FOREX CHART ANALYSIS JUL 9 - GOOD SIGNALS
There are really good signals today that we must not miss. Here is the analysis of the most traded currency pairs' charts. Take a look at them to find the most suitable forex trading strategies.
- Spot gold price for the first time has risen above 1,800 USD/ounce in nearly nine years due to concerns about the 2nd outbreak and expected central banks will continue to relax monetary policy, thereby increasing demand for shelter property bridge.
- According to the World Gold Council, gold-backed ETFs have net inflows at a record $40 billion in the first half of this year.
- The UK government is expected to announce further fiscal stimulus measures. Specifically, the measures expected to be announced include £3 billion to improve energy efficiency of people and commercial assets, £1.5 billion to support the entertainment and arts industry, and £2 billion in salary benefits for young people.
- The United States has recorded more than 60,000 new cases of Covid-19 and the state of Texas accounts for more than 10,000 of them. The World Health Organization's executive director, Mike Ryan, said it would not be surprising if the number of deaths worldwide due to the covid-19 epidemic began to rise again.
- The way EUR investors remain cautiously optimistic about the Eurozone's economic prospects. Markets will continue to wait for news of the EU Recovery Fund and economic data in this region.
Prices are still in the middle, not suitable for trading now. We need to pay special attention to the support level 107.3 that the price is testing. This price can determine the short-term direction for USDJPY. Specifically, if it holds and shows signs of rebound, it is likely that the price will retest the upper band at 108.15. On the contrary, if the price breaks out of it, the price could easily reach the bottom of 106.8 and the further may be 106.
The price has rebounded relatively slightly after retesting the downtrend line, but it is still unable to break out of the range. Continuous checking of the upper boundary of the range has increased the likelihood of it breaking, but if you enter the long order, whoever has long positions should consider that the RR level is not good. Price target is still very short. I am inclined to wait for short at the zone of 1.142 when the bearish signal appears.
Our decision to abandon the sell orders is correct. Price returned to the upside after re-testing the MA20. For now, you may consider buying. There is a resistance area ahead of 1.268; however, it is likely that the bulls may head to the upper boundary of the medium-term up channel, or worse, to the zone of 1.28. Stop Loss points should be placed below 1.246.
Quite surprisingly, the price fell sharply to the lower boundary of the range. This makes us be wary of the price action activating the short order following the triangle pattern that has been mentioned in recent sessions. Who trades ranging should not continue. Now is the time for you guys to breakout trading. Please wait to sell when there are signals.
There are not many changes, so we still keep the old strategy: maintain short probes around the current price area and add positions when there is a bearish signal at the peak of 0.705.