Jun 11 2021 0
The two biggest events of the week did not change the situation much. The volatility of the market in recent days is also usually at the low level of the whole year.
Latest updates:
- US inflation continued to have a soaring month, significantly higher than forecast (0.7% vs 0.4%).
- The number of people claiming unemployment benefits for the past week did not change much compared to expectations (376k vs 370k).
- The ECB continues to maintain a loose policy stance after the June meeting.
- Oil prices rebounded on Thursday after sliding lower on data showing weak fuel demand during the US driving season.
- Bitcoin, the world's largest cryptocurrency by market capitalization, continued to climb higher on Thursday, adding to the strong gains seen on Wednesday when El Salvador became the first country to adopt the legal Bitcoin payments.
USD/JPY
After the previous bullish signals, the price only went up a little and then fell again, accompanied by bearish candlestick patterns. However, the price has not broken through the ascending channel yet, we can still maintain our previous long positions, the SL is below the channel line. In case the price breaks the channel line and creates a new low, we will temporarily abandon this strategy.
EUR/USD
EURUSD has not changed much, the price is still hovering just above the neckline and generally does not affect our current strategy much. You continue to maintain short positions, the initial target is still around 1.207, further is still the 1.20 zone. We only abandon this strategy when the 1.225 resistance area is clearly broken, confirming the return of the uptrend.
GBP/USD
Once again the price bounced back from the edge of the 1.410-1.425 range, and this bounce is relatively close to the lower border of the ascending channel line, showing that the price is still respecting the dominant uptrend. Still can't trade GBPUSD as it's still in range, wait patiently for breakouts, especially for breakouts to the upside.
USD/CAD
Similar to on GBPUSD, the price has not yet broken out of the tight range, the main difference is that the price is being well supported by the multi-year low, we have long positions, keep holding. These positions, target around 1.22, wait for the next price action to judge if the price can rise above this resistance.
AUD/USD
AUDUSD also has not changed much, the price is still hovering close to the previous broken uptrend line, now we can still maintain the selling strategy until the price breaks the 0.777-80 resistance area, surpasses it. above the old trend line.
