JOURNAL UPDATE ON 14TH OF APRIL, 2021
Hello, all. Greetings to you, dear dealers, readers, visitors and forum members. I always want to respect all forum members and I don't care if you are new or older. But it is true that I hate spammers and people who oppose Instaforex and mt5 forums. I always have great support from Instaforex. You will get it too if you follow the right path.
By the way, how was your trade this week? You can post your answers via the comment system. Either way, I think you traders are making a lot of profit even though traders trading currencies in US dollars have calculated some losses. However, if the trader trades with the correct choice of account and money management, he will not lose his money. But market crashes or massive ups and downs are a different matter.
The Sentimental view of the Forex Market:
Major currencies depend on the currency denominated in US dollars, while the dollar index will weaken in a few weeks. There was medium impact news yesterday and the CPI data has stabilized. This constant CPI lowers the index price in US dollars. However, the general sentiment seems that the dollar index will lose ground below the 92.00 level.
The dollar index is the leader in the major currency markets, while GBP / USD has been fluctuating since the start of the week, while EUR / USD appears to be more stable according to the US dollar index. On the other hand, the USD / XXX pair is moving downwards and traders are also expecting a decline.
The dollar index leads the major currency markets while GBP / USD has been fluctuating since the start of the week, but EUR / USD appears to be more stable according to the US dollar index. On the other hand, the USD / XXX pair is moving downwards and traders are also expecting a decline.
Crude oil has been flying non-stop as crude oil price broke all resistance levels and the price is currently trading above the 13 month higher price. Therefore, crude oil traders expect a price above $ 62.00.
The Forecast of the GBP/USD:
The GBP / USD chart with each timeframe fully takes into account the uptrend, while the price starts moving towards the uptrend earlier in the week. There used to be a reason for the dollar index to weaken, even though the dollar index strengthened last week. However, poor employment data in the US had an impact on the downward trend in the US index.
The dollar index is still weak this week and US dollar traders expect more declines than the dollar index. The governor's speech also pushed GBP / USD towards an uptrend. So overall, I am expecting a potential buying opportunity with the GBP / USD pair here.
From a technical point of view, the RSI is showing an overbought market on a timetable. However, the technical indicators provided bullish signals for a short time. Although the RSI shows an overbought situation, GBP / USD will test some lower prices, but dollar index stimulation can only turn the trend into a bearish trend, otherwise the price is said to be above 1.3850 first and then above 1.4000.
The Forecast of Gold Metals:
On the daily chart, the price of the gold metal is contributing to the uptrend, even though the price hit a lower price around $ 1,731 today. After testing lower prices, the price has returned and is currently trading above $ 1,743.
Today gold showed a typical response after the CPI data stabilized. In addition, due to the weakening of the dollar index, gold traders expect a very large uptrend against gold. Now US data reflects the movement of gold in the direction of an uptrend. So overall, I expect potential buying opportunities for the gold metal here and the gold metal price should be above $ 1,770.