Jun 30 2020 0
Here we look at the charts of the most common currency pairs to figure out what forex trading strategies we should use next.
- The number of coronavirus infections worldwide has reached 10 million, with more than 501,000 deaths reported, according to data from Johns Hopkins University.
- However, new infections in the US fell for a second day on Sunday after the country recorded a record high number of cases on Friday with more than 42,000 - an increase that the state of Texas had to order. close bars and suspend elective surgery at state hospitals to increase covid-19 treatment capacity.
- The UK and EU will have trade talks this week, the market will look for any signs of progress. However, analysts at ING expect that there will be very little progress in the summer and that is why GBP may have a poor performance in the G10.
- Five of China's largest oil importers will join forces to buy together, in order to improve their bargaining power with oil producers, which could cause a downward pressure on prices.
The price rebounded sharply and established a short-term bullish structure, causing the sell orders from the previous week to fail. The price has also successfully broken the MA20 on the daily chart, thereby creating more bullish signals. In the short term you may consider long positions. However, the range with 108 is not much, so wait for the price to retreat to MA20 on the H4 chart and decide.
The price has signaled a decline sooner than expected when we haven't reached the zone of 1.134 that we have been waiting for, so although the possibility of a price falling to the lower boundary of the range is quite high, the RR is no longer good and we are not should trade this moment. Stay tuned and watch for price reaction at the border.
The GBPUSD short orders were successful as the price approached the target of 1,225. Currently it seems that we have no more orders. It is likely that the price will appear correcting after many consecutive losing sessions. The goal of the correction may be the upper boundary of the channel or at least the MA20. We should not go back to trading at the current price zone.
There are not many changes on USDCAD. Price is still accumulating and creating more bearish signals just above the upper band of the range. Who trades ranging can take advantage of this market condition. Still note that you carefully put Stop Loss to prevent the breakout up.
Prices are still accumulating but about to break out. Please pay close attention and do not rush to trade. Personally, I am inclined to a breakdown and waiting to sell.