Aug 03 2021 0
The first session of the month went relatively smoothly. USD does not fluctuate much. Our current trading strategies are still pretty good.
- US stocks closed the first session of the week with mixed results
- WTI crude oil futures recovered slightly after falling sharply in the first session of the week
- A Fed governor, Waller, said: Inflation is much higher than the 2% target
- US Senate leader Schumer: Ready to consider amending the infrastructure bill
- The Atlanta Fed's GDP estimate for Q3 growth rose to 6.3% from 6.1%
- Europe's main indexes rise higher than the first session of the month
- US construction spending +0.1% vs -0.2% last month
- ISM Manufacturing PMI for July is 59.9 vs 60.8 . estimate
- US Markit PMI (Final) for July is 63.4 vs Preliminary reading of 63.1
Selling pressure has returned, the bear trap that was formed earlier around 109.5 has also been invalidated, now the price is heading to the bottom of July around 109. If you have a buy order, you can hold it. , however, should not enter new orders at this time, because the entry point is no longer advantageous. If 109 is broken, expect the price to approach the 108.5 zone.
After last week's bearish signal, EURUSD rallied in the first half of the week, but then lost momentum and fell back towards the end of the session, creating a notable bearish pinbar. The price still can't get out of the box, the bearish signal is still present, our strategy is still the same, we can consider selling orders at the moment, the target will be around the lower border of the box. More carefully, we can wait for the price to approach the 1.195-1.200 zone before considering selling orders.
After being rejected and generated a bearish signal around the 1,400 region, the price did not change much from the previous session, however the short-term trendline break was clearer, the price also dropped below the more obvious 1.390 level. . We continue to maintain short positions with the target around 1.375.
After the bullish signal with the inverted hammer, the price has recovered as expected, however the uptrend is still quite weak, in addition, the price is also approaching the short-term downtrend line, and this will is the first challenge in reaching the target of 1.265. We continue to maintain buy orders, pay close attention to the price action around the aforementioned downtrend line, if there is too much selling pressure with strong bearish patterns, we can consider exiting the order early to risk reduction.
After the strong bearish signals that we mentioned in the first session of the week, the price has not been able to get out of the box, but the recovery force is also very weak, we continue to maintain our existing sell orders. Expect price to approach 0.72 target.