Mar 16 2021 0

There have been very important changes in the last session. Let's get ready to trade today.

Latest updates:

  • The dollar rallied higher on Monday, supported by rising Treasury yields on inflation concerns ahead of this week's meeting of the US Federal Reserve (FED).
  • Manufacturing costs in the US saw the biggest annual increase in more than two years, Friday data showed, and this was even before Joe Biden's $1.9 trillion stimulus went into effect. .
  • The BoE sees the possibility that the UK economy will return to pre-pandemic scale by the end of the year. it is expected that inflation will rise to 2% in the next few months, and there is no possibility of inflation going up to 4% or 5%.
  • The EU is seeking legal action against the UK on the grounds that the EU has violated the terms set out in the withdrawal agreement (Brexit).

USD/JPY

USD/JPY March 16

USDJPY has relatively low volatility in the last session. Price had a breakout in the 109.3 zone but was rejected right after that and now there is another bearish signal on the daily chart. This price action takes place after the bullish flag pattern on the H4 chart is completed, which is giving a warning signal to those who have bought in. In the new session, if you had a buy order following the bullish flag pattern, you should consider moving Stop Loss. Avoid replenishing the position now because the target margin is not much and the price action is not in favor. Reversal traders should wait patiently and pay attention to the possibility of forming a Double Top pattern around 109.3.

EUR/USD

EUR/USD March 16

Prices decreased slightly in the last session, but in general there are no convincing signals for us to consider sell orders. We still expect the price to continue falling, but the reasonable area to enter should be between 1.20-1.21. You should look for a trigger signal in this price zone.

GBP/USD

GBP/USD March 16

Selling pressure is continuing to consolidate and the price is being forced to the lower end of the range, around 1.38. The current market is still held by range traders. Keep moving Stop Loss and keep the target around 1.38. Trend traders should pay attention to the neckline 1.4 of the reversed head and shoulders pattern. If it breaks, consider buy orders. In addition, during the new session, one should observe more confluence 1.38 for any bullish signals.

USD/CAD

USD/CAD March 16

The price has not broken the 1.245 zone as expected, but there is a strong struggle at this price zone, creating a remarkable doji pattern on the daily chart. With previous sell orders, you should consider exiting the order or partially and moving the Stop Loss to minimize the risk. We should only continue to sell when there is a clear signal of breaking out of the 1.245 zone. Then the next target will be around 1.23. In the case of a strong rebound around this zone and going up, we will look for a bearish signal around the confluence zone 1.26.

AUD/USD

AUD/USD March 16

Not many notable new signals. Price is still stuck in the 0.77-78 zone. We will remain patiently waiting for bearish signals around this zone to follow the short term bearish structure.

author

Fanara Filippo

Hey, I’m Fanara Filippo. I’m the founder of this site. I'm currently living in Bangkok, Thailand. I have been trading forex for more than 5 years. You can read my articles about the best forex brokers on this page. Let’s review brokers today.

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