Mar 04 2021 0
Thursday usually comes with trading opportunities. However, today, we have to wait for some signals in order to decide our next moves.
- Some Fed officials said that the increase in bond yields reflects that investors are seeing a bright future, and that the current policies are consistent. Yield increases will not last!
- Also driving market risk sentiment is the decision of Texas Governor Greg Abbott to lift restrictions to stop the rest of the state's disease from spreading. While Mr. Biden said that he is confident that he will reach his goal of 100 million doses of vaccine / 100 days of incumbent.
- Senate Majority Leader Chuck Schumer said the entire parliament will begin reviewing the Biden proposed $ 1.9 trillion bailout bill "as early as Thursday" and "we will have it. the number of votes required to pass this bill. "
- One survey found that the eurozone economy is almost certainly falling into a double recession as pandemic-related blockades continue to affect the services sector.
USD/JPY has rebounded again, invalidating the previous bearish signal, but not enough to overcome the important price zone 107, creating another bearish signal on the H4 chart. We still keep the old view: there is a possibility of a downward correction around this 107 zone. You can keep the existing short order or wait for the opportunity to add a new order. We will only abandon this tactic when the price goes down 107 clearly. The initial target is 106, and the further one will be the lower boundary of the bullish channel.
After the bearish trap was created around 1.203, the price has adjusted down slightly, but not to the level of previous bullish signals. In the new session, keep existing buy orders and keep the original 1.215 - 1.225 target.
The 1.40 zone once again stopped a bull run, so the possibility of forming a range was mentioned in the previous session. Continue to hold short positions with positive SL. Consider exiting your order when the price falls to the lower boundary of the range. Only add new sell orders when the price successfully breaks down to 1.38.
The price is still being compressed without breaking the support zone 1.26 as expected. Temporarily not trading in the current price range. Keep looking at the long-term downtrend line and the 1.26 level. The next reaction will depend on which barrier the price breaks.
The price could not maintain its uptrend but turned down, re-testing the uptrend line after breaking the 0.78 mark. Should not be in a hurry to trade. In the new session, we need to pay attention to whether the price can break the trend line or not and create a down structure or not before deciding to trade.