Daily Technical Forex Forecast 30.08.2019

EUR/USD

The Euro demonstrated an abrupt fall supported by the large volume, which is a good bearish signal, broke down the previous support level, which only enhances its importance. Besides it, we need to allocated the new volume level of resistance, which was created during this move. It’s 1.1084.

Considering all these factors, we can open short positions, but we can enter the market after a smooth upward correction, in order to get a better entry point. A stop loss should be placed above the resistance level. A potential of the deal is more than 100 points.

GBP/USD

The Pound continued correcting downwards and now is located in the middle of the local range between the support 1.2052 and the resistance 1.2306. Thus, we can open new positions only after the confident exit of the price from this consolidation.

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

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

USD/JPY

The same situation here as the price continues trading inside the local consolidation between the support 105.12 and the resistance 107.60. Hence, our previous scenario remains actual: we can consider new positions only after the confident and abrupt 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.

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

USD/CAD

The Canadian dollar is still located near the level of resistance 1.3333, so that our previous scenario remains actual: we can consider a breakout of the resistance level, which will be a great bullish signal. The surge of the price must be keen and supported by the large volume, which will be a more accurate signal for entering the market. A stop loss should be placed below the breakout volume bar. A potential of the deal is more than 100 points.

AUD/USD

The opposite situation with AUD/USD as the pair continued falling and is currently testing the support level 0.6714. Hence, we may regard a breakdown of this mark, which will be a good signal for opening long positions. The breakdown movement must be abrupt, rapid and supported by the large volume, which will be a more secure signal for entering the market. A stop loss should be placed above the breakdown volume bar. A potential of the deal is more than 80 points.

XAU/USD

Gold tested the resistance level 1544.00, but could not break it out and then corrected downwards. At the moment the price is trading within the local consolidation between this mark and the support level 1493.20.

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

Until that, we’d better stay out of the market.

The sentiment: this technical indicator totally affirms our trading scenarios with EUR/USD, USD/CAD and AUD/USD, which is a good additional signal for us. As with other instruments, we can open new positions only after the sharp exit of prices from local consolidations.

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