Daily Technical Forex Forecast 29.12.2017


EUR/USD

The Euro broke out the resistance, but the growth of the price was on average volume, so new volume levels are impossible to point out. That’s why there is no a good moment for entering the market, but given the strong uptrend, we still should give preference to long positions.

volume euro

We can enter the market after the appearance of strong bullish impulse. The move must be abrupt and supported by large volume. A stop loss should be placed below the beginning of the growth. A potential of the deal is 110-120 pips.

buy euro

GBP/USD

The Pound is trading in the consolidation 1.3318 – 1.3544, where large volume is concentrated. That’s why the exit of the price will be a great signal for entering the market. The breakout movement must be sharp and supported by large volume, which will be a more reliable signal for opening new deals.

volume gbp

USD/JPY

The price fell down, but is still located in the local consolidation 112.08 – 113.65. That’s why we should wait for the exit of the price from it in order to consider new deal with this currency pair.

The breakout move should be keen and abrupt + supported by large volume, which will insure us from fake breakout. Until that, we should skip this instrument from our trading plan.

trade jpy

USD/CAD

The pair continued its confident fall, so we can state that downtrend with this currency pair is going on. That’s why we should consider exceptionally short positions with this instrument. Short positions can be opened after a smooth upward correction and a resumption of the sharp price fall. A stop loss should be placed above the beginning of this move. A potential of the deal is around 100 pips.

sell cad

AUD/USD

The uptrend with Australian dollar continued so our previous scenario is still actual: long positions after a resumption of the sharp growth of the price on increased volume. A stop loss should be placed below the beginning of the movement. A potential of the deal is around 70-80 pips.

buy aud

XAU/USD

It is necessary to note a strong local uptrend with gold. On the other hand, the price growth was on small volume, so it is impossible to single out any volume level or zone, which makes gold trading more difficult because there is no good place for a stop loss.

volume gold tfxi

Therefore, we need to wait for a confirmation signal – a strong bullish pulse on large volume, which will be an excellent signal for the continuation of the trend, and will also allow us to place a stop loss under the beginning of the rapid growth. The potential of the deal is 110-120 points.

buy gold tfxi

The sentiment: this indicator confirms our scenarios with EUR/USD, USD/CAD, AUD/USD and XAU/USD. The situation with GBP/USD and USD/JPY is complicated as these currency pairs are in consolidations.

sentiment

The bottom line: nothing has changed on the market, so all our previous scenarios are actual.