Apr 13 2021 0
Following the USD, the currency pairs are seen with very low volatility. Today we will only set up something to wait for what to come.
Latest updates:
- The dollar is expected to rebound in the new week as traders evaluate the Treasury bond yield outlook while waiting for key US retail sales and inflation data in the coming days.
- MUFG analysts said: "We are about to see the first evidence of long anticipated inflation increases." They also said that the strength of the dollar can still be maintained thanks to 10-year yields.
- India's gold imports surged in March, reaching their highest level in almost two years due to falling prices increasing demand for jewelry during the ongoing wedding season.
- The latest data released by Eurostat shows that the single-currency region's retail data has increased by 3.0% far exceeding expectations of 1.7%.
USD/JPY
The price failed to penetrate the confluence area 110, so buy orders have not been triggered yet. The rejection force around 110 was also quite weak and there was no remarkable price model, so in general, there was not much change compared to the previous session. Let's keep the old strategy: keep an eye on the 110 zone. If it breaks, we might consider probing buy orders. Only add enough volume when the price breaks 111. In addition, sellers should not trade at this time.
EUR/USD
The price has not changed significantly, still accumulating in a narrow range around 1.190. However, this accumulation area takes the form of a bullish penant pattern - a pattern with a high probability of winning. Therefore, you can keep holding buy orders, targeting 1.20.
GBP/USD
The price could not penetrate the bottom of last week - the level of 1.367. The force of price rejection in this area is quite strong, so the possibility that the price can approach the uptrend line (below) is decreasing. I have recommended you to partially exit the sell order. You can keep the rest of the order. The important price area to observe at this time is still around 1.360-65. Price action around this zone will reveal clues about the direction in the future.
USD/CAD
USD/CAD retains its annoying boredom. The price continues to move in the narrow range. We will not trade until this range is broken.
AUD/USD
AUD/USD also fluctuated very little in the first session of the week, being compressed by two trend lines. With the current market conditions, short-term traders should no longer join the market, but should wait for clear signs of a breakout. For the mainstream medium-long-term traders, they can still hold buy orders.
