Daily Technical Forex Forecast 06.08.2019


EUR/USD

The price demonstrated a confident and sharp growth and broke out the previous level of resistance, which is a good bullish signal. On the other hand, the movement was on the small volume, therefore, we can’t allocate any new volume levels or zones. Nevertheless, we still should give advantage to long positions.

We can enter the market after the continuation of this rise supported by the large volume, which will be a more secure signal for entering the market. A stop loss should be placed below the beginning of this sharp volume growth. A potential of the deal is more than 100 points.

GBP/USD

The price continues trading inside the local consolidation between the support 1.2090 and the resistance 1.2243. We should also point out that the large volume is concentrated within this range. Thus, we can open new positions only after the confident breakout of one of these levels and the sharp exit of the price from the range.

Moreover, the 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 trading inside this range, we’d better stay out of the market.

USD/JPY

The Yen sharply corrected upwards, but the movement was on the average volume, therefore we can’t allocate any new volume levels or zones. Moreover, the price is still located below the level of resistance 107.65, which contains the large volume. Given the recent sharp drop, we still should give a slight advantage to 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 resistance level. A potential of the deal is more than 110 points.

USD/CAD

The Canadian dollar is located within the local consolidation, where the large volume is concentrated. The boundaries of the range are the support 1.3119 and the resistance 1.3252. Thus, we can open new positions only after the confident and keen exit of the price from the consolidation. Moreover, 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 locked inside the range, we’d better stay out of the market.

AUD/USD

The Australian dollar is now trading near the new support level/local minimum 0.6752, in which the increased volume is concentrated. Given the presence of a strong downtrend, we should give preference to short positions. Sales can be opened after a confident and sharp breakdown of the support level. Moreover, the movement should be supported by the large volume, which will be a more accurate and strong signal for entering the market. A stop loss should be set just above the breakout volume bar. A potential of the deal is more than 80 points.

XAU/USD

Gold corrected downwards after the creation of the new level of resistance 1469.50. However, the price is still located near this mark and given the recent sharp growth on the large volume, we should prefer a scenario of opening long positions.

 

We can enter the market after the sharp and confident breakout of this mark, which will be a great bullish signal. The movement must be supported by the large volume. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 200 points.

The sentiment: this technical indicator totally affirms all our trading scenarios today (trading against the “crowd”), which is a good additional signal. As with other instruments, we can open new positions only after the sharp exit of prices from ranges.

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