Apr 14 2020 0
The first session of the week, the volatility is not as bad as we think. There were significant changes sooner than we expected. Let’s get updated and choose the most suitable forex trading strategies.
Latest updates
- Australian business and consumer confidence fell to historic lows in March when economies were frozen to contain the disease.
- President Trump said on Monday that his administration was nearing completion of a plan to reopen the US economy.
- The UK finance minister has warned that the UK economy could shrink by up to 30% this quarter because of blockade measures to prevent coronavirus. The death toll has soared, so little hope that the blockade orders will soon be lifted. He is also at risk of becoming the country most severely damaged by the epidemic in Europe.
- According to oil industry observers, the small price increase at the beginning of the week showed that the producers' record output cuts will still make them try harder to restore the equilibrium of the market. school.
- Japan may see new job vacancies slow down and the number of unemployed rising sharply, especially in service industries that are suffering heavy coronavirus damage, Dai-ichi Life Research Institute said after the thorough analysis of business confidence in March announced recently by the Japanese government.
USD/JPY
USD/JPY is also moving as expected. The target price zone 107 is now getting closer. This is the bottom of April and also a strong support area so it is not easy for the price to penetrate the first approach. We expect to see bullish signals in this zone.
EUR/USD
There was hesitation, even a bearish signal after the breakout of the March trendline. With conflicting signals like the present, it's best to avoid trading. Buying orders are considered only if the price breaks out of the resistance of 1.10.
GBP/USD
GBP/USD has officially completed the bullish flag pattern but with a disappointing breakout force. The resistance zone 1.25-126 has not been completely broken, so buying at this time has certain risks. You should consider exploring the market with small positions. Wait for the bulls to give clearer signals to enter the order with standard volume.
USD/CAD
As a warning, the declining force at 1.40 is not high so it is easy to be broken. Currently USD/CAD has penetrated this zone and is moving towards the target of 1,378. This price zone is not the lower boundary of the channel but it is likely to face resistance of the buyers. Short term traders should exit when the price approaches and wait for the opportunity to re-enter later.
AUD/USD
AUDUSD is approaching the resistance zone of 0.64-0.65. Those who buy in the short term should consider preparing to exit the position, or at least move the Stop Loss to reduce the risk. In case of a successful breakout price, the target will be the upper border of the channel - the zone of 0.666.
