Daily Technical Forex Forecast 24.07.2019


EUR/USD

The Euro demonstrated an abrupt drop supported by the large volume, which is a great bearish signal. Besides it, we need to point out the new volume level of resistance, it’s 1.1181. Therefore, we should consider exceptionally 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 new level of resistance. A potential of the deal is more than 100 points.

GBP/USD

The Pound also continued falling and now is trading near the level of support/lower boundary of the local consolidation 1.2400. Hence, we may reckon a scenario of its breakout, which will allow us to open short positions.

The drop must be keen, 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 120 pips.

USD/JPY

The Yen is still trading near the level of resistance 108.35, thus our previous scenario remains relevant. We may regard a breakout of this level, which will be a great bullish signal. The surge of the price must be confident, abrupt and supported by the large volume. 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 broke out the previous resistance level, but after the formation of the new one 1.3157 corrected down. Now the price is still located near this mark, hence we still can 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. 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 showed a sharp drop of the price on the large volume and broke down the support level, which is a great bearish signal. Hence, we should give preference 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 breakdown volume bar. A potential of the deal is more than 80 pips.

XAU/USD

Nothing has changed here as the price continues trading inside the local range, where the large volume is concentrated. The boundaries of the consolidation are the support level 1404.50 and the resistance level 1445.80.

Hence, we can consider new trading scenarios only after the confident and sharp exit of the price from the consolidation. 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 locked within this range, we’d better stay out of the market.

The sentiment: this technical indicator totally affirms all our trading scenarios, except the once with USD/CAD, so that we should be more careful trading this currency pair. As with gold, we can open new positions only after the sharp exit of the price from the consolidation.

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