Daily Technical Forex Forecast 29.06.2018

EUR/USD

The Euro tested the support level/lower boundary of the local range 1.1517, but failed to break it down and corrected upwards. However, the rise was on the small volume, and the price is near this level at the moment, so we still need to give advantage to short positions.

We can enter the market after the continuation of the drop and a confident breakdown of the level of support on the large volume. A stop loss should be placed just above the breakdown volume bar. The potential of the deal is more than 120 points.

GBP/USD

The Pound carried on its sink on the large volume, which is an excellent bearish signal. Hence, we should give advantage to short positions with this instrument at the moment.

We can enter the market after the resumption of the fall, but the movement should be supported by the large volume, which will be a more precise signal for entering the market. A stop loss must be located just above the beginning of this move. The potential of the deal is more than 150 points.

USD/JPY

The price is still trading inside the local consolidation, but given the sharp increase of the price on the large volume and considering the fact that the pair is trading near the resistance/upper limit of the range of 110.83 now. Thus, we can consider the scenario of a breakdown of this mark, which will be an excellent bullish signal and allow us to open long positions.

The breakout movement must be swift and confident, and also supported by the large volume, which will be a more reliable signal for entering the market. A stop loss must be placed under the breakout volume bar. The potential of the deal is more than 110 points.

USD/CAD

The pair broke down the previous support level, but the drop was stopped by the formation of a new volume level of 1.3246. Now the price is inside the range between this mark and the resistance 1.3367. Therefore, the best decision with this currency pair is just to wait for a confident exit of the price from the consolidation. The breakout movement must be sharp and supported by the large volume, which will be a more accurate signal for entering the market.

AUD/USD

The price is trading near the support/local range level of 0.7331 at the moment, so our previous scenario remains relevant: we can open sales after a confident breakdown of this mark. The movement should be supported by the large volume, which will be a more precise signal for entering the market. A stop loss should be placed just above the breakdown volume bar. The potential of the deal is about 80 points.

XAU/USD

The downtrend with gold continued, as the price demonstrated a significant drop yesterday, but the movement was on the small volume, so we still cannot point out any new level or zone.

However, we still need to regard short positions as a priority scenario. We can open sales after the continuation of the downward movement, but supported by the large volume, which will be a more secure signal. A stop loss should be placed a little above this fall. The potential of the deal is more than 150 points.

The sentiment: the mood of the market totally confirms all our trading scenarios, which is an excellent additional signal. We should give advantage to purchases with USD/CAD, which is confirmed by the uptrend, but firstly we should wait for the exit of the price from the range.

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