FOREX CHART ANALYSIS MAR 31 - THE LAST DAY
After many selling sessions, USD is recovering because of the demand in the last days of the month. You should note this offline. Today's session is the last session of March, also the end of the first quarter. You should be careful and choose the right trading strategies.
- Germany warns of the deepest recession since the financial crisis. The content includes:
- The corona virus outbreak has put an end to the economic recovery that has just begun.
- Recession in the first half of 2020 is inevitable.
- The German economy will shrink significantly this year. Specifically, the economy may decrease by 2.8% this year and increase by 3.7% next year.
- Mr. Trump finally agreed to sacrifice his economy in exchange for safety. Specifically, he gave up hope of lifting restrictions on the US economy at Easter, extending the current restraining order until the end of April.
- Credit rating agency Fitch downgraded the UK credit rating from AA to AA- last weekend.
- The People's Bank of China has cut interest rates on 7-day reversed credits, from 2.4% to 2.2%. This is the largest decrease in nearly 5 years.
After the bullish signal at the support zone, USDJPY has made a pullback to the MA20 confluence zone. As mentioned, this is an opportunity for those who have not entered the command can enter. However, we need to wait patiently for clear signs. Whoever has the short positions can continue to hold. Again, the target is the zone 105.8.
A bullish signal appeared at the lower boundary of the up channel but is a very weak bullish signal. Moreover, the MA20 lines are also being violated, which increases the risk of buying orders at this time. You should consider. In case the price breaks the channel, it is easy to retest the area of 1.088.
The price has only reached the 1,250 area but has not reached the 1,260 area as expected. However, a noticeable hanging man has appeared on the daily chart. Do not continue buying and wait for opportunities to sell. You can enter with small volume for exploration. When the zone of 1.222 is broken, you can enter with standard volume.
Price is constantly adjusting to increase as expected. Please patiently ambush at the upper border of the short term channel. If the signal appears to drop, you can continue to sell short.
The price continues to accumulate and cannot surpass the MA20 on the daily chart and is approaching the decisive phase of the model. The priority is to find bearish signals to sell short in the medium-term following the main downtrend.