Daily Technical Forex Forecast 18.07.2019


EUR/USD

The price corrected upwards yesterday and now is located in the middle of the local range between the support 1.1200 and the resistance 1.1280. Moreover, we need to point out that the large volume is concentrated within this range.

Hence, we can open new positions only after the confident exit of the price from this consolidation. Furthermore, the breakout movement must be keen and 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 stay out of the market.

GBP/USD

The price also corrected upwards after the test of the level of support 1.2400. Nevertheless, the price is still located near this mark and given the recent sharp drop supported by the huge volume, we still can reckon a scenario of its breakdown, which will be a great bearish signal.

The drop of the price must be abrupt, confident 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 120 pips.

USD/JPY

The Yen demonstrated an abrupt drop and now is trading near the level of support/lower boundary of the local range 107.60. Therefore, we may regard a scenario of its breakdown, which will allow us to open short positions. The fall must be sharp, 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 100 points.

USD/CAD

The Canadian dollar is still located within the local consolidation between 2 strong volume levels. They are the support 1.3023 and the resistance 1.3084. Therefore, we can open new positions only after the sharp and rapid exit of the price from this local range. Furthermore, the move must be supported by the large volume, which will be a more reliable signal for entering the market.

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

AUD/USD

The Australian dollar resumed rising and now is testing the level of resistance 0.7036. Therefore, we may consider a scenario of its breakout, which will be a great bullish signal. The surge 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 showed an abrupt and confident growth supported by the large volume and now is located near the level of resistance 1435.80. Therefore, we may consider a scenario of its breakout, which will be a great bullish signal.

The surge must be keen 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 for us (trading against the “crowd”). As with other intruments, we can open new positions only after the sharp exit of prices from local consolidations.

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