May 20 2021 0
USD is recovering. It regained the important 90 mark and caused some significant changes across the currency pairs. Get ready to change your trading strategies.
- The People's Bank of China (PBOC) has exacerbated the cryptocurrency market's decline with a new ban on cryptocurrency trading, new regulations designed to patch legal loopholes. is becoming more and more popular in this country.
- Brent and WTI crude prices fell sharply on a combination of market risk-aversion and reports that Iran and its negotiating partners had made "significant progress" in the recovery. United Nations treaty on their nuclear activities, hinting at the possibility of the US lifting the ban on it.
- Minutes of the FOMC meeting still show that the policy position of the Fed is unchanged.
The price has made a false break around the uptrend line, you can consider buying. More cautiously, it is possible to wait for the price to break the 109.7 zone - confirming the continuation of the bullish structure - before deciding to buy. The target will be the peak of April.
The pullback has appeared as a warning, now the price is retesting the old top around the 1.217 area. This will be the area for those of you who missed the previous buy order to consider entering, however, what is still missing is a bullish signal, be patient!
The buyers have not been able to hold the old peak around 1.415, the price penetration of this level is increasing the possibility of a deeper correction, possibly towards the psychological resistance of 1.400, selling pressure is also clearly seen on the market. daily frame. Conditions are not favorable, you may consider exiting previous buy orders early, waiting for another opportunity around 1.4.
The price bounced up quite strongly after the pin bar signal mentioned in the previous session. The reversal traders who have entered the buy order can move the SL to reduce risk, keeping the initial target around 1.22 area, the bearish traders continue to suspend their participation in the market at this time.
The selling pressure has increased and the price failed to breakout above 0.78 level, now retesting the 0.77 price zone. This price action is threatening the bullish structure, and if 0.77 is broken, we need to abandon the bullish strategy. Take a close look at this area.