Jun 14 2021 0
In general, volatility has increased again and trading conditions are also relatively favorable.
- DXY rose sharply in the last session of the week, causing noticeable changes in currency pairs.
- In Europe, the ECB's dovish stance on Thursday had little effect on the euro. The ECB said it would continue to buy bonds at a "significantly higher" rate, even as it drives up growth and inflation forecasts.
- Britain's recovery from the COVID-19 pandemic accelerated in April as containment measures were eased. They recorded their fastest monthly growth since July last year, at +27.6% from a year earlier.
- It is reported that a bipartisan group of 10 US senators has reached an agreement on the framework for a proposed infrastructure spending bill.
What we feared didn't happen, the trendline held steady and the price went up again. Therefore, we can still maintain our buy orders, SL is still placed outside the channel line, the initial target is still around the 110.2 resistance level.
After completing the small head and shoulders pattern, a similar but larger pattern is being created, this second pattern is also considered confirmed, you continue to maintain your short positions. The target can be increased to 1.20, but 1.21 is still a strong confluence, it is not excluded that there will be a slight correction here, you should not move the SL too soon.
GBPUSD is still a bore, the price is still consolidating in the range 1.410-1.425, however, the difference this time is that the price has approached the lower border of the rising channel, and if the 1.41 zone is broken, it will confirmed two signals including: the bullish channel line is broken and the giant rounding top pattern is confirmed. At that time, we can consider selling orders, but for now, waiting for signals is still the right thing to do.
Perseverance is paying off. The price is about to approach the 1.22 target area. At this time, those who are holding a long position will have two options: 1/ take all profits. 2/ Minimize the risk when the price approaches the 1.22 zone and wait for the break to continue buying to the 1.235-40 zone because then the rounding bottom pattern has been officially confirmed.
The price could not break above the uptrend line, and this is a good sign for the sellers, the bearish candlestick pattern has also appeared on the daily, we continue to follow the sell strategy targeting the initial target around the support zone. support 0.765, further is the 0.760 zone.