Daily Technical Forex Forecast 06.09.2019


EUR/USD

After the test of the level of resistance 1.1087, the price corrected downwards. Nevertheless, it’s still located near this mark. Therefore, we may reckon a scenario of its breakout, which will allow us to open long positions. The surge must be keen and supported by the large volume. A stop loss should be placed below the breakout volume bar. A potential of the deal/our first target is the resistance 1.1240 – 1.1280.

GBP/USD

The price showed an abrupt growth supported by the large volume and broke out the previous resistance level, which is a great bullish signal. On the other, the further move was stopped by the creation of the new resistance 1.2342. Considering all these factors, we should give preference to long positions, but we can enter the market only after the breakout of this resistance. The movement must be supported by the large volume, which will be a more secure 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 pips.

USD/JPY

The price also showed a confident and keen growth supported by the increased volume. Now the price is trading near the level of resistance/upper limit of the local range 107.60. That’s why we may consider a scenario of its breakout, which will allow us to open long positions. The rise must be keen and supported by the large volume. A stop loss should be placed below the breakout volume bar. A potential of the deal is this local maximum.

USD/CAD

The Canadian dollar corrected upwards, but has already resumed falling, which is a good bearish signal. Besides it, we need to point out the new level of resistance 1.3245. So that, we still should give advantage to 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 resistance level. A potential of the deal is more than 100 points.

AUD/USD

The Australian dollar is still testing the level of resistance 0.6816, therefore, our previous scenario remains actual: we may regard a breakout of this level, which will be a great bullish signal. The surge must be abrupt, rapid and supported by the large volume. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 90 points.

XAU/USD

Gold demonstrated a strong and confident fall supported by the large volume, which is a great bearish signal. Now the pair is trading nigh the level of support 1493.20. That’s why we may and should reckon a scenario of its breakdown, which will be a great bearish signal. The drop must be confident, sharp and supported by the large volume. 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 all our trading scenarios, except the one with AUD/USD, so that we should be more careful trading this currency pair.

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