Jul 09 2021 0

USD has had a downward correction session and is standing in front of an important price area (the neckline of the giant double bottom pattern on the daily). This development of the chart will affect the market on the weekends heavily. So keep updated and get ready for the next three days.

Latest updates:

  • US unemployment data fell short of expectations (373k vs. 350k).
  • The ECB changed its inflation target, leaving room to keep interest rates low.
  • The AUD fell to a seven-month low and the yen posted its biggest gain of the year as investors shied away from riskier assets after FOMC minutes confirmed the Fed was on track to cut. less property purchases this year.

USD/JPY

USDJPY

USDJPY once again did not follow the lead of USD and created a big surprise, just had the biggest drop of the year, our probe buy orders were also stopped loss. This price behavior has broken the previous bullish structure (price makes a new low, the rising channel line is broken), so we need to change our tactic, stop buying and look for selling opportunities, that can is when price retests the trendline with a bearish signal or when price completes a bearish continuation pattern.

EUR/USD

EURUSD

After the breakout signal, the price did not fall as expected but recovered, creating a bullish engulfing pattern on the daily frame. This is a pretty bad signal for the sellers, you should prepare to stop loss if the price breaks above 1.19 level.

GBP/USD

GBPUSD

GBPUSD fluctuated in a fairly narrow range in the last session, retested the low of 1.375 and generated a small bullish signal on the daily. However, this does not say much, we continue to wait, now we should only wait for signals to follow the main trend, avoiding bottom-fishing moves too soon.

USD/CAD

USDCAD

The price has approached the target area of ​​1.260, and has created very clear sets of bearish candles on H4, hopefully you can take profits in time. With these signals we will suspend the addition of new buy orders, wait for the price to correct to lower levels before buying again, it might be around 1.245-50.

AUD/USD

AUDUSD

Prices have fallen sharply as expected, making new multi-month lows. The initial target around 0.74 has also been approached, you can consider risk reduction moves (partial closing and/or moving SL), the next target will be around 0.735, so consider exiting. entire position when the price approaches this zone.

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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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