Mar 31 2021 0
Many factors favor USD. The currency continued its uptrend and crossed above the important 93 mark, causing some notable changes
- PayPal has begun allowing US consumers to use their crypto assets for global online payments, a move that could significantly boost the use of digital assets in commerce.
- The dollar continued to rise higher on Tuesday, hitting a one-year high against the Japanese yen, when US bond yields started to rise again due to inflation fears, the dollar index also crossed the important 93 mark.
- Oil prices slipped on Tuesday as the Suez Canal opened after days of congestion due to the Ever Given incident, focus is slowly shifting to this week's OPEC + meeting, where supply extensions could be in place. In the context of the coronavirus pandemic, many new blockade orders were issued.
After a very standard correction to the 109.3 conversion zone, the price continued to go up as expected. It has now started approaching the 110.5-111 target area. This is the barrier area with a wide amplitude, so you need to be flexible in your actions. The price area 111 is the high for many recent months, so it is not excluded that there will be a strong correction. Consider exiting or moving Stop Loss to minimize your risk. For reversal traders, be patient and wait for clear confirmation signals. Don't rush it.
The buying force was too weak and as expected, the price broke the 1,176 zone to approach the initial target around 1.170. Consider risk mitigation moves for existing short positions by either partially exiting the order or moving Stop Loss. A slight correction is likely to occur before the price continues to decline. The next target is around 1.16. You should exit all sell orders when the price approaches this area.
The price went down as expected after the bearish signals we mentioned. However, the reduction force was not strong. The front bottom at 1,367 has yet to be approached. We continue to maintain the strategy of selling. We can consider moving Stop Loss to minimize the risk. The target for this bear turn will be around the lower uptrend line at 1.36.
The price is still inching higher, but the buying force seems to be quite weak, posing some certain risks for buy orders to the 1.275 zone. We should consider carefully. Also, don't set short-term targets above this level. The possibility of being ambushed by the sellers here is quite high.
The price is still moving favorable for the sellers. After a doji, the price fell back to the 0.757 support zone. Amplitude to the target for sell orders around the long-term uptrend line is not much. Be prepared for an exit plan when the price approaches this area.