FOREX CHART ANALYSIS FEB 25 - NOT MUCH TO TRADE
At the beginning of the week, the market received a range of Gap on almost all traded products, so Trader's psychology also had some influence and did not know how to trade. Perhaps we also need a little more time to stand outside the observation to have the best trading opportunity. This morning, through all the currency pairs, we did not realize which pair was trending strongly enough for us to trade with. Therefore, today we will take a look at the main currency, the USD. If you are interested in any currency pair, please comment below.
- The US stock market suffered the biggest loss in the last 2 years due to concerns about risks of disease. Gold also has a time to reach 1690. Citigroup said it expects gold to reach $1700 in the next 6 to 12 months and $2000 in the next 12 to 24 months.
- The IFO business environment report for Germany has reached 96.1 compared to 95.3 expectation, in addition to the note in the report also favorably biased.
- The Central Bank of Europe has begun a "public hearing" activity to measure public view across 19 member states about ECB monetary policy, which is similar to the event that the Federal Reserve held last year.
USD/JPY has just broken the uptrend on the H4 chart. However, that trend is only a sub trend. Price outstanding debt tends to be greater than a test in the area of correction. Our strategy is Sell with expected return of the price on the blue zone.
EUR/USD is forming a new uptrend on the H4 chart. However, prices are facing a series of corrections of the previous downtrend that prices have not yet adjusted. So with this pair we should stop and wait for the trend to get stronger.
GBP/USD is in a downtrend on the H4 chart. However, prices have adjusted. Prices should start falling here. If the correction continues, the possibility of this pair will create a new uptrend on the H4 chart. Therefore, our strategy is to sell, and also be cautious if price forms a new uptrend on H4.
USD/CAD just broke the downtrend on the H4 chart. Given this situation, we should stay out of the market and wait for a clear and strong trend to trade.
AUD/USD is having a downfall trend on the H1 and H4 chart. However, the price is setting the bottom of the downtrend on the H4 chart. At this point, we should stand outside and wait for the price to adjust to consider finding a sell position.