Mar 11 2021 0
Today we have some new targets on the charts. Let's check them out.
Latest updates:
- US inflation was unchanged from the previous month, but only half the expectation.
- Traders are also wary that yields could rise further this week as the market will have to "digest" the $ 120 billion auction on 3, 10 and 30-year Bonds, especially after the session. auctions were not well received last week, causing yields to soar.
- Many analysts still expect the dollar to weaken this year, but recent growth has forced some to adjust their views.
- European stock markets are struggling to maintain the momentum seen on Wall Street last night amid fears of a slowing economic recovery.
- While there is hope that the EU blockades will soon be eased, the region is likely to see a technical recession when first quarter GDP figures are released. This puts pressure on the ECB, especially as European bond yields rise higher, potentially leading to tightening of financial conditions.
USD/JPY
The price is still going down so the probe short orders are profitable. Right now, watch the short term uptrend line followed by the important support at 108. If these price ranges are broken, you may consider adding short positions. The target for this correction will be around 107.
EUR/USD
After being rejected around the 1,185 zone, the recovery is still ongoing, but quite weak. Current conditions and prices are unfavorable to trade for both buying and selling sides. In the new session, we will continue to expect prices to move up to the resistance zone from 1.190-1.20. Pay close attention to price action in this area. If there is a noticeable drop signal, the sellers can come back.
GBP/USD
The price has broken the channel line and is making gradual high lows. This is not a good sign for current sell orders. As recommended in the previous session, you should consider exit when the price breaks the channel. During the new session, we expect the price to go up, and we will wait for price action around 1.40 for new information.
USD/CAD
BoC did not bring any surprises and thus USDCAD is still stuck in sideways price range. We keep the old strategy: do nothing now and observe the two boundaries of the range instead. In the event of a breakout above it will be the confirmation of a bullish structure. On the contrary, the price is likely to retest the bottom around 1,245.
AUD/USD
The price has retraced the 0.77 mark and completed a double bottom pattern. This could be a signal that prices will continue to recover in the short term. Anyone with previous sell orders should consider exiting early. The target for this reversal pattern will be around 0.78 which confluence with the previous broken uptrend line. As expected, this could be a trendline retest, and possibly another opportunity to sell.
