The Asian session remained slightly muted as the China and Hong Kong markets remained closed in observance of Tomb Sweeping Day. However, volatility is likely to rise during the US session which may give us a chance to trade the breakouts. Check out the quick trade ideas…

Gold – Bullish Reversal

As per our forecast, Gold soared +40 pips above $1,324. The most recent candle on the 4-hour chart is signaling a bullish bias of investors. I will be looking for a slight pullback above $1,324/22 to enter a bullish position.

EUR/JPY – Double Top Pattern

The EUR/JPY is consolidating near a solid resistance level of 131.650. The recent candles are signaling a weak bullish momentum and the double top resistance at 131.650 is supporting the bearish sentiment. Let’s keep an eye on this pair to take a selling entry.

USD/CAD – Testing Resistance

Loonie bounced off the support zone and is now testing the resistance level of $1.2780. On the release of Trade Balance (Point 4), we may see a bullish or bearish breakout. I will be looking to buy above 1.2785 to target 1.2815 in case of negative trade balance.

Canadian Trade Balance

Statistics Canada is due to release the Canadian trade balance and as per forecast, the trade balance is likely to fall to -2.1B vs. -1.9B previously. The Canadian dollar is heavily dependent on the news to make a further move.

US Unemployment Claims

At 12:30 (GMT), the US jobless claims will be worth trading today. As per forecast, the claims are expected to increase from 215K to 225K during the previous week. Let’s wait for the actual release to catch quick moves on Gold and US denominated pairs.

Good luck and trade with care!