May 04 2021 0

Japan and China continue the holiday season in the new session, so liquidity may be low during today's Asian session.

Latest updates:

  • The dollar's rally stalled on Monday as investors began a cautious week with more central bank meetings to take place and more important US economic data released.
  • Oil held at close to $67 a barrel on Monday as optimism about demand recovery in countries including the United States and China balanced concerns about an increase in Covid-19 infections in India. Supply and increase from OPEC+.
  • Eurozone factory activity growth rose to a record high in April, fueled by growing demand and rising hiring, a survey found.
  • Cryptocurrency Ether broke past $ 3,000 on Monday, setting a new record high in an outright uptrend against Bitcoin. Investors bet that ether will be used more than ever in a decentralized financial system of the future.

USD/JPY

USD/JPY May 4

Price approached 109.5 and retreated from this zone as expected. Previous buy orders have reached the target. The bearish signal also appeared on both the daily and the H4 chart. In the new session, it is likely that the price will continue to decrease and retest the confluence area of ​​108.5. Price action around this zone will give us new clues.

EUR/USD

EUR/USD May 4

A small correction took place. Price re-test 1.205. The bearish signal also reappeared on the H4 chart. We can consider short positions in the 1.205-1.210 range. We expect the price to return to the medium-long-term downward channel from the beginning of the year.

GBP/USD

GBP/USD May 4

Demand returned to around 1.380, pushing prices back to the newly formed rising channel. We expect the price to retest the 1.400 zone. However, the bullish signals are not clear. In addition to the fact that the price is in the middle of the 1.380-1.400 range, the RR ratio is not good. We should avoid trading now.

USD/CAD

USD/CAD May 4

The price continued to fluctuate narrowly and created another doji on the daily frame of the same size as the previous pattern. The lack of demand at this support is increasing its chances of being penetrated. However, as warned, any sell order should only be considered when these candlestick patterns are invalidated. In addition, it should be noted that the amplitude to the lower boundary of the channel decreases much less. The R:R ratio is not good. You should consider carefully if you want to trade.

AUD/USD

AUD/USD May 4

The price has not yet broken out of the range 0.77-0.78 and is in the middle of this range. Current conditions are unfavorable. Please avoid trading this time. Consideration should be given only when the price breaks one of the two range ranges.

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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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