Jan 19 2021 0
Today's session has no important economic data, but political events in the US are still closely watched by the market, including the hearing of Ms. Yellen - former chairman of FED, the impeachment process. Trump 2nd, and the steps to prepare for the inauguration of President Biden.
- He said that all citizens of this country can access Covid-19 vaccine in September, from which expectation of a "normalization" in Q3.
- The dollar continued to rebound in the first session of the week as traders turned to a safe haven on suspicions that an economic recovery could struggle amid the new rapidly rising Covid-19 cases. .
- December US core retail sales hit -1.4% from the previous month, a much larger low than expected, showing consumer spending in the world's largest economy is being hit. by complicated disease progression.
- China's Ministry of Foreign Affairs said on Monday that US officials with "bad behavior" against Taiwan - claimed by China - would face sanctions, after Washington lifted the sanctions. measures to limit exchanges between US and Taiwanese officials.
The price hasn't changed much, but the current type of accumulation is in favor of the sellers, the price is slowly being forced back to the neckline of the head and shoulders reversal pattern and waiting for a breakout. We maintain our old strategy, hold our current short positions and wait for the opportunity to replenish the position when the price successfully breaks down to 103.6, the initial target remains around 103.
The downside seems to be being stopped around 1.21, the price is no longer too far from our 1.20 target, consider partially exit or move SL to minimize the risk of strong bullish corrections. In case the price falls to the 1.20 zone with a strong uptrend signal, long-term uptrenders can consider returning to buy orders.
The price decreased after the set of submerged candles on the daily frame, however, the momentum was not much, the price did not reach the lower boundary of the range and there was a recovery at the end of the US session, creating more pin bar candles on the daily frame. It conflicts with the previous signal so we should temporarily not trade, continue to observe the next price action.
Our caution not to buy right after the correct bullish signals, the price could not get past the confluence zone 1.28 and is falling again with a bearish pin bar signal on the daily. The set of bullish engulf candles created last week has not been invalidated yet, but in the short term the price can drop according to new signals, the bulls will remain patient, only buy when the 1.28 zone is completely broken.
The price has yet to break the key confluence area of 0.77, but the fact that it has not been rejected and bounced up is also a good sign for the sellers. We continue to patiently wait for the reversal pattern to complete to enter new sell orders, the initial target target will be around 0.75.