Jun 07 2021 0
NFP at the end of the week was disappointing and could not help USD maintain its strength against rivals.
- US NFP data was below expectations (559k vs 645k).
- Canada's labor data is also very bad with a forecast double drop, -68k vs -23.5k.
- Oil rose to $72 a barrel on Friday, trading near a two-year high on compliance with OPEC+ supply cuts and recovering energy demand, all of which countered the uncertainties. benefit from epidemic outbreaks and problems in vaccine deployment.
- Investors applauded President Joe Biden's offer to rescind his proposal to raise the corporate tax rate to 28% on Thursday. They see this as a move in the right direction and accept the idea of a compromise that could allow the infrastructure stimulus package and tax bill to pass the US Congress.
The price was unable to continue going up, respecting the channel line and retracing sharply from the upper boundary of the channel. This action has formed a railroad pattern on the daily frame, the possibility of further decline is quite high. However, the price is currently being supported by the uptrend line confluence with the 109.3 support area, need to wait for further price action around this area before acting.
After breaking the bullish channel and completing the head and shoulders pattern, the price corrected around the neckline, around 1.215 and a bearish signal appeared again, you can consider new sell orders, target will initially be around 1.207, then it will be 1,200.
GBPUSD continues to accumulate in a range with a range from 1.41 to 1.425, no change, so we continue to keep the old tactic of 'wait and see', if the range is broken, the support - resistance level is worth it. The next idea will be 1,400 and 1,435 respectively. One more point to note is that the longer it accumulates, the stronger the breakout force after the breakout.
The price continues to go up as expected but has not yet reached the target area of 1.22, so short-term reversal and still holding the order. The price breaking the 1.213-15 zone will be a good signal for the possibility of continuing up when the bottom is forming a rounding bottom pattern, pay attention! On the other side, the sellers only consider continuing to follow the downtrend when the price breaks the 1.20 support, however a clear break signal is needed, preferably on the daily.
AUDUSD gave the bears a trick as the price bounced up sharply after breaking down to the 0.77 zone. Model railroad was born after this act of fake breaking. However, the short-term bearish structure still exists so we haven't changed our tactic. If the previous sell orders have not been stopped-out, they can continue to hold (no new orders), SL above the downtrend line.