Welcome to the Weekly Market Review. Today a lot of data is released in the world. This is an unusual situation because Mondays are those days of the week where data is usually not announced in such a large amount.
USDJPY H4 we see that the price is near the upper line of the channel, which may signal a correction. The level coincides with the resistance where the price reacted several times about half a year ago and earlier. Judging by the forecasts for the “ISM PMI for manufacturing” for the US, there is no certainty about either the strengthening or the weakening of the currency.
GAS H4 price has reached the support level which is in line with fibo 50. This level is close to the line of the designated channel. Possible retest of the level to hit the channel line, then local support has a chance to hold the price and rebound towards the emerging uptrend.
GBPUSD H4 After an intensive correction, the currency pair rebounded from the fibo 50, thanks to which the rate was again in the designated upward channel. Possible price increase to the level of the channel line and fibo 50 or 61.8, which would coincide with the trend line following the lows of the recent gains.
BTCUSD M30 BitCoin is trading low as its intense volatility has dropped a bit. We can now see that the price has slowed down and, compared to the previous very high turnover, it is now much lower. After analyzing the transaction volume, you can see that investors buying cryptocurrency have made a second attempt at small purchases. The total value of trading is several thousand BTC per hour, which is a poor result. When we see the desire to buy more than 10,000 pieces of crypto coins (minimum) within 30 minutes, then we will see that something is starting to happen. Such a volume should increase along with the price increase, which will mean that buyers have returned to the market and we have a chance for stronger growth. In the image I have marked a typical volume situation which shows that the volume falls when there is a correction and increases when there is a continuation of the trend price movement.
GOLD H4 Moving the price reminds me very much of the situation in the second half of 2019. If you were interested in this instrument before, you will see a channel that lasted several months. Back then, everything was done on a much smaller scale because the volatility was much lower. Now he is observing a similar situation, only the corrections are much greater. At the moment we see the price approaching the resistance which is very visible. The level is definitely worth observing.