After the release of the fundamental news, EUR/USD showed rapid growth and finally exited from its global consolidation. The upward price movement was sharp and on very large volume, which is an excellent bullish signal. It is also worth highlighting a new level of support 1.1849-1.1868, in which large volume is concentrated, which pushed the price further upwards.
Thus, it is worth considering exceptionally long positions on the euro. We can enter the market after a smooth correction of the price down to get a more profitable entry point and, as a consequence, a better risk/profit ratio. A stop loss should be placed under the support level. The growth potential is more than 120 points.
GBP/USD pair also showed rapid growth, but the move was not on large volume, as for the euro, but at a slightly higher level. In addition, it was evenly spread throughout the movement, so it is impossible to single out a specific new level.
Also, if we look at the daily volume chart, we can see that the price is in the consolidation, and also there is a strong downtrend.
Thus, it is better to wait for the pound to exit from the consolidation and only then consider any options for opening positions.
Despite a sharp fall of the price on Friday, USD/JPY is still trading in the global consolidation. Nevertheless, such a strong bearish momentum on large volume allows us to assume that the price will continue falling to the support level of 108.63 – 108.71.
If the price breaks the given level on increased volume and is fixed below it – this will be an excellent signal for sales. A stop loss should be placed just above the breakdown volume bar. The potential of the deal is about 110 points.
USD/CAD showed a rapid fall on large volume on Friday. Thus, the global downtrend for this instrument continues. It is also worth highlighting a new resistance level of 1.2507, in which a large volume is concentrated.
Given all of the above factors, it is worth giving preference to short positions for this currency pair. We can open shorts after a slight smooth correction of the price up. A stop loss should be placed just above the level of 1.2542. The potential for a fall is about 100 points.
On Friday, the Australian dollar showed a sharp price increase on very large volume and tested the upper limit of consolidation. It is also necessary to note a new resistance level of 0.7937 – 0.7953, in which a large volume is concentrated.
Given the strong and rapid price growth, it is worth considering the option of breaking the resistance and opening long positions for this currency pair. The breakdown must be confident and on increased/large volume, which will be a more accurate signal for entering the market. A stop loss should be placed under the breakout volume bar. The potential of the deal is about 70-80 points.
After a sharp fall of the price on Friday, gold immediately absorbed a bearish impulse, volume was concentrated at the bottom of the movement, which is a good bullish signal.
Nevertheless, from the current level, we can not open purchases, because there is the strong resistance level of 1296.30 – 1300.50 at the top of the chart .
Thus, we can consider purchases only after a sure breakdown of the resistance level on large volume. A stop loss should be placed under the volume breakdown bar. The potential of the deal is more than 150 points.
The sentiment: the mood of the market confirms our scenarios for all instruments, except GBP/USD, which is in the consolidation.
The bottom line: after the appearance of large volume on the market on Friday, the situation has changed and now there are a lot of interesting scenarios for trading. EUR/USD and USD/CAD are in priority.