Daily Technical Forex Forecast 30.08.2018
EUR/USD
The Euro is still located a little bit below the resistance level 1.1727. Howver, given the keen growth of the pair on the large volume yesterday, we should regard a scenario of the breakout of this mark, which will be a great signal for opening long positions.
The move should be sure and swift + supported by the large volume, which will be a more precise and reliable signal for entering the market. A stop loss should be located under the breakout volume bar. The potential of the deal is about 100 points.
GBP/USD
Our previous scenario was fully executed yesterday, as the Pound showed a sharp and rapid growth on the very large volume. As a result, the pair broke out the previous resistance level, which is an excellent bullish signal. It is also necessary to allocate a new volume support level 1.2945. Thus, we should consider exceptionally long positions with this instrument now.
We can enter the market after a small and smooth downward correction of the price in order to obtain a more profitable entry point. A stop loss should be placed a little below the new level of support. The potential of the deal is about 120 points.
USD/JPY
The Yen also grew up significantly and on the large volume yesterday and the pair is trading slightly below the resistance level/upper limit of the local consolidation 111.94 at the moment. Hence, we can regard a scenario of the breakout of this mark, which will be a great bullish signal and will consent us to open purchases. The move should be sure and supported by the large volume, which will insure us against a fake breakout. A stop loss must be placed just below the breakout volume bar. The potential of the deal is about 110 points.
USD/CAD
The Canadian dollar is located in the small consolidation just above the support level 1.2895. Given the recent abrupt drop of the price on the large volume, we still should give advantage to a scenario of a breakdown of this mark, which will be a strong bearish signal. The breakdown move must be rapid and supported by the large volume. A stop loss should be located just above the breakdown volume bar. The potential of the deal is about 100 points.
AUD/USD
Nothing has changed with the Austradlin dollar as the pair is still locked inside the local consolidation between the support level 0.7211 and the resistance level 0.7439. Therefore, the best decision is just to wait for a confident exit of the price from the range and only after that we can deliberate new deals. The movement must be abruot and supported by the large volume, which will insure us against a fake breakout and will be a more secure signal for entering the market.
XAU/USD
Gold resumed its rise, but the upward move was smooth and on the small volume. Besides it, the price is still located under the resistance level 1215.70. Hence, our previous trading scenarios are still actual.
- A test of the resistance level and a keen rebound of the price down on the large volume, which will be a great bearish signal. A stop loss should be located overhead the resistance. The potential of the deal is more than 200 points.
- An abrupt rise of the pair and a confident breakout of the resistance level on the large volume, which will consent us to open purchases. A stop loss should be located below the breakout volume bar. The potential of the deal is more than 150 points.
The sentiment: the mood of the market totally confirms our deals with the Euro, Yen and Canadian dollar, which is a good additional signal. As with the Pound, the situation here is 50/50, but given all strong technical factors, we still must give advantage to long positions.
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