FOREX CHART ANALYSIS MAR 19 - ALL ABOUT USD
The first thing I want to talk about today is USD. People from all over the world are selling things from stocks to shares just to get a hold of this currency. Its fever is still rising despite FED activities. USD has reached the important milestone of 100 today. Check out the chart analysis and the best forex trading strategies right now.
- The world continues to be chaotic because of corona - Countries conduct massive money pumping. America, France, England, Spain, Japan ... are all actively pumping money;
- Austrian Central Bank Governor, Robert Holzmann, made it worse by telling the press that the ECB Governing Council has reached their limit in ways to stimulate the economy. The ECB quickly issued a rare statement refuting these remarks, but the market cannot be forgotten.
- Oil continues to fall and hit a 17-year low near the corona pandemic that threatens to bring the global economy into recession, and a booming supply is also a factor.
- Bond yields soared despite the sell-offs. The market returned to the state last week was "SELL ANYTHING" for USD. Gold is under similar downward pressure.
The price has approached the resistance zone of 108.4 as expected but no signs of decreasing. Price is hovering between resistances. Do not trade at this time. Today's session should wait for the bearish signals at the upper resistance to sell.
The price targets have been approached, you should consider closing short or moving Stop Loss. The resistance of 1,108 is the 2-year low. In short, it is not easy for it to be broken. Pause trading on this pair and wait for more signals from the price action.
The bullish signal has failed. Prices fell to nearly 700 pips yesterday. Stop Loss has saved us from the worst situation and that's why I always remind you not to forget Stop Loss, especially when trading reverses. The support levels have been completely broken. Prices created the lowest level in recent decades. Currently, only round number levels can be used for calculations. In the last 9 sessions the price has dropped to more than 1700 pips. Therefore, continuing to sell is not a good choice as adjustments can come at any time. In the case of noticeable bullish signals at the stiff resistance, you can consider long.
Oil dropped record and USD continued to rise, making short orders hit Hit Loss. The pair broke through two key resistance in just one session. We are currently testing the resistance level of 1,465. This is the highest price level set in 2016. The market is overbought so it is risky to buy. Persistently waiting for a nice bearish signal to sell.
Despite strong psychological resistance, prices continue to go down, currently approaching the 0.55 mark, which means that compared to the peak in 2011, the AUD has lost 50% of its value against the USD. The market is in a state of heavy oversold. Adjustments may come at any time. I do not encourage you to short sell. Instead, wait for increase signals to trading adjustment in the short term.