May 18 2021 0
With the world focusing on gold, we still stick to our daily chart analysis.
- The spread of the disease in Asia caused the demand for the dollar to increase, but not enough to make the currency recover strongly.
- On Monday, the European Commission said it would suspend a proposal to increase retaliatory tariffs, an earlier proposal that added some US products to the tariff increases starting on June 1st.
- The UK reopens the economy at a sensitive time, when there are signs that the Indian strain of Covid-19 Virus is spreading.
- Crypto assets saw a massive sell-off after Elon Musk hinted on Twitter that Tesla could sell some or all of its Bitcoin holdings. A follow-up tweet from Musk stating that Tesla did not sell its Bitcoin and had no intention of doing so, the crypto market sentiment has since recovered somewhat.
The price continues to retreat, now approaching 109 area, you should pay attention to this price zone, if there is a bullish signal, you can consider buying, in addition, when the price breaks through the 109.7 zone, confirming the continuation on the rise of the bullish structure, you can also buy.
The price did not change much in the last session, still blocked around 1.217 area. Still the old recommendation, you should exit a part or move the SL for buy orders around the lower border of the previous rising channel. Only add new buy orders when 1.217 is broken, confirming the continuation of the uptrend.
The price has retested the 1.415 resistance area as expected, you should move the SL for the previous buy and probe orders, in case there is a signal to definitively break this resistance area, you can consider adding buy orders. Then, the target will then be the area of 1.430-35.
The selling pressure continues to increase, the possibility that the price will retest the psychological resistance level of 1.200 is increasing, you should consider exiting early if you still have previous reversal orders. Temporarily stop trading USDCAD, waiting for new signals.
The price is still going up, you keep your existing long positions, set your target around the 0.79 resistance area, stop loss below the 0.77 area, don't rush to move the SL, in case of fluctuations.