Jun 22 2021 0
Now that you see how USD behaved, you must be glad that you didn't enter any new orders like I told you yesterday. Those trends are surely traps. Anyway, today we will be looking at new trading opportunities because corrections are good for trading too. Check out my chart analysisi below.
- USD retreated strongly in the last session.
- Analysts at Goldman Sachs think the dollar's gains may not be sustained, noting that other central banks will also need to consider policy normalization as their economies recover from the pandemic.
- Bitcoin plunged in the first session of the week amid demand hurt by a riskier investment environment and increased crackdown on cryptocurrencies by Chinese authorities.
- There will be a total of 16 events featuring Fed speakers this week, and markets will be closely watching the language released by officials to see if it coincides with signals of change. during the last FOMC meeting or not.
The price has approached the support area of 109.6-109.8 and has bounced back, this price action has created a remarkable bullish signal on the daily frame (bullish pin bar), you can consider buying orders. , can wait for the price to drop to the 110 area before entering the order to get a better EP, the initial target is around the 111 price zone.
EURUSD has not continued to fall as expected, the price has not reached the target of 1.18 but is correcting up. Currently, on the daily frame, a rail pattern has also appeared, so the price is likely to continue to correct up. The downtrend is very strong, you should not catch the bottom, instead wait for the opportunity to sell after the corrections, the potential price area to do this is around 1.20, pay attention to look for bearish signals around this area.
The price corrected quite strongly after approaching the 1.38 target, forming a rail-road pattern similar to that on EURUSD. Currently, the previous broken uptrend line has been retested, however, it is not excluded that the price will correct further, you are not in a hurry to continue selling, waiting for a bearish signal around 1.40-1.41 before doing this.
Price corrected sharply from the 1.245 confluence as expected, retesting the previously broken trendline. In this situation, it is possible that many brothers will want to buy in the newly formed uptrend, however, from a broader perspective, the price is still in a bearish structure, moreover at the upper extreme of this structure. , combined with the newly formed railroad model, the possibility of further decline is quite high. Temporarily continue to observe.
AUDUSD also corrected up as expected, we continue to wait for a bearish signal around 0.76 to consider new sell orders. You should also note the giant head-and-shoulders pattern forming on the daily frame.