Daily Technical Forex Forecast 23.07.2019


EUR/USD

The Euro continued falling and broke down the previous level of support, which is a great bearish signal. Unfortunately, the movement was on the small volume, so that we can’t open short positions now, we should wait for an additional signal.

Such signal is a continuation of this drop, but the movement must be supported by the large volume, which will be a more accurate signal for entering the market. A stop loss should be placed above the beginning of this abrupt sink. A potential of the deal is more than 100 points.

GBP/USD

Nothing has changed here as the price continues trading inside the local consolidation between the support 1.2400 and the resistance 1.2585. Thus, our previous scenario remains relevant; we can open new positions only after the confident and sharp exit of the price from the range.

Moreover, the breakout movement must be supported by the large volume, which will be a more accurate and reliable signal for entering the market.

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

USD/JPY

The Yen went on growing and now is located near the level of resistance 108.35. Thus, we may reckon a scenario of its breakout, which will be a great bullish signal. The surge of the price must be keen, confident and supported by the large volume, which will be a more reliable 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.

USD/CAD

The Canadian dollar continued rising and broke out the previous resistance level, which is a good bullish signal. At the moment the price is testing the new resistance level 1.3140. Hence, we can open long positions only after the sharp breakout of this level. The surge must be keen 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

The Australian dollar corrected downwards, but is still located above the support level 0.7007. Hence, we still should give a slight advantage to long positions. We can enter the market after a resumption of the sharp and confident growth supported by the large volume, which will be a more reliable signal for entering the market. A stop loss should be placed below the support level. A potential of the deal is more than 80 points.

XAU/USD

The price resumed falling, but is still located inside the local range where the large volume is concentrated. The boundaries of the range are the support 1404.50 and the resistance 1445.80. Hence, we can consider new trading scenarios only after the confident and keen exit of the price from this consolidation.

Moreover, the breakout movement must be supported by the large volume, which will be a more secure and precise signal for entering the market.

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

The sentiment: this technical indicator totally affirms our trading scenarios with EUR/USD, USD/JPY and AUD/USD, which is a great additional signal (trading against the “crowd”). As with USD/CAD, we should be more careful. As with other instruments, we can open new positions only after the sharp exit of prices from local consolidations.

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