I think you got me wrong...What I meant is if I wanna go long, I won't enter with a buy price above 1840..and vice versa...
Paiseh, my England not so good..
icic.... sorry my england den is teruk.
US Dollar index began the day near 90.27 and pushed as high as 90.57 midway through the US morning session. The index reversed entering the UK fix and traded as low as 90.16. Later, on Powell’s comments, the index traded down to 90.07! Yesterday, on a 240-minute timeframe, the DXY appeared to be heading higher out of a flag pattern. However, with today’s volatile price action, the DXY may have made a false breakout above the flag. Of course, nothing moves in a straight line, but if price closes below 90.19, it would invalidate the flag patten and DXY could make another push lower towards the psychological 90.00, where bulls will be looking to reenter longs. Today’s highs of 90.57 acts as resistance.
Given the dovishness at Yellen’s confirmation hearing, one may have expected EUR/USD to continue higher. However, price stalled and has formed a bearish candle. If the stimulus is already priced into the market, price may move lower back towards the 1.2050 level and possibly even to the target of the AB=CD pattern near 1.2010. First resistance is back at 1.2165.
It appears the currency market is looking past the new administration’s talk and wants to see action. Biden can have congress on his side. He can propose a $1.9 trillion economic recovery plan. And Janet Yellen can be as dovish as she wants. But until the FX market see action from the new administration, US Dollar traders may be ambivalent to talk.
GBP/USD has been in an upward sloping channel since putting in a low of 1.2675 on September 23rd as Brexit deal was priced into the market. The pair reached a post-Brexit high of 1.3703 on January 4th. That level has been tested 4 times since then, including today, and has failed to push higher each time. Today, GBP/USD put in marginal new highs to 1.3719, and quickly reversed, creating a shooting star candlestick formation, which indicates the pair may be ready for a reversal.
The near term resistance at 0.8920; any convincing violation above will take to the next level till 0.89408 (55- day EMA)/0.9000.
On the lower side, significant support stands at 0.8880, any indicative break below targets 0.8855/0.8800/0.8750.
EUR/USD remains in a longer-term uptrend, with rates finding support near its rising 50-day EMA this week. The pair has now broken out of a small descending channel pattern, suggesting that the established bullish trend may resume after the mid-month pullback.
If the uptrend has indeed resumed, bulls may look to quickly take EUR/USD back to this month’s nearly 3-year highs at 1.2350 pending next week’s US Federal Reserve meeting. Only a break below this week’s low in the 1.2050 area would turn the near-term bias bearish for a potential correction toward the 100-day EMA near 1.1950.
