The euro failed to continue its growth and showed a correction of the price after the strong growth on Wednesday. The level of support was broken down, so now it does not matter. Unfortunately, a downward move was on small volume, that’s why it is impossible to highlight any new levels. Moreover, the pair is trading in the consolidation now + almost all European countries have a holiday today, so the market promises to be very calm.
In such situation the best decision will be to stay out of the market till Monday.
The same situation for the pound: we have a smooth correction of the price on small volume and a global consolidation + a holiday in the UK, so more probably the price won’t show any strong movements and will be trading inside the consolidation.
The scenario for the pound is the same as for the euro – be out of the market till Monday.
It is necessary to highlight the new level of resistance for the yen – 109.21 – 109.34, which contains huge volume and was tested on Thursday. Now the price is trading below it in a small consolidation. Given the strong fall of the price and the presence of strong resistance levels we should regard only short positions. We can enter the market after the resuming of the fall from the freshest resistance level. A stop loss can be placed above it. A potential of the deal is around 90-100 pips.
The Canadian dollar fell against the US dollar after the fall of the oil price. Now the pair returned trading in the consolidation. Volume is spread across the chart, so it is impossible to allocate any new volumetric level which can be used in trading this instrument.
That’s why it is advisable to skip this instrument from today’s trading plan.
The rapid growth of the pair AUD/USD after of the US president’s announcement about the strength of the US dollar was changed by a smooth correction of the price on Thursday. It is worth noting that the downward movement was on small scale, which can be regarded as a technical “pullback” of the price after a sharp growth. Also it is necessary to allocate 2 support levels: 0.7501 – 0.7510 and 0.7560 – 0.7572, in which the price is currently trading.
Long positions should be opened after the resumption of growth/rebound of the price from the support level on large volume. This is an excellent signal which will show the ability of bulls to push the price up. A stop loss is desirable to put under the level of 0.7530, where a strong bullish movement began. The target is 0.7670.
Gold will not be traded today due to the upcoming Easter, so it does not make sense to analyze this instrument.
The sentiment: our scenarios for the yen and the Australian dollar are totally confirmed by the mood of the market.
The bottom line: only the yen and the Australian dollar have acceptable situations for trading, thought the market will be thin due to the holiday, so you should be very careful today.