May 28 2021 0
It's Friday. Let's get ready for the market at the end of the week.
- US GDP did not differ much from expectations (actually 6.4% vs 6.5%).
- The US labor market continued to show improvement as the number of jobless claims last week stood at 496k, much lower than expected and the lowest level during the pandemic.
- The United States and China, the world's two largest economies, are getting back to talking about trade.
- The US and Europe seem to be escaping the Covid-19 pandemic thanks to the support of vaccination programs. And now, attention is turning to understanding the origin of the virus.
The price has approached the border above the range as expected after many days of waiting. Consider exiting previous buy orders or moving SL to reduce risk. The uptrend is quite good and the price is showing signs of breaking through the peak of 109.7, the possibility that the price will continue to go up is quite high. But new buy orders should only be added when there is a clearer sign of a breakout, the target will be the 110.8 zone.
The price has not changed much after the previous bearish signals, currently trading just above the 1.215 confluence area. We continue to pay close attention to this price area, if it is broken, the 3-top pattern will be confirmed and the bullish structure will also be broken, then short-term reversal traders can consider selling orders. , the target will be from 1.205-1.210 zone.
The price did not break the neckline 1.41, so the reversal pattern has not been confirmed, instead the price has continued to the narrow range, we suspend GBPUSD trading for now because the signs are not clear, wait for a break out of the range for a clearer clue.
The price has not been able to approach the 1.22 target but has fallen back, the lack of buying power around the current bottom is a bad sign for the buyers, the current reversal orders should be placed cautiously. , but can still keep these buy orders, avoid adding new orders.
The price volatility was extremely low in the last session, so there is not much to say about AUDUSD, now you need to pay attention to the two border areas of the range 0.77 and 0.78, the breakout direction of the range will be. reveal the next direction of the price.