Jun 23 2021 0
USD is still in its correction phase. Therefore, the other currency pairs are acting accordingly. So this is not the time for you to trade. We must wait patiently for new trading opportunities. I always say that we will only enter when there is the best setup. Do not trade now because the market is very unpredictable.
- The focus of Mr. Powell's hearing was on inflation and he ruled out a repeat of 1970s-style inflation.
- Fed hawks like Fed President St. Louis - James Bullard and Dallas Fed President Robert Kaplan have commented on the risks of acting too slowly.
- White Square Capital, a London-based hedge fund, is closing after suffering heavy losses betting against individual investors on the GameStop deal.
- Market access for Iranian oil is being pushed back with the postponement of nuclear talks with Iran following a new presidential election in Tehran. Traders are turning their attention once again to the global economic recovery and surging crude oil demand.
The price has approached the top of last week and is approaching the target of 111 which is also the highest price zone this year. You have a buy order and are preparing to exit the order. This is a strong resistance area, so only consider continuing to buy orders when the price completely breaks this resistance area.
The small head and shoulders pattern has formed on the H4 frame, the price will likely continue to correct up, the target will be around the 1.20 zone. However, we should not be bottoming now, the RR ratio is not good enough and selling pressure is still quite strong, instead we should wait for bearish signals around 1.20 to sell on the downside.
Similar to EURUSD, GBPUSD has made a higher bottom on H4, it is likely to continue to correct up, we are temporarily not trading at this moment, waiting for bearish signals around 1.40-1.41 to sell on momentum. previously decreased.
Prices are continuing to fall as expected, lower highs have also appeared, we will wait for fresh price action around the 1.225 region to see if bullish momentum returns.
AUDUSD is also correcting up, we continue to wait for the price action around the conversion zones like 0.760 and 0.765 to consider new sell orders, which, ideally, would be the 0.765 zone.