Weekly Technical Forex Forecast 09-13.09.2019


EUR/USD

The Euro continued correcting downward after the test of resistance level 1.1087. At the moment, the pair is trading within the local range between this mark and the support level 1.0935. Thus, we can open new positions only after a sharp exit of the price from the consolidation. Moreover, the movement should be supported by the large volume, which will be a more accurate signal for entering the market.

While the price is within the range, it is better to stay out of the market.

GBP/USD

The Pound continues trading near the resistance level 1.2342. Given this fact and the recent sharp growth of the price on the large volume, we can consider a scenario of the breakdown of this mark, which will allow us to open long positions. The breakdown movement must be confident and rapid, and also supported by the large volume. A stop loss should be set just below the breakout volume bar. A potential of the deal is more than 120 points.

USD/JPY

The Yen is trading within the local range between 2 strong volume levels. The first one is the support 105.12, the second one is the resistance 107.60. Nevertheless, now the price is near the upper limit of the local consolidation + confident price growth last week, so we can consider a scenario of its breakdown, which will allow us to open long positions. The movement should be supported by the large volume, which will be a more accurate signal for entering the market. A stop loss should be set just below the breakout volume bar. A potential of the deal is more than 100 points.

USD/CAD

The Canadian dollar demonstrated a significant and sharp drop of the price on the large volumes last week. Moreover, it is necessary to highlight a new volume resistance level 1.3245. Given these factors, we should give preference to short positions. Sales can be opened after a small and smooth correction of the price up to get a more profitable entry point into the market. A stop loss should be located just above the resistance level. A potential of the deal is more than 100 points.

AUD/USD

The Australian dollar showed a significant and sharp growth on the increased volume and broke out the previous resistance level, which is an excellent bullish signal. It is also necessary to highlight a new volume support level 0.6808. Given all these factors, we should give preference to long positions. Purchases should be opened after a small and smooth correction of the price down to get a more profitable entry point. A stop loss should be placed just below the support level. A potential of the deal is more than 90 points.

XAU/USD

Gold plummeted last week and is now trading near the support level 1493.20. Given that the fall was supported by the very large volume, we can consider a scenario of the breakdown of this mark, which will be an excellent signal for opening short positions. The breakdown movement should be fast and on the large volume, which will be a more reliable signal for entering the market. A stop loss should be set just above the breakout volume bar. A potential of the deal is more than 300 points.

The sentiment: as with this indicator, it fully confirms all our trading scenarios, which is an excellent additional signal. Only with AUD/USD the situation is 50/50, so we should be more careful. As with EUR/USD, we can open new positions after a confident exit of the price from the consolidation.

The best deals: USD/CAD, AUD/USD

Potentially good deals: GBP/USD, USD/JPY, XAU/USD

While out of the market: EUR/USD

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