Daily Technical Forex Forecast 11.07.2019


EUR/USD

The Euro demonstrated an abrupt growth supported by the large volume. Besides it, we need to point out the new volume level of support, it’s 1.1237. Therefore, we may consider a scenario of opening long positions.

We can enter the market after a smooth downward correction, in order to get a better entry point. A stop loss should be placed below the beginning of this sharp growth. A potential of the deal is more than 100 points.

GBP/USD

The same situation with the Pound as the price showed a sharp growth supported by the large volume and the new level of support was created, it’s 1.2491. Hence, we may regard a scenario of opening long positions.

We can enter the market after a slight downward correction, in order to get a better entry point. A stop loss should be placed below the beginning of this rise. A potential of the deal is more than 100 points.

USD/JPY

The Yen demonstrated an abrupt and sharp fall supported by the huge volume and now is trading near the level of support/lower boundary of the local range 107.60. Therefore, we may consider a scenario of its breakdown, which will allow us to open short positions. The fall must be confident 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 90 pips.

USD/CAD

The Canadian dollar fell down sharply and on the large volume yesterday. At the moment the price is testing the support level 1.3050. Therefore, we can consider a scenario of its breakdown, which will be a great bearish signal. The sink must be abrupt 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 100 points.

AUD/USD

The Australian dollar resumed rising, but is still located within the local range between the level of support 0.6845 and the level of resistance 0.7036. Thus, we can regard new positions only after the sharp and confident exit of the price from this local consolidation. Moreover, the movement must be supported by the large volume, which will be a more reliable signal for entering the market.

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

XAU/USD

The price indicated a keen growth supported by the huge volume and now is located near the level of resistance 1435.80. Thus, we may reckon a scenario of its breakout, which will be a great bullish signal.

The surge must be abrupt, rapid and supported by the large volume, which will be a more accurate signal for entering the market. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 150 points.

The sentiment: this technical indicator totally affirms all our trading scenarios, which is a great additional signal. The only exception is GBP/USD, so that we should be more careful trading this pair. As with AUD/USD, we can open new positions only after the confident exit of the price from the range.

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