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Daily Technical Forex Forecast 21.08.2019


EUR/USD

The Euro tested the level of support 1.1068, but could not break it down and then corrected upwards. Nevertheless, the correction was smooth and on the small volume and the price is still located near this mark. Therefore, our previous scenario remains actual: we may reckon a breakdown of this level, which will be a great bearish signal. The fall must be supported by the large volume. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 100 points.

GBP/USD

Despite an abrupt growth supported by the large volume, the price is still trading inside the local consolidation between the support 1.2052 and the resistance 1.2182. 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 precise signal for entering the market.

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

USD/JPY

The price is still located inside the local consolidation between the support 105.12 and the resistance 107.60. Thus, we can consider new trading scenarios only after the sharp and confident exit of the price from it. Furthermore, the breakout movement must be supported by the large volume, which will be a more 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 testing the resistance level/local maximum of 1.3333 after the recent sharp price growth. Thus, we can consider a scenario of the breakdown of this mark, which will be an excellent bullish signal and will allow us to open long positions with this currency pair. The breakout movement must be confident, sharp and supported by the large volume, which will be a more accurate and reliable signal for entering the market. A stop loss should be placed just below the breakout volume bar. A potential of the deal is more than 100 points.

AUD/USD

The Australian dollar goes on trading in the middle of the local consolidation between the level of support 0.6747 and the level of resistance 0.6817. Hence, our previous scenario remains actual: we can open new positions only after the sharp and confident exit of the price from the range. Moreover, the movement must be supported by the large volume, which will insure us against a fake breakout.

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

XAU/USD

Gold corrected down, but has already restarted falling and now is testing the level of support 1493.20 once again. Therefore, we may reckon a breakdown of this mark, which will allow us to open short positions. The drop 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 above the breakdwon volume bar. A potential of the deal is more than 300 points.

The sentiment: this technical indicator totally affirms our trading scenarios with EUR/USD and USD/CAD, which is a great additiotal signal. As with XAU/USD, we should wait for an additional signal. As with other currency pairs, we can open new positions only after the sharp exit of prices from local consolidations.

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