Daily Technical Forex Forecast 03.09.2019


EUR/USD

The price continued falling after the formation of the new volume level of resistance, it’s 1.0987 – 1.1002. Given that it’s a good bearish signal and we may state that the downtrend is likely to go on, we should prefer a scenario of opening short positions.

We can enter the market after a smooth upward correction, in order to get a better entry point. A stop loss should be placed above the new resistance. A potential of the deal is more than 100 points.

GBP/USD

The price demonstrated an abrupt drop and broke down the previous support level, which is a good bearish signal. On the other hand, the movement was on the small volume, so that we can’t allocate any new volume levels or zones. Considering these factors, we should give advantage to short positionsю

We can enter the market only after the continuation of this movement, but the drop 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 the movement. A potential of the deal is more than 120 points.

USD/JPY

Nothing has changed here. The price continues trading within the local range between the support 105.12 and the resistance 107.60. Thus, 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 reliable and accurate 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 and broke out the previous resistance level, but the move was on the small volume. Hence, we can’t point out any new volume levels or zones. However, we still should give preference to long positions, but we can open long positions only after the continuation of the rise supported by the large volume. A stop loss should be placed below the beginning of this move. A potential of the deal is more than 100 points.

AUD/USD

AUD/USD is testing the support level 0.6696, so that we may reckon a scenario of its breakdown, which will allow us to open short positions. The drop 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 80 pips.

XAU/USD

The price is locked inside the local range between the support 1493.20 and the resistance 1544.00. Given that both levels contain the large volume, we can open new positions only after the sharp breakout of one of these mark and the exit of the price from the range.

Moreover, the breakout movement must be supported by the large volume, which will be a more secure signal for entering the market.

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

The sentiment: this technical indicator totally affirms all our trading scenarios, 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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