Daily Technical Forex Forecast 01.08.2019


EUR/USD

The price demonstrated a huge drop supported by the large volume and broke out the previous level of support, which is a great bearish signal. Besides it, we need to point out the new level of resistance, which was created during this move. It’s 1.1104 – 1.1114. Hence, we should consider exceptionally short positions at the moment.

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

GBP/USD

The price also demonstrated an abrupt drop supported by the huge volume, which is a great bearish signal. Given the presence of the strong local downtrend, we should regard exceptionally short positions.

We can enter the market after a smooth upward correction, in order to get an acceptable entry point. A stop loss should be placed above the beginning of this sharp fall. A potential of the deal is more than 120 pips.

USD/JPY

The opposite situation here as the price indicated an abrupt rise supported by the large volume. Besides it, we need to allocated the new level of support 108.72. So now we should reckon only long positions. We can enter the market only after a smooth downward correction, in order to get a more profitable entry point. A stop loss should be placed below the new level of support. A potential of the deal is more than 100 points.

USD/CAD

The Canadian dollar showed a sharp growth supported by the large volume, which is a great bullish signal. Moreover, the price broke out the previous resistance level, which only enhances its importance. Thus, we should give preference to 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 move. A potential of the deal is more than 100 points.

AUD/USD

AUD/USD went on falling on the large volume, which is a great signal for further continuation of the local downtrend. Now the price is trading near the new level of support 0.6831. Therefore, we can open short positions after the sharp breakdown of this mark, which will allow us to open short positions. The movement must be keen 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 80 pips.

XAU/USD

The price fell down sharply and on the large volume and now is trading near the level of support/lower boundary of the local range 1404.50. Therefore, we may reckon a scenario of its breakdown, which will allow us to open short positions.

The drop of the price must be confident, keen 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 150 pips.

The sentiment: this techincal indicator totally affirms all our trading scenarios, which is a good additional signal for us. The only exception is gold, so that we should be more careful trading this instrument.

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