Daily Technical Forex Forecast 14.08.2019


EUR/USD

The Euro demonstrated a confident fall supported by the increased and now is testing the level of support/lower boundary of the local consolidation 1.1170. Thus, we may reckon a scenario of its breakdown, which will be a great bearish signal.

The sink must be 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 100 points.

GBP/USD

Nothing has changed here as the price tested the level of resistance 1.2085, but could not break it out and resumed falling and is still located below this mark. This level contains the large volume, so that we should prefer a scenario of opening short positions.

We can enter the market only after the continuation of this drop supported by the large volume, which will be a more secure signal for entering the market. A stop loss should be placed above the resistance level. A potential of the deal is more than 120 pips.

USD/JPY

The Yen demonstrated a huge rise supported by the huge volume, but is trading in the middle of the local range between the new support 105.12 and the previous level of resistance 107.60. Thus, we can open new positions only after the confident and sharp exit of the price from it. 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 trading inside this range, we’d better stay out of the market.

USD/CAD

The Canadian dollar continues trading within the local consolidation between the support level 1.3119 and the resistance level 1.3333. Hence, we can open new positions only after the sharp and confident exit of the price from the range. The movement must be supported by the large volume, which will be a more secure signal for entering the market.

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

AUD/USD

The Australian dollar is trading inside the local consolidation between 2 strong volume levels. They are the support level 0.6747 and the resistance level 0.6817. Thus, we can consider new trading scenarios only after the sharp exit of the price from the local consolidation. The movement must be keen and supported by the large volume, which will be a more accurate signal for entering the market.

Until that, we’d better stay out of the market.

XAU/USD

The price demonstrated a confident and keen fall supported by the large volume and now is trading near the level of support 1493.20. Hence, we may reckon a scenario of its breakdown, which will be a great signal for opening short positions.

The fall of the price 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 breakdown volume bar. A potential of the deal is more than 200 points.

The sentiment: this technical indicator totally affirms our trading scenarios with GBP/USD, which is a good additioanl signal. As with EUR/USD and XAU/USD, the situation is opposite, that’s why 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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