JOURNAL UPDATE ON 21TH OF APRIL, 2021
Greetings to my colleagues on the forum and my dear friends and readers. I want to believe this week is good for you and your company. I want to tell you that the forex market is not difficult to trade. It's about the approach we take for him and that determines the success we get from him. Once we do our best and avoid getting emotional while training, the success of our trading endeavors will be swift. One thing I would like to add is that we need to be disciplined in everything we do as traders. Strict discipline means there is no room for emotion. Prepare your trading plan and let good money and risk management be a part of the plan.
Forecast for USD Index
My research on the US dollar index shows that the US dollar index is a market for buying. He manages to change the trend by looking at the daily chart to see what turns the previous bearish price action on a bullish chart. The US dollar index is not as weak as that in the United States. The United States has done very well in almost every aspect of the economy since Joe Biden became president. However, risk takers outperformed the markets responsible for selling the dollar index in recent days, which has changed. The USD index crossed the Fibonacci resistance at 91.24 as it surged from the weekly low of 91.09, giving it strength to buy from yesterday. The level I consider as a possible target is 91.50. The USD index will not last long if it reaches these targets this week. Be careful when composing an overbought chart below.
Forecast for EURUSD
EURUSD is the right pair to trade for today. It just started a bearish turnaround that could easily give any trader more than 100 pips. EURUSD was bought yesterday to hit above 1.2026 during the week where US dollar index strengthened and EURUSD failed to hold it but erased all yesterday's gains. This triggers the pair's reversal pattern. EURUSD has bearish price action which shows that it has completely reversed the trend. EURUSD is not as strong as many major currencies, it only buys a few pips compared to others, which indicates weakness against the euro more than other major currencies. EURUSD is not strong enough to hit the main daily chart of the Fibonacci resistance at 1.2172 as the pair fell below that level. If traders stay below this level they will prefer a weak EURUSD which could cause the pair to sell back towards 1.2062 support.
Forecast for Gold
Gold did what I knew it would do yesterday, can't keep buying after 1825 when it started to fall, gold is not strong, I know it will find opportunities to sell. Holding Fibonacci resistance below the daily chart in 1780 is another reason to sell gold, apart from the bearish price effect on the daily chart of the metal. Gold has a problem with the mass production of the coronavirus vaccine. The world is making great strides in using technology to fight the coronavirus disease, which is destroying gold. It should sell at 1730 if it breaks below 1775. It is important to look for targets in 1764 as this week's gold suspension levels, which were the lowest since last November, make it important. There will be a lot of gold if it breaks this level this month. The journey to 1700 will be easier than I expected.