Jun 01 2021 0
Although the US closed the first session of the week, the USD continued to be sold strongly. DXY has once again lost the 90 mark and headed for multi-month lows. We must now take actions for the charts this week.
- The Organization for Economic Co-operation and Development (OECD) said the global economy is expected to grow 5.8 percent this year and 4.4 percent next year, up from its previous forecast of 5.6 percent, respectively. and 4.0%.
- The dollar remained under pressure in the first session of the week, falling to a 3-year low against the yuan (CNH) as economic data showed China's recovery slowed but remained solid. .
- Oil prices steadied on Monday, with Brent trading near $70 a barrel, underpinned by the prospect of strong fuel demand growth next quarter, while investors look ahead to the OPEC+ meeting in the coming quarter. this week to see how manufacturers will react.
The price has dipped below the 109.7 conversion zone, now moving towards the round number 109 zone. We continue to stand still, waiting for fresh price action around this zone. If there are bullish signals, buy orders can be considered.
The price is continuing to recover from a false breakout of the 1.215 area, which is currently close to the 1.225 mark. For the uptrend to be confirmed to continue, this resistance level of 1.225 needs to be broken, then the Tripple Top pattern we observed earlier is also invalidated, you can consider buying orders.
After two weeks of accumulation in the range of 1.41-1.423, the price is showing signs of breaking out to the top, you should pay attention to this signal, wait for the H4 candle to close for a confirmation signal before. enter the order, be more careful, wait for the daily candle to close, the short-term target if the breakout is successful will be the area of 1.435 - 1.440
Also not much has changed on USDCAD, price remains volatile at lows just above the 1.20 support area. The lack of buying power around this price zone is threatening the buy orders of the reversal traders. However, we can still hold the position if this 1.20 zone has not been broken, the short term target is still around 1.22.
As warned, the support range around 0.77 is quite wide, and we need a clearer signal before considering selling orders. Waiting patiently helped us avoid a goal, because the price is recovering quite strongly, heading to the 0.78 zone. You continue to observe and wait for new signals without rushing into action.