Mar 26 2021 0
USD continues to rise, approaching 93. You need to pay attention to selling pressure around this area.
- The dollar edged higher on Thursday, climbing to a four-month high against the euro as the third Covid wave and slow vaccine rollout in Europe weighed on the common currency.
- Some European countries, such as Germany, France and Italy, recently extended their travel restrictions when a pandemic reappeared. The French government is also ready to take stricter measures if the current measures are not enough to prevent spread.
- US Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell expressed confidence in the recovery of the US economy on the second day of testimony before the House of Representatives.
- Chancellor Angela Merkel on Thursday defended the government's decision to buy the coronavirus vaccine alongside other European Union member states, commenting that otherwise, the bloc's alignment would suffer. totter.
- The Swiss National Bank has kept interest rates at a record low of -0.75% and pledged to continue its foreign exchange intervention policy while the economy remains vulnerable to pandemic.
New developments continue to not support the current strategy. Once again the price re-tested the upper bound of the range, at 109.3. The Stop Loss for all short orders should be placed above this price zone. If the price breaks above successfully, it will be a continuation of the trend. Buyers can consider returning. However, we will not rule out the possibility of forming a Triple Top pattern. You can still be reluctant to stick to the old strategy as long as zone 109.3 is not broken. In addition, I would like to reiterate that the longer this accumulation zone is, the less is the probability of the price falling as expected, because it shows that the selling pressure is not strong enough.
The support zone 1.180-85 has been broken with a relatively strong force. We continue to maintain the strategy of selling. In addition to previous tentative orders, additional positions may be considered. The target for this decline will be around 1.17.
The price is showing signs of recovery around the 1.37 zone, which is normal in a downtrend. No need to worry. We continue to maintain the strategy of selling. In case the price corrects above the 1.380-85 zone, we can consider new sell orders if there are reliable bearish signals.
There are no more clear signals on the USDCAD chart yet. Price is still hovering around the 1.26 transition zone. It should be noted that this is the area where we expect a return of the sellers. However, up to this point, selling pressure seems quite weak. The possibility of further correction to the 1.270-75 zone is increasing. Continue to wait for more new price action. We should not react at this time.
The price has not been able to get past this year's low, around 0.76. We continue to maintain existing sell orders (risk reduction has been taken). In addition, when the price breaks the current support level, we might consider adding orders. The target will be around 0.75, the confluence of the lower boundary of the descending channel and the long-term uptrend line.