Jul 22 2021 0
USD lost its momentum in the past session, and is causing some reversals on major currency pairs.
- Canada's June New Housing Price Index +0.6% beat expectations +1.8%.
- The US Senate voted 51-49 against starting debate on the infrastructure bill.
- Musk says that Tesla 'most likely' will continue to accept Bitcoin.
- Mr. Powell has broad support from top Biden aides for the new term.
- The US Treasury successfully auctioned $24 billion of 20-year bonds at a yield of 1.89%.
The price recovered quite strongly in the last session, penetrating the newly formed descending channel line before, however, it should be noted that the bearish structure is still maintained. Our pending sell orders have not been activated without reliable bearish signals, continue to observe and wait for bearish signals around 110.7 to sell.
The price continues to fail to get out of the box, there is still an ambush around the 1.175 zone, however, it can be seen that the buying pressure around this area is not great when in the last 3 sessions, the area This price is continuously retested. We still maintain the old strategy, sell in the downtrend, the entry point is when the price breaks below the box or when creating a bearish signal around the 1.195-1.200 resistance area.
The price target around 1.360 for sell orders is quite accurate, the price has recovered strongly from this area in the last session. The current strategy is still waiting for the opportunity to add sell orders in the downtrend after the pullbacks, the price area to pay attention to is around 1.375-1.380, only entering orders when there are clear signals.
After the warning signals, the price collapsed quite strongly in the last session, the first price area (1.260) that we were waiting for the opportunity to replenish the position did not appear the signals. Continuing to be patient, waiting for the price action in the next area (around the lower border of the channel), we can still buy in the short term uptrend when there is a signal.
The price could not continue to go down after the bullish signal that was warned in the Tuesday session, the last Wednesday session continued to appear another bullish signal (the set of bullish pin bar candles on the daily), which suggests It is likely that the price will recover in the short term. Consider exiting all remaining sell orders, waiting for the opportunity to add new orders around 0.740 after the pullback.