Daily Technical Forex Forecast 13.08.2019

EUR/USD

Nothing has changed with the Euro as the price is still located inside the local range, where the large volume is concentrated. The boundaries of the consolidation are the support 1.1170 and the resistance 1.1240.

Thus, we can open new positions only after the confident exit of the price from this range. The breakout movement must be keen and supported by the large volume, which will be a more accurate signal for entering the market.

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

GBP/USD

The Pound tested the level of resistance 1.2085, but could not break it out and resumed falling. Given that the price is still trading below this mark and the presence of the local downtrend, we still should give preference to short positions.

We can enter the market after the continuation of this sink supported by the large volume, which will be a more secure signal for entering the market. A stop loss should be placed above the level of resistance. A potential of the deal is more than 120 points.

USD/JPY

The Yen continued falling and broke down the previous level of support, which is a good bearish signal, but the movement was on the small volume. Therefore, we should give advantage to short positions, but we can enter the market only after the continuation of this drop supported by the large volume, which will be a more precise signal for entering the market. A stop loss should be placed above the beginning of this move. A potential of the deal is more than 100 points.

USD/CAD

The Canadian dollar goes on trading within the local consolidation between the support 1.3119 and the resistance 1.3333. Therefore, our previous scenario remains the same: we can open new positions only after the confident and keen exit of the price from the range. The breakout movement must be supported by the large volume, which will be a more reliable signal for entering the market.

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

AUD/USD

The Australian dollar carried on falling, but the move was on the small volume, so that we can’t allocate any new level or zone. However, given the presence of the strong downtrend, we still should give preference to short positions. We can enter the market after a continuation of the drop supported by the large volume, which will be a more secure and precise signal for entering the market. A stop loss should be placed above the beginning of this move. A potential of the deal is around 80-85 points.

XAU/USD

The price demonstrated a confident and sharp growth, but the movement was on the small volume, therefore we can’t point out any new volume level or zone. Nevertheless, given the presence of the strong uptrend, we should give advantage to long positions.

We can enter the market after the continuation of this movement, but the rise must be supported by the large volume, which will be a more reliable signal for entering the market. A stop loss should be placed below the beginning of this surge. A potential of the deal is more than 200 points.

The sentiment: this technical indicator totally affirms all our trading scenarios, which is a great additional signal for us. As with the Euro and Canadian dollar, we can open new positions only after the sharp exit of prices from local consolidations.

Hits: 4