Daily Technical Forex Forecast 09.08.2019

EUR/USD

The Euro is still locked inside the local range between the support 1.1170 and the resistance 1.1240. Thus, our previous scenario remains relevant: we can open new positions only after the sharp exit of the price from it.

Furthermore, the breakout movement must be confident, keen and supported by the large volume, which will be a more accurate signal for entering the market.

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

GBP/USD

The same situation here as the price is still trading within the local consolidation, where the large volume is concentrated. The boundaries of the range are the support 1.2090 and the resistance 1.2243. Hence, the best decision with this instrument is just to wait for the exit of the price from the range and only in such case we can open new positions.

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

While the pair is locked within this range, we’d better omit this instrument from our trading plan.

USD/JPY

The Yen resumed falling, but is still located inside the local consolidation between the support 105.56 and the resistance 106.93. Thus, we can open new positions only after the confident and abrupt exit of the price from it. The breakout movement must be supported by the large volume, which will be a more accurate and reliable signal for entering the market.

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

USD/CAD

The Canadian dollar showed a sharp drop, but it sitll located in the middle of the local consolidation between the support 1.3119 and the resistance 1.3333. Therefore, we can open new positions only after the keen and confident exit of the price from it. Moreover, the breakout movement must be supported by the large volume, which will be a more secure signal for entering the market.

AUD/USD

The Australian dollar went on rising, but the growth was smooth and on the small volume, hence, we can’t consider new positions at the moment. Moreover, given the presence of the strong downtrend, we still should give a slight advantage to short positions. We can enter the market after a stoppage of this surge and a resumption of the sharp drop supported by the large volume. A stop loss should be placed above this move. A potential of the deal is more than 100 points.

XAU/USD

The price tested the level of support 1493.20 and then resumed growing, it’s a good bullish signal. This level contains the large volume + presence of the strong local uptrend, we should give preference to long positions.

We can enter the market after a smooth downward correction, in order to get an acceptable entry point. A stop loss should be placed below the level of support. A potential of the deal is more than 200 points.

The sentiment: this technical indicator totally affirms our trading scenarios with AUD/USD and XAU/USD, which is a great additional signal. As with other instruments, we can consider new positions only after the keen and confident exit of prices from local ranges.

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