Daily Technical Forex Forecast 23.08.2019


EUR/USD

The Euro resumed falling and now is testing the level of support/local minimum 1.1068. The movement was supported by the large volume, hence, we may reckon a scenario of its breakdown, which will be a great bearish signal.

The movement 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

The Pound demonstrated an abrupt growth supported by the huge volume and broke out the previous level of resistance, which is a great bullish signal. Now the price is trading below the new resistance level 1.2254. Therefore, we can open long positions only after the sharp and confident breakout of this mark.

The surge must be supported by the large volume, which will be a more reliable and accurate signal for entering the market. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 120 points.

USD/JPY

Nothing has changed here as the price is still trading within the local range between the level of support 105.12 and the resistance 107.60. Therefore, our previous scenario remains actual: we can open short positions only after the confident exit of the price from this consolidation. Moreover, the movement must be keen, rapid and 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 is testing the level of resistance/local maximum 1.3333. Therefore, we still may reckon a scenario of its breakout, which will allow us to open long positions. The surge must be keen, rapid and supported by the large volume, which will insure us against a false breakout. 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 restarted falling and now is trading near the level of support/lower limit of the local consolidation 0.6747. The move was supported by the increased volume, so we can consider a scenario of its breakdown, which will allow us to open short positions. The move must be abrupt 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 breakdown volume bar. A potential of the deal is more than 80 points.

XAU/USD

The price resumed falling and now is testing the support 1493.20. Hence, we may regard a scenario of its breakdown, which will be a great signal for opening short positions.

The movement must be keen, confident and supported by the large volume, that will insure us against a fake breakdown. A stop loss should be placed above the breakdown 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, USD/CAD and AUD/USD, which is a good additional signal. As with gold, the situation is 50/50, so that we should wait for a confirming signal. The opposite situation with GBP/USD, so that we should be more careful. As with the Yen, we can open new positions only after the sharp exit of the price from the range.

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