Daily Technical Forex Forecast 10.07.2019


EUR/USD

The Euro continued falling and now is trading nigh the level of support 1.1185. Therefore, our previous scenario remains relevant: we may reckon a breakdown of this level, which will be a great bearish signal and allow us to open short positions.

The fall must be sharp, confident 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 broke down the previous level of support, which is a great bearish signal. Moreover, the movement was supported by the increased volume, which only enhances its importance. Thus, we should give advantage to short positions.

We can enter the market after a smooth upward correction of the price, in order to get a better entry point. A stop loss should be placed above the beginning of the breakdown movement. A potential of the deal is more than 120 pips.

USD/JPY

The Yen went on growing, but the movement was on the small volume, so that we can’t allocate any new volume levels or zones. Nevertheless, given the presence of the strong local uptrend, we still should give advantage to long positions. We can enter the market after the continuation of this rise, but the movement must be supported by the large volume. A stop loss should be placed below the beginning of this sharp growth. A potential of the deal is more than 100 points.

USD/CAD

The Canadian dollar carried on rising and is testing the level of resistance 1.3128. Thus, we can regard a scenario of its breakout, which will be a great bullish signal. The breakout movement must be keen, sure and supported by the large volume, which will be a more secure signal for entering the market. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 100 points.

AUD/USD

Nothing has changed with AUD/USD, as the price is still located within the local consolidation between 2 strong volume levels. They are the support 0.6845 and the resistance 0.7036. Hence, we can open new positions only after the confident and sharp exit of the price from the local consolidation. The movement must be supported by the large volume, which will be a more precise signal for entering the market.

Until that, we’d better stay out of the market.

XAU/USD

The price is still located near the level of support/lower boundary of the local range 1383.30. Therefore, our previous scenario remains actual: we can reckon a breakdown of this mark, which will be a great signal for opening short positions.

The drop of the pair 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 except ones with USD/CAD and XAU/USD, hence, we should be more careful trading these pairs. As with AUD/USD, we can open new positions only after the sharp exit of the price from the consolidation.

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