Jul 07 2021 0

USD surprised in the last session when it recovered quite strongly, creating new triggering signals. It is time for us to trade now!

Latest updates:

  • Antipodean currencies (including AUD and NZD) rallied strongly in the first half of Tuesday's session but then fell back in the US session when the USD rebounded strongly.
  • A survey of business conditions showed impressive strength in New Zealand, prompting investors to bet on a rate hike that could come as early as November.
  • The RBA announced that it will reduce QE purchases from AUD 5 billion per week to AUD 4 billion per week, keeping interest rates unchanged, and moves will be reevaluated in November.
  • OPEC+ continues to be volatile, the lack of a deal means the bloc will keep output at current levels through August, despite increased demand due to a recovering global economy. However, higher prices also make it possible for countries to break the agreement and unilaterally increase output, raising the risk of another oil price war.

USD/JPY

USDJPY

It can be said that USDJPY did not bear much of the lead of the USD in the last session, while the USD bounced strongly, the pair still fell sharply. Our current strategy is to wait to buy up in the uptrend, however, the support area around the lower border of the rising channel has not yet shown any bullish signals, so the buy orders have not been activated, please be patient and wait for more.

EUR/USD

EURUSD

After the bullish signal at the end of last week and the trendline breaking signal this week, the price did not continue to correct up as expected, but turned around in the past session and is retesting the 1.180 price area. This move is unexpected, but we are still keeping the strategy of waiting for a selling opportunity so we are not affected. The new session needs to pay attention to the support zone of 1.180, if the price successfully breaks this zone with clear signals, it is likely to continue to drop to 1.170, then you can consider selling orders.

GBP/USD

GBPUSD

Price action on GBPUSD is similar to that on EURUSD, selling pressure has returned quite strongly. However, GBPUSD has not yet approached the previous bottom, so if the bearish breakout trading strategy is applied, EURUSD is still considered to be more positive.

USD/CAD

USDCAD

The price was not able to drop to the 1.225 support area as expected, but bounced up sharply. This move broke the previous top at 1.245 - the confluence of the downtrend lines. This is probably a good buy signal, but the price has not been able to break through the 1.25 resistance area, so you should only consider exploratory buy orders. If enough positions are added, then, the initial target will be around 1.26.

AUD/USD

AUDUSD

The correction stopped around 0.76 area, unable to approach the upper boundary of the channel. Now that a strong bearish signal has appeared (bearish pin bar on the daily), you can consider new sell orders, the initial target for this drop will be around 0.740.

author

Fanara Filippo

Hey, I’m Fanara Filippo. I’m the founder of this site. I'm currently living in Bangkok, Thailand. I have been trading forex for more than 5 years. You can read my articles about the best forex brokers on this page. Let’s review brokers today.

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