Dec 03 2020 0
Here we have the chart analysis of the most traded currency pairs of today, October 27th.
- Joe Biden will not immediately cancel the Phase 1 trade agreement that President Donald Trump has signed with China nor take steps to eliminate tariffs on Chinese exports.
- The EU shows it should not rush and negotiate under time pressure. Some member countries are ready to continue negotiations next year if a good agreement cannot be reached by the end of the Brexit transition deadline.
- He approved the use of a vaccine developed by Pfizer-BioNTech. It will be made available nationwide, starting next week.
- Central Bank of New Zealand Governor Adrian Orr is still trying to convey the message of a flexible approach to negative interest rates.
The price continued to fluctuate in the range, bouncing again when it approached the top of 104.7. On the H4 chart we do not see a clear price action signal, however on daily there is a very clear pin bar. The current selling pressure is likely to push the price to the lower boundary of the small range. However, it's only suitable for those who have experience in sideways trading.
Prices retreated quite slightly and then continued to go up. Anyone waiting for additional positions around 1.20 may have missed it. The 1.208 hurdle has been broken so the price is likely to continue to our target of 1.215. Continue holding long positions if any. Consider closing the order when the price approaches 1.215, at the same time, be wary of the possibility that the price might drop strongly around this price. In addition, it should be noted that there is a possibility that when the EUR increases strongly, speculation about ECB intervention will also increase.
GBPUSD retreated quite strongly in the last session, but not enough to generate signals for us to take advantage of. Currently, it is necessary to focus on the accumulation area of 1.328 to 1.345. This price zone breakout signal can provide more clear signals.
The price decreased timidly in the last session. The breakout signal of support zone 1.295 is not strong enough for us to base a trade. However, it is enough to disable the previous dragonfly doji pattern. This means that bottom traders need to wait for new signals. Especially when the price breaks the triangle area, then you should consider trading. For the bearish traders, a clearer breakout signal is needed. Ideally, after the price breaks down to 1.290 and pulls back to this area, you should enter the order.
Prices did not continue to move to the bottom of the uptrend channel, but rebounded quite soon. Currently it has approached the upper boundary. However, the price broke the peak of 0.7412 but failed to hold above this level so we cannot take action yet. Wait for a clear close above this price zone to consider new buy orders.