Daily Technical Forex Forecast 25.07.2019


EUR/USD

The Euro continued falling yesterday. Moreover, the movement was supported by the increased volume, which is a great bearish signal. Our previous level of resistance is still actual, it’s 1.1181. Thus, we still should give advantage to short positions.

We can enter the market after a smooth upward correction, in order to get a better entry point. A stop loss should be placed above the level of resistance. A potential of the deal is more than 100 points.

GBP/USD

The price continues trading inside the local consolidation between the support 1.2400 and the resistance 1.2585. Given that the large volume is concentrated within this range, we can open new positions only after the sharp and confident exit of the price from it.

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

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

USD/JPY

Nothing has changed here as the price is still located near the level of resistance 108.35. Therefore, we still may reckon a scenario of its breakout, which will allow us to open long positions. The surge must be keen, rapid 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 is still trading near the level of resistance 1.3157 now. Hence, our previous scenario remains actual: we can regard a breakout of this mark, which will allow us to open long positions. The surge must be keen, abrupt 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 100 points.

AUD/USD

The Australian dollar went on falling down yesterday. Also we should allocate the new volume level of resistance 0.7007. Hence, we should prefer a scenario of opening short positions. We can enter the market after a slight upward correction of the price, in order to get a better entry point. A stop loss should be placed above the resistance level. A potential of the deal is more than 80 points.

XAU/USD

The pair is still locked within the local consolidation between 2 strong volume levels. They 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 it.

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

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

The sentiment: this technical indicator confirms our trading scenarios with EUR/USD, USD/JPY and AUD/USD, that is a good additional signal. The opposite situation with USD/CAD, so that we should be more careful trading this pair. As with other pairs, we can open new positions only after the sharp exit of prices from local ranges.

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