Daily Technical Forex Forecast 28.08.2019


EUR/USD

The Euro continued falling and now is located near the level of support/lower boundary of the local range 1.1068. Yes, the movement was smooth and on the small volume, nevertheless, given the fact that the price is located near this level, we can reckon a scenario of its breakdown, which will allow us to open short positions.

The fall of the price 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 a confident growth supported by the large volume, which is a good bullish signal. The further rise was stopped after the formation of the new level of resistance 1.2306. Therefore, we can consider long positions only after the confident and keen breakout of this mark.

The surge must be supported by the large volume, which will insure us against a fake breakout. 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 locked inside the local consolidation between the support 105.12 and the resistance 107.60. Hence, our previous scenario remains relevant: we can open new positions only after the 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 located inside this range, we’d better stay out of the market.

USD/CAD

The Canadian dollar showed a sharp growth, but the price is still located within the local consolidation between 2 strong volume levels. They are the support 1.3214 and the resistance 1.3333. Hence, we can open new positions only after the confident and keen exit of the price from it. Furthermore, the move 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.

AUD/USD

Nothing has changed with AUD/USD as the pair is still locked within the local consolidation between the support level 0.6714 and the resistance level 0.6817. Therefore, we can open new positions only after the rapid and abrupt exit of the price from it. The movement must be supported by the large volume, which will be a more secure signal for entering the market.

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

XAU/USD

The price demonstrated a sharp rise, but corrected downwards after the formation of the new resistance 1544.00. Nevertheless, the price is still trading near this mark and the correction was on the small volume, therefore, we may reckon a scenario of its breakout, which will allow us to open long positions.

The movement must be abrupt, rapid and supported by the large volume, which will be a more 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 300 points.

The sentiment: this technical indicator totally affirms trading scenarios with EUR/USD, XAU/USD, which is a good additional signal. The opposite situation with GBP/USD, so that we should be more careful trading this pair. As with other instruments, we can open new positions only after the sharp exit of prices from local consolidations.

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