Volumetric analysis on October 10
Suspicions that the US dollar depreciates against all currencies are justified. There is no assumption that this is a long-term trend, taking into consideration difference of monetary policies of the United States and other countries, but, nevertheless, some kind of correction to the dollar is possible. For example, the main currency pair yesterday with the opening of the American session showed a great interest of buyers, as evidenced by the increased volume and price increase upwards. Moreover, the main forces accumulate in the range of 1.1450-1.1430 and 1.1485-1.1465. We will accept these ranges as support, and as the price falls, we will expect a reaction to them and hang up at least to 1.1520. The second scenario that we will bear in mind is the breakdown of resistance at 1.1550 and fixing above this price. And if everything goes according to this scenario, then already from tomorrow we will consider trend ascending models with high priority. While the price is above 1.1430, sales are not considered at all.
This pair has implemented our trading ideas in full and finished the last trading day at the maximum of the day. This is usually a strong sign that the upward movement will continue and, possibly, even without correction. The current trade in the Asian session confirms these speculations, but for trading it is better to enter at competitive prices, so we will count on a corrective price movement down, at least in the price range 1.3120-1.3085. In this range, waiting for the reaction of customers and hang up with the goal of 1.3220.
Yesterday we expressed fears that the downward movement stops and It seems that the downward trend is over here. Today we see how during the yesterday’s American session volume was distributed, telling us that the asset is more interesting for buyers than for sellers. The majority of trades took a place in the range of 0.7095 - 0.7075, we will take it as support and wait for the price to be adjusted to it in order to be able to buy at more favourable prices. The target for growth is 0.7140, which is not so far, but the price should stop there. And more positional goal is 0.7210. There is the maximum amount of the entire futures contract, which is well suited for the purposes. We return to the idea of selling only after the breakdown of 0.7040, which is unlikely today.
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