09.07.2019


EUR/USD

The price continued falling and now is trading near the level of support/lower boundary of the local range 1.1185. Thus, our previous scenario remains relevant: we may reckon a breakdown of this level, which will allow us to open short positions.

The drop must be keen and supported by the large volume, which will be a more accurate signal for entering the market. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 100 points.

GBP/USD

The price also went on falling and now is testing the level of support 1.2497. Hence, we may consider a scenario of its breakdown, which will be a great bearish signal.

The sink of the price must be confident, abrupt and supported by the large volume, which will insure us against a fake breakout. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 120 points.

USD/JPY

The price carried on rising and broke out the previous level of resistance, which is a great bullish signal. Unfortunately, the movement was on the average volume, that’s why we can’t allocate any new volume level or zone. Nevertheless, we still should give advantage to long positions. We can enter the market after the continuation of this surge, but the movement must be supported by the large volume, which will be a more secure signal for entering the market. A stop loss should be placed below the beginning of this rise. A potential of the deal is more than 100 points.

USD/CAD

The Canadian dollar demonstarted an abrupt rise and now is testing the level of resistance 1.3128. Therefore, we might consider a scenario of its breakout, which will allow us to open long positions. The breakout movement must be supported by the large volume, which will be a more secure signal for entering the market. A stop loss should be located below the breakout volume bar. A potential of the deal is more than 90-100 points.

AUD/USD

The Australian dollar resumed falling and is now located in the middle of the local consolidation between 2 strong volume levels. They are the support 0.6845 and the resistance 0.7036. Hence, we can consider new positions only after the sharp exit of the price from the range. The breakout movement must be confident and supported by the large volume.

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

XAU/USD

The price resumed falling and now is trading near the level of support/lower boundary of the local range 1383.30. Therefore, we may regard a scenario of its breakout, which will be a great bearish signal.

The fall 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 placed above the breakdown volume bar. A potential of the deal is more than 150 pips.

The sentiment: this technical indicator totally affirms all our trading scenarios (trading against the “crowd”), except the one with USD/CAD and XAU/USD. That’s why we should be more wary trading these instruments. As with AUD/USD, we should wait for the exit of the price from the range.

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