FOREX CHART ANALYSIS SEP 29 - WAIT TO SHORT
Here are the chart analysis for September 29th.
- It looks like the newly revealed Trump tax report won't erode support from Trump's core voters, even if it offers Democratic candidate Joe Biden an offensive tool. useful in the first going on debate between the two candidates.
- Trump paved the way for the future, nominating Amy Coney Barrett in the Supreme Court vacancy left by Ruth Bader Ginsburg. Coney Barrett, a federal judge and a Roman Catholic, if passed, would put conservative members in the Supreme Court to an overwhelming 6-3, which is quite likely when Thuong The house is controlled by the Republicans.
- The modest Copenhagen stock market became the first European stock index to hit an all-time high since the start of the pandemic.
- Sterling rose to a three-week high against the euro and a 10-day high against the dollar on new hopes of an agreement to regulate UK trade deals with the EU after The Brexit transition will end at the end of the year.
The first session of the week did not change much. Price still accumulates around 105.5. Without driving motivation, price is likely to continue moving around 105.2-105.7. This range is quite narrow, so it is not suitable for us to trade. Maintain the old strategy: wait to sell when the price shows bearish signals around 106 or when the price breakdown is at 105.2.
Prices recovered well yesterday and approached the level of 1,170. The double bottom pattern is forming so we don't wait to short this area anymore, pay attention to the possibility of it being broken. The price could go up to 1,175. This will be a good price area for you to short back. It is less likely that the price falls to the 1.160 zone. Then, the price may return to the zone 1.15.
The buyers won the fight at the 1.275 range and pushed it up to 1.290. The bearish signal has also reappeared, but you should not rush to enter orders. The uptrend is still good so it can be adjusted to the round number 1.3 area. It’s not too late to short then.
USDCAD did not change much compared to the first session of the week. The price only decreased slightly from the area of 1,342. We still keep the old strategy: wait patiently for buying opportunities around 1.325-1.33.
The downtrend has stopped and the price is accumulating around the 0.7 zone. The adjustment force is also relatively good so the ability can continue to go up. We will wait for a chance to return to the downtrend around 0.715 and 0.72 when signal is available. Medium-term traders continue to hold orders and move Stop Loss.