Mar 23 2021 0
All the charts have not reached where we want today. We still have to wait for more signals to trade. Today is a boring day.
Latest updates:
- Most of the market's attention yesterday was on the Turkish lira, with USDTRY up 8.4% at 7,8226 following Erdogan's shocking decision over the weekend to sack Central Bank governor Naci Agbal only. after four months in this role. The decision comes just days after he announced a sharp increase in interest rates to fight rising inflation.
- Germany is ready to extend the blockade to prevent the Covid-19 pandemic to the fifth month.
- The YouGov poll shows a significant decrease in the level of safety that EU citizens believe in AstraZeneca's vaccine compared to before.
- Barclays revised down its forecast of GDP growth in the Eurozone in 2022 from 5.3% previously to 4.3%, while the forecast for GDP growth in 2021 was unchanged at 3.9%.
USD/JPY
Prices fluctuated with a very low amplitude in the last session and in general there has not been any significant change. We still see a Double Top pattern forming now. The short term uptrend line is broken and the long shadows of the candles on the daily chart are showing selling pressure. With these signals, we continue to maintain current probing sell orders. The Stop Loss sits above 109.3 and replaces when the Double Top pattern is complete. The initial target will be around 107.
EUR/USD
The price bounced up from the zone of 1.19 and was tending to range in the 1.185-1.20 range. There is still no noticeable signal for us to take advantage of on this pair. Continue to wait and watch. We may have to wait until the price gets out of the range before we can trade.
GBP/USD
The price has added bullish signals around the bottom of the range 1.38 but is generally quite weak. Our strategy remains to buy up from this price range. However there are two options. If you take a little risk, you can buy it now. If you want to be more certain, then wait for another bullish signal also at the bottom of the range. The target will be the upper bound of the range, around 1.4. The Stop Loss will be below 1.38.
USD/CAD
After the bearish signals on both the H4 and the daily chart, the price only slipped slightly and then recovered again. Yesterday's exploration orders are breaking even. We may consider exiting this order as there is a high probability that the rally will continue to the 1.26 zone. We shall wait for a bearish signal around this 1.26 zone and sell in short term.
AUD/USD
Prices continued to increase slightly and filled the gap at the beginning of yesterday session. However, there is still no significant change. We keep probing and replenish our short positions when the price breaks down to the 0.77 zone.
