The price continued falling and broke down the previous support, but the movement was smooth and on the small volume, so we can’t trade it at the moment. Besides it, the price is located in the global consolidation, where large volume is concentrated. That’s why, the best decision with this currency pair is just to wait for the exit of the price from this range, which will be a great signal for entering the market.
While the pair is locked within this consolidation, we should skip this instrument from our trading plan.
The situation with the Pound has not been changed. The price is trading in the local consolidation while the volume on the market is still small. That’s why we can consider our previous scenario as actual.
So that, we can open long positions after a resumption of the sharp growth of the price 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 the abrupt move. A potential of the deal is more than 150 pips.
The Yen continued growing, but the move was smooth and on the small volume, so we can’t consider long positions at the moment. Moreover, there is a strong global downtrend. On the other hand, we can’t regard short positions while the price is growing up confidently.
We can state, that there is no good situation for trading right now, so the best decision is just to skip this instrument from our trading plan today.
The Canadian dollar grew up and is trading near the level of resistance/upper limit of the local consolidation 1.2675, that’s why we can consider the scenario of its breakout, which will allow us to open long positions with this pair.
The breakout movement must be abrupt and supported by the large volume, which will be a more secure signal for entering the market. A stop loss should be placed below the breakout bar. A potential of the deal is more than 100 pips.
The Australian dollar is still locked in the local consolidation between the support 0.7770 and the resistance 0.7987, so that our previous trading scenario is still relevant. We can consider new deals here only after a sharp and sure exit of the pair from the range. The breakout move must be supported by the large volume, in order to insure us from fake breakout.
Until that, we should stay out of the market.
Price continued its downward movement yesterday. Moreover, the movement was sharp and supported by the increased volume, which is a good signal for opening short positions. So, now we can consider the scenario of opening sales with gold.
We can enter the market after a small and smooth correction of the price upwards to get a more profitable entry point. A stop loss should be placed at the level 1341.00. The target of the deal is the level 1307.80.
The sentiment: the mood of the market confirms our scenarios with the Pound and the Canadian dollar, but we still need to get some additional signals to be able to trade these currency pairs.