FOREX CHART ANALYSIS MAR 26 - THE MONEY IS HERE
So the market was once again flooded with money with massive US stimulus. The focus of today's session will shift to the US labor situation. Please stay aware and choose the right trading strategy.
- The $2,000 billion stimulus package was approved by the US Senate, waiting for Mr. Trump to sign it into law;
- Eurogroup has only made very little progress in promoting financial aid packages (European stability mechanisms) at a meeting on Tuesday. Financial ministers from bloc countries rejected the idea of joint debt instruments. This is causing great difficulties for countries with high debt such as Italy and Spain.
- The British Parliament will be suspended for at least four weeks from Wednesday, through Tuesday, April 21, 2020, as part of a government effort to slow the spread of the disease.
The price has not changed much and the selling point has not been activated clearly. Keep waiting patiently. In case the price goes up, pay attention to the resistance levels 112 and 113.
Price has penetrated the important 1,083 zone and is heading towards the 1.10 area. Keep the same view. Although recovering, selling power is still strong. Wait for the opportunity to return to the downtrend. Price to pay attention is 1.10. If the signal appears to drop, it is possible to sell. Those who are trading mid-long term should wait for the wedge pattern to complete before entering the order.
Price has moved close to the target of 1.20 but has yet to break this level. It is likely that prices will continue to increase in the short term. Anyone who has a buy order can keep and move a Stop Loss. If the current range is broken, the price can move up to the MA20 zone on the daily chart - zone 1.225. This is also an opportunity for mid-long-term selling side to return.
USDCAD has not changed much. Prices are still falling as expected. The target is still the zone 1.40. Keep holding the short commands. Also pay attention to the peak 1.465, which is the last line of defense for the seller.
The price moved close to the 0.61 level and then dropped again, now creating a noticeable pin bar pattern on the daily chart. Anyone who has not closed the long positions before should also close it. Today's view changes. The price is likely to fall to the support areas below.