Mar 08 2021 0

The USD is still recovering strongly and approaching the important 92 mark. Let's see how we should trade today.

Latest updates:

  • Democrats and Republicans have reached agreement on a new fiscal stimulus package.
  • The dollar rose in early European session Friday after Federal Reserve Chairman Jerome Powell dismissed much of the concern about an increase in bond yields.
  • During a policy review meeting in March, the governor of the central bank of Japan (BoJ) said he was not necessary to expand the margin set tacitly for long-term interest rate targets, emphasizing the need to keep costs away. borrowing at low rates to support a pandemic-ravaged economy.
  • Oil prices rose more than $1 a barrel on Friday, hitting a nearly 14-month high, after OPEC and its allies agreed not to increase supplies in April, awaiting a more significant recovery in terms of supply. need.
  • US NFP data was better than forecast, about twice as much as expected.

USD/JPY

USD/JPY Mar 8

The price once again breaks the key resistance zone, this time at 108. However, the breakout force is not strong and the price forms a doji immediately after the breakout. The market is in overbought state. The Bulls should stay out now. This is the moment for anyone who wants to trade high. However, the signal on the H4 chart is relatively weak to take advantage of it as a trigger signal for sell orders. Therefore, keep waiting for confirmation. Ideally, the price would break down to 108, breaking the short-term uptrend line accompanied by a set of bearish candles on the daily chart. The target for the correction will be 107.

EUR/USD

EUR/USD Mar 8

After a row of bearish signals, the price fell to the lower boundary of the downward price channel as expected, around 1,190. This is a relatively strong confluence zone. The price rejection was also shown on the H4 chart. It is likely that corrections will appear around this price zone. Trend traders, if you have sell orders, consider exit. The target for this correction will be around 1.20. Price action around this zone will determine the next response.

GBP/USD

GBP/USD Mar 8

The price broke the 1.308 zone as expected. Those who entered sell orders according to this breakout signal should keep their orders. The target would be around 1.365 - 1.370. In case there are no orders, we can wait for the opportunity around the upper boundary of the short-term bearish channel that has just formed.

USD/CAD

USD/CAD Mar 8

The price has broken the long term downtrend line. However, as mentioned, the more important price zone is now 1,275 - a price that will confirm both a bullish structure and a reversal pattern. And the price was unable to surpass this level, instead being strongly sold, creating noticeable bearish signals on both the daily chart and the H4 chart. With these price actions, we expect the price to continue to go down in the short term. You might consider additional short positions when the price breaks down to 1.260 and the target will be around 1.245.

AUD/USD

AUD/USD Mar 8

The price broke the 0.77 zone, confirmed a new bearish structure, but failed to approach the target of 0.76 and is recovering fairly quickly. Sellers might be stuck in this situation. With the existing price action, it is likely that the price will continue correcting to the 0.78 price zone before it can return to a short-term downtrend.

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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