After the strike of Iran on US airbases, poeple were expecting another war. However, Trump's actions made the whole thing turn around. Now there are really unexpected activities on different charts. Let's take a look and analyze them to know what forex trading strategies we should use today.
USDJPY also surprised the candlestick with a strong bounce. This is the largest daily increase in recent months. Hopefully those who have previously shortened the Stop Loss order as recommended. Currently, the price is approaching the 109.2 barrier and retest the previous broken trend line. The bearish signal has not yet appeared, combined with quite strong increasing force, so we should not short but wait for more signals in this sensitive area.
EUR continued to fall before USD and penetrated the uptrend channel. However, note that prices are still in the larger up channel. This is clearly visible on the daily chart. We shall continue to wait to buy at the resistance zone of 1,105 with the lower border of this channel.
It is going to the end of the price compression area. If you are still holding the previous day, you should postpone the Stop Loss to reduce the risk. If there is no order, patiently wait for the breakout signal from this area before continuing to analyze whether to enter the order or not.
Oil no longer supported CAD and USD / CAD bounced back, continuing to send traders trading on the false break signal into the trap. Currently we have officially a bottom rounding pattern. The US-Iran tensions cooled, making bottom fishing less dangerous. In today’s session, the possibility of price will continue moving upwards. Pay attention to the MA20 on the daily chart. Sellers may come back at this price zone.
Yesterday, the price created a doji on the daily chart. Combined with the bullish signals on H4, you may consider long. Note placing Stop Loss below the current accumulation area because if the price creates a new bottom, the possibility of a rising trend line will also fail.