Jun 08 2021 0
USD continued to weaken in the first session of the week, once again retesting the 90 mark. This has influenced the price action on other currency pairs. Previously formed patterns are being challenged.
Latest updates:
- The USD rallied in the first half of Monday's session but was then sold again, ending the session lower.
- According to Commodity Futures Trading Commission (CFTC) data released last Friday, speculators reduced their USD net short positions for the week.
- Investor sentiment in the euro area rose for a fourth straight month in June, reaching its highest level since February 2018, improved by the lifting of lockdowns as cases of the virus spread. Covid-19 just dropped.
- The Bank of England said on Monday that payments in 'stablecoins' - a form of digital currency - would need to be regulated in the same way as payments currently processed by banks if they become popular.
USD/JPY
After the railroad pattern, the price has continued to decline, however it still respects the lower uptrend lines. The bullish signal has re-appeared around this price range but it is generally quite weak, so don't rush, wait for today's daily candle to close, if it is a strong bullish candle, close above 109.33 then yes. buy orders can be considered.
EUR/USD
After confirming the reversal pattern, the price has continued to go up without falling as expected, the main difference is that the price of EUR/USD has broken through the ascending channel. If you already have sell orders you can continue to hold, the order is in a slight negative status. We only abandon this trading strategy when the 1.225 resistance area is clearly broken, confirming the return of the uptrend.
GBP/USD
GBP/USD continues to be compressed in the range of 1.41 to 1.425. We continue to wait, should only return to the trade when the price breaks out of this range, note that the longer the price accumulates, the stronger the subsequent breakout will be. In addition, the main trend is up, a break above can bring a higher probability of winning.
USD/CAD
The price has not changed much from the previous session, fluctuates in the range and has not been able to break the 1.213-15 zone and approach the 1.22 target. The longer the price accumulates above the 1.20 support area, the more unfavorable the buyers, you should be ready for bad situations, SL buy orders are placed just below the 1.20 zone, we will give up this tactic. when it is broken. In this situation, those who follow the main downtrend can consider returning to sell orders, the market is no longer in oversold state, but need a clear signal on the daily frame, avoid rushing.
AUD/USD
AUDSD is re-testing the previous broken uptrend line, short term bearish structure is still present so we can continue to hold short positions (being negative). Pay close attention to the 0.777 to 0.780 zone, if this zone is broken, the possibility of the price returning to the uptrend is quite high.
