Daily Technical Forex Forecast 29.08.2019


EUR/USD

The Euro continued falling and now is located near the level of support/lower boundary of the local range 1.1068. Thus, our previous scenario remains actual: we may reckon a breakdown of this level, which will allow us to open short positions.

The movement must be supported by the large volume, which will be a more reliable 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 drop supported by the large volume and now is located within the local consolidation between 2 strong volume levels. They are the support 1.2052 and the resistance 1.2306.

Thus, we can consider new positions only after the confident and keen exit of the price from it. Moreover, the breakout movement must be supported by the large volume, which will be a more precise and secure signal for entering the market.

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

USD/JPY

Nothing has changed here as the price continues trading within the local consolidation between the support 105.12 and the resistance 107.60. Hence, we can open new positions only after the confident and abrupt exit of the price from this consolidation. Furthermore, the breakout movement must be supported by the large volume, which will be a more accurate signal for entering the market.

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

USD/CAD

USD/CAD resumed the sharp growth and is currently trading near the level of resistance 1.3333. Hence, we may regard a scenario of its breakout, which will be a good bullish signal. The surge must be keen and supported by the large volume, which will be a more precise signal for entering the market. A stop loss should be placed below the breakout volume bar. A potential of the deal is more 100 points.

AUD/USD

The opposite situation with AUD/USD as the price continued falling and now is testing the support level 0.6714. Thus, we may reckon a scenario of its breakdown, which will consent us to open short positions. The drop of the price 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 pips.

XAU/USD

The price went on rising and is testing the new level of resistance 1544.00 at the movement. Therefore, we may regard a scenario of its breakout, which will be a great bullish signal and allow us to open long positions.

The movement must be keen, confident and supported by the large volume, which will be a more reliable 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 our trading scenarios with EUR/USD, USD/CAD, AUD/USD and XAU/USD, which is a good 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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