Daily Technical Forex Forecast 15.08.2019


EUR/USD

The Euro demonstrated a sharp fall and broke down the previous level of support, which is a good bearish signal. Unfortunately, the movement was on the average volume, that’s why we should give advantage to short positions, but we can enter the market only after the appearance of an additional signal.

Such signal is a continuation of this fall, but the movement must be supported by the large volume, which will be a more secure signal for entering the market. A stop loss should be placed above the beginning of this sink. A potential of the deal is around 100 points.

GBP/USD

The Pound tested the level of resistance 1.2085 one more time, but could not break it down and then resumed falling. Hence, we should give advantage to short positons until the breakout of this mark.

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

USD/JPY

Nothing has changed here as the price continues trading inside the local range between the support 105.12 and the resistance 107.60. Thus, we can open new positions only after the sharp exit of the price from it. Moreover, the breakout movement must be confident, keen and supported by the large volume, which will be a more precise 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 showed a sharp growth supported by the large volume and now is trading near the level of resistance/upper limit of the local consolidation 1.3333. Hence, we may reckon a scenario of its breakout, which will be a great bullish signal. The surge must be keen and supported by the large volume, which will be a more secure signal for entering the market. 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 continues trading within the local consolidation between 2 strong levels. They are the support 0.6747 and the resistance 0.6817. Thus, we can consider new trading scenarios only after the sharp exit of the price from the range. Moreover, the breakout movement must be abrupt, rapid and supported by the large volume, which will be a more accurate signal for entering the market.

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

XAU/USD

Gold resumed rising on the increased volume, but is still located within the local consolidation between 2 strong volume levels. The first one is the support 1493.20, the second one is the resistance 1526.90.

Therefore, we can open new positions only after the sharp, confident breakout of one of these levels and the exit of the price from the consolidation. Furthermore, the breakout movement must be supported by the large volume, which will be a more reliable signal for entering the market.

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

The sentiment: this technical indicator totally affirms our trading scenarios with EUR/USD, GBP/USD, USD/CAD, which is a good additional signal. As with other instruments, we can open new positions only after the sharp exit of prices from local consolidations.

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