May 17 2021 0
US economic data is showing uncertainty with retail sales data falling short of expectations on Friday. This makes the USD less attractive, and increases the likelihood that the FED will maintain a loose monetary policy for a long time. These will put more pressure on the USD.
- US retail data was disappointing, USD turned lower.
- Iron ore prices plunge as China tightens controls. In the latest move to rein in prices, the steelmaking hub in Tangshan has banned steelmakers from fabricating or spreading price hikes. That follows Chinese Premier Li Keqiang's comments this week about the need to deal with rising commodity costs.
- Investors are beefing up their protections against inflation risks, starting to be more cautious in highly sensitive tech stocks on concerns that rising inflation could force the Fed to tighten policy. books, BofA said Friday.
The price was less volatile in the last session of the week and is still continuing the bullish flag pattern. The trigger point of the pattern is still 109.6, we only trade when this price zone is broken, you should avoid entering too early.
The price has bounced up as expected, you continue to hold buy orders, you can close a part of the order or move the SL to reduce risk. Notice the price area of 1.217, there is still the possibility that selling pressure will reappear around this price range, we will only add buy orders if this price zone is broken.
The price bounced up from the 1.40 zone but the upward force is quite weak, you should not enter any new orders but only maintain the previous exploratory buy orders, in the short term expect the price to retest the 1.415 resistance area. The price action in this zone will suggest the next direction of the price.
The selling pressure has returned, but the support zone of 1.205 is still kept, you need to reverse if the order can still be maintained, expect the price to retest the area of 1.225-230, this is also the price zone. where the bears may be looking for a bearish signal to return to the main trend.
The price has bounced up as expected, the probe orders are profitable and the daily swing pattern has also been confirmed, consider adding positions, expecting the price to go up to 0.79 area, stop loss placed on the side. below the 0.77 level.