After the test of the support level 1.1309 – 1.1329, the euro grew up quite rapidly, but, unfortunately, the growth was on small volume, so that we can’t highlight any new volume levels or zones.
Anyway, this move is a good sign that the price is willing to continue growing. We can enter the market and open long positions after the breakout of the local maximum on large volume. A stop loss should be placed below the beginning of the breakout move. A potential of the deal is around 80-90 pips.
The pound continues trading in the local consolidation just above the support level 1.2897 – 1.2910. Recently, volume on the market is very small, so it is impossible to point out any new levels or zones. It is worth noting that the price movement was smooth, without sharp impulses.
Also we need to highlight the large accumulation of volume within this consolidation. Most likely, the big players are already preparing for the payrolls and after the news on the labor market we are waiting for the beginning of a new trend.
Thus, we should trade the pound only after the appearance of large volume and the beginning of the impulse movement. Given the upward trend and the availability of support, long positions look more priority.
We can open the purchase after a strong bullish impulse up either from the current level or after a slight correction of the price to the level. A stop loss should be set just below 1.2897. The potential of the deal is about 110-120 points.
The yen grew up and broke out the level of resistance 113.38 – 113.50 on increased volume which is a good sign for the continuation of the uptrend.
So we can enter the market and open long positions either from the current level, or after a smooth correction of the price down. A stop loss should be placed below the breakout volume bar. A potential of the deal is up to 100 pips.
The Canadian dollar is locked in the consolidation near the local minimum. So we can trade this currency pair only after the breakout of the boundaries of the consolidation.
Breakouts should be supported by large volume and sharp. Stop losses must be placed below/above breakout volume bars. The target for long positions is 1.3150. A potential of the fall is around 100 pips.
Nothing has changed for the Australian dollar as there are a local downtrend and a global uptrend. So the best decision will be to wait for payrolls today, appearance of large volume and creation of new volume levels. After that we will be able to trade this currency pair. Until that, we should stay out of the market.
Despite the rebound of the price from the level of resistance, gold is still trading in the consolidation between the resistance 1226.00 – 1228.70 and the support 1218.50. Pretty large volume is concentrated in this range, so the exit of the price from it will an excellent signal for entering the market.
Given the strong downtrend and the presence of the resistance, we should consider short positions after a confident breakdown of the support 1218.50. A stop loss should be placed above the breakdown bar. A potential of the deal is 100 pips.
The sentiment: this indicator still confirms all our deals, only for USD/CAD and AUD/USD situations is a bit complicated.
The bottom line: today the payrolls will be released, so we should be extremely careful trading majors. It is better to enter the market after the news to avoid unnecessary stop losses.