FOREX CHART ANALYSIS FEB 13 - SURPRISE!
Yesterday, although the price did not move much, it was enough to surprise some people. Please note that in any case, we must maintain a Stop Loss to preserve capital! Now let's look at the chart analysis for today to see what trading strategies we should apply.
- The New Zealand dollar rose nearly 1% against the dollar today after the central bank kept the interest rate unchanged as expected and is not likely to cut this year. The strong recovery of NZD also made AUD to benefit, among the G10 group that are the two leading currencies in the recovery.
- A senior official with the International Monetary Fund commented on the impact of the Wuhan pandemic that it is too early to talk about its impact on the economy, encouraging Asian countries to be severely affected. introduce stimulus measures however need to be in the framework.
- Credit rating agency S&P predicts that the flu could wipe out 0.1% - 0.2% of UK and EU growth, the main areas affected are exports and business investment.
- Real wages in 2019 in Germany - the EU's leading economy - have risen for the sixth year in a row, fueling expectations that household spending will continue to underpin its meager growth.
Unlike USDJPY gold yesterday, there was a significant price movement, not a cumulative one. The triangle was broken, the price broke out to approach 110.2 and then dropped a bit. This is a strong resistance area, but the current price action suggests that the price may continue to rise. The brothers who have long orders continue to hold, move the SL, do not add new orders in this area because there is no signal breakout, moreover if there is a breakout, the price range is not much. The brothers who trade reversed, they should not rush into the order, waiting for the price to go further and have a clear signal of decline.
The most surprising session yesterday was EURUSD, despite the simultaneous rising signals, prices still fell and broke the lowest bottom in more than 2 years. At first glance, this is not like an SL scan, the selling is still strong enough to sustain at the new bottom. Therefore, absolutely not stuffed orders to buy this area, if missed SL then wait for the next signal to see stars. The area to pay attention to is the 1,080 zone. I also do not encourage short-term brothers because the market is in a state of oversold, heavy adjustment may come very strong.
The price doesn't fluctuate too much but it is enough to create a bearish pin bar on the daily basis, although this signal is not really strong but it reinforces our bearish view. You keep prioritizing sell orders, the target will be the area of 1.275 - 1.277.
The price dropped sharply as expected, the resistance at 1,325 was not strong, continuing to raise sell orders, it is likely to consider moving SL to reduce risks. The target is still the 1.32 zone, this is the confluence zone with MA20 on daily so the possibility of rebound is relatively high, brothers pay attention.
The price is still going up, but it is being tested by the confluence of 0.675 and cannot get out of the descending channel, the bottom-fishing brothers can continue to keep the order, the new orders should only be considered when the price exits the channel. Shortists should not sell this time because the signal is not strong enough and the possibility of a reversal is large.