EUR/USD remains trading in the consolidation between two strong volume levels. The first one is the support 1.1680 – 1.1699, the second is the resistance 1.1870. Also we need to point out the presence of strong and large volume accumulation in this range, so we can consider that big players are gaining positions. Given this fact the best scenario will be just to wait for the exit of the price from the consolidation. The move should be sharp and supported by increased/large volume.
While the pair continues trading in the range, we should stay out of the market.
Everything is the same for the Pound as the price is locked in the local consolidation, where large volume is concentrated. So we can suggest that market makers are gaining their position in it, so we should wait the exit of the pair from the consolidation, which will point us the further direction of the price.
Until that it is too risky to consider any new deals here.
The Yen grew up and totally absorbed the previous fall of the price, which is a good bullish signal. Moreover, the growth of the price was on increased volume, so now we should give preference to long positions.
We can enter the market after the resumption of the upward move supported by increased/large volume. This will be a sign for the continuation of the growth. A stop loss should be placed below the level 113.50. A potential of the deal is 100-110 pips.
The local uptrend for USD/CAD continues as the price grew up sharply yesterday. The move was supported by increased volume which only strengthens it is importance.
Given all these facts we should consider exceptionally long positions. We can enter the market after a smooth downward correction of the price in order to get a better entry point. A stop loss should be placed 1.2617. A potential of the growth is more than 100 pips.
AUD/USD continued falling after the release of the negative macroeconomic data this morning and finally broke through the lower limit of consolidation/support level 0.7744. It is worth noting that the movement was sharp and on a fairly large, as for the Asian session, the volume. Considering this breakdown move we should give preference to short positions.
Sales should be opened after a small and smooth correction of the price upwards to get a more profitable entry point and, as a consequence, a better risk/profit ratio. A stop loss should be placed for the level of 0.7785. The fall potential is about 100 points.
Gold fell down yesterday and is testing the support level 1272.90 at the moment. Given the presence of the local downtrend and the absence of any significant reaction of the price to the level, we should consider the scenario of its breakout, which will be a strong bearish signal.
The breakdown move should be sharp and supported by large volume, which will be a more accurate and sure signal for entering the market. A stop loss should be placed above the breakdown volume bar. A potential of the deal is up to 150 pips.
The sentiment: this indicator confirms all our scenarios, which is a great signal for entering the market in case of good entry points.
The bottom line: everything remained the same on the market, as EUR/USD and GBP/USD are in ranges, but all other instruments have pretty good scenarios for trading.