Apr 07 2021 0

USD kept declining and it is about to approach the 92 mark. Here's how we should trade today.

Latest updates:

  • Australia's central bank left key policy instruments in place on Tuesday.
  • Germany announced its plans on Monday to have 20% of the population vaccinated against the coronavirus in early May, but that still leaves the European Union's largest country behind the United States in percentage terms.
  • Data from the US showed a strong economic recovery, with the Institute of Supply Management's services index skyrocketing on Monday, following from a strong labor market report released on Friday. .
  • Oil prices rose on Tuesday, supported by strong economic data from China and the US, offset some losses from the previous session due to the impact of OPEC + supply increases and the incidence of new Covid-19 cases in India and EU increase.
  • While ending economic bailout measures too soon would pose many threats to financial stability, it is time for the G20 countries to decide how it should be implemented, Commissioner The Financial Stability Board said on Tuesday.

USD/JPY

USD/JPY Apr 7

As expected, the correction is ongoing. The bears are still showing their dominance and there is no significant sign of the return of the bulls yet, so we cannot return to the uptrend yet. During the new session, we should change a bit of where to wait to buy, from 109.5 - 110 to 109.3. This is a transition zone and confluence with the MA20 on the daily chart, so there is a high possibility that buyers will ambush around this price zone. You might consider buying when there are clear bullish signals. Remember to place your Stop Loss carefully.

EUR/USD

EUR/USD Apr 7

The quick change of tactics is justified. The price bounced sharply in the past session and approached the price target of 1.19. Those who have bought in the head and shoulders reversal pattern before should consider risk reduction measures. Exit some of the orders and move Stop Loss for the rest. With current price action signals including: an inverse head and shoulders pattern on the H4 chart, the inverted hammer on the daily chart, and the bullish pin bar on the weekly chart, combined with a large downside channel breaking down the small downside channel, the upside potential remains. However, the uptrend might slow down around 1.190 before resuming. This could be an opportunity for us to replenish our positions when the price retraces.

GBP/USD

GBP/USD Apr 7

The price movement on the GBPUSD chart is in stark contrast to the EURUSD chart. The price dropped sharply from the area of ​​1.39 so the selling strategy was still maintained. We have now seen the return of the sellers. The rail road candlestick also appeared on the daily chart. However, for more certainty, we should wait for the 1.38 zone to be broken before considering new sell orders. For previous short orders, keep them.

USD/CAD

USD/CAD Apr 7

The price bounced back sharply from the breakout of the 1.255 zone, which is something we were not expecting. And as noted earlier, you should consider exiting a sell order early when this situation occurs. The current pullback on the USDCAD chart makes it irrelevant for us to continue trading.

AUD/USD

AUD/USD Apr 7

The price is still moving to the 0.77 zone - the potential selling zone of the 'bears' - and not much has changed yet. We keep the old judgment including: short-term reversal traders who are about to exit the previous buy order and medium and long-term traders following the bullish signals on the daily chart can continue to leep their orders.

author

Fanara Filippo

Hey, I’m Fanara Filippo. I’m the founder of this site. I'm currently living in Bangkok, Thailand. I have been trading forex for more than 5 years. You can read my articles about the best forex brokers on this page. Let’s review brokers today.

Related Posts
forex-chart-analysis-april-1

FOREX CHART ANALYSIS APRIL 1 - THE DOJI

forex-chart-analysis-march-31

FOREX CHART ANALYSIS MARCH 31 - MOVE YOUR STOP LOSS

forex-chart-analysis-march-30

FOREX CHART ANALYSIS MARCH 30 - ALL AS PLANNED

forex-chart-analysis-march-26

FOREX CHART ANALYSIS MARCH 26 - CHANGE OF PLAN


0 Comment

Leave a comment