Jul 06 2021 0
Due to low liquidity in the first session of the week when the US market was on holiday, there was not much change on the currency pairs. We will still stick to the old trading strategies. Please be patient!
- OPEC+ abandoned the next meeting when the UAE and Saudi Arabia clashed with the remaining members, oil prices rose sharply.
- The dollar continued to weaken on Monday, losing some of its recent gains after the June NFP report showed no clear direction, easing fears of a monetary tightening move. worse than expected by the Fed.
- New Chinese economic data on Monday continued to show growth in June, albeit at a more moderate pace.
- The Eurozone composite PMI was revised to a new record high of 59.5 as the continent reopened its economy.
The price is still falling as expected, although a daily doji pattern has appeared, but this is not the time to enter an order, we continue to wait for a buying opportunity around the lower border of the rising channel (area 110.5).
Price volatility is very low in the last session, the bullish signals that we mentioned in the previous session are still intact, there is a possibility that the price will correct up. We continue to follow the old strategy, consider taking profits on all existing sell orders, waiting for new selling opportunities after corrections.
GBPUSD is recovering as expected, the descending channel has also been broken, the short-term target will be the daily MA20 around the 1.393 area, selling pressure may start appearing here, the next resistance zone will follow. will be round number 1.40 area. We will wait for the opportunity to sell around these zones.
The downtrend has faltered after the strong bearish signals we mentioned in the previous session (bearish engulfing candle set and trendline break), however this does not change our strategy, still expect The price will correct to the low of 1.225, and the next decision will depend on the price action there.
The price is continuing to correct after the false breakout of last week, continue to expect the price to go up, the first target area will be around 0.76, next will be the 0.767 confluence, these are the areas where we Will look for selling opportunities in the current downtrend.