Apr 01 2021 0
The USD index fluctuated quite strongly in the last session of the past month, creating a remarkable doji patterns on the charts. Note the two boundaries of these candles. Which side is broken can decide our next moves.
- US Treasury Secretary Janet Yellen is reinstating a set of hedging regulations for large funds.
- President Biden has announced an increase in corporate income tax to 28%.
- European Central Bank (ECB) President Christine Lagarde said her institution would not be afraid to use all of its instruments if investors try to push yields higher.
- Ahead of Thursday's ministerial meeting to decide OPEC + output policy, Reuters revealed that there was a report from the OPEC + expert board meeting showing it had lowered its 2021 oil demand growth forecast. down to 300,000 barrels / day, this reflects concerns about the market's recovery amid a new wave of blockade to stem the epidemic.
Price moved up to the target at 111 and selling pressure is returning as warned. You should consider exiting or moving Stop Loss for buy orders to minimize your risk. In the short term, it is expected that the price will correct to the lower boundary of the upside channel, the 110 zone. In case the level 111 is broken, the next resistance zone will be at 112. However, the addition of buy orders is in the case. This needs to be carefully considered because the possibility of decreasing adjustment is increasing.
A slight correction occurred around 1.17, which was not out of the expectation of the previous session. Looking at the corrective price action this time around, we can see that the sellers still maintain their strength, which is a good sign of our current strategy. Maintain your current sell orders and wait for the opportunity to add more orders in case the price goes up to the 1.180 zone and creates a bearish signal, or the 1.17 zone is completely broken. The target this time is 1.16.
GBPUSD adjusted to increase relatively strongly in the last session. However, it is still in the downside channel and we do not need to change our selling strategy at this time. Continue holding orders and targets 1.36. Change only when the 1.385 zone is completely broken.
USDCAD did not continue to go up but fell quite sharply, creating a remarkable bearish engulfing candle set on the daily chart. However, the amplitude of this resistance is quite wide, and selling on this signal is currently quite risky. We should stay out of this and keep watching.
The price repeatedly retest the 0.757 zone is increasing the possibility of it being broken. We should continue to hold orders and prepare an exit plan when the price approaches the lower boundary of the long-term uptrend channel. There is a possibility that corrections will appear in this area. Consider adding a short position only when the price completely exits this bullish channel.