Today’s FX market攻略！ Euro-dollar and dollar-yen trade strategy guide
Hello everyone! I am a cat owner. Today I will provide a market analysis. As I have already mentioned, the EURUSD is moving toward the option price of 1.1000. Today there is an ECB policy interest rate announcement, so there is a high chance of sharp fluctuations. What to watch here is whether to take profits on the downside or to aim for a rise after the policy rate announcement. On this, it is a moment where each trader decides based on their own strategy and judgment.
Next is USDJPY, which, as predicted, is converging into the option price range of 142.50–142.60. The strategy remains unchanged, with a selling on rallies stance being effective. Recently there have been information leaks from Bank of Japan officials causing volatility, but the moves are relatively readable. The futures trend is downward, so a drop to as low as 139.65 is in sight. The important thing here is to carefully target the downside movement.
And U.S. stocks, especially the Dow and S&P, have rebounded after a sharp drop. As a result, the Nikkei is also rising. Because of this rebound, the dollar/yen is being supported, so there might be an interesting opportunity to sell cross yen pairs. Keep an eye on it.
Regarding gold (XAUUSD), there has been intense volatility around the 2500 dollar level. The futures have already started rising, but the yuan-denominated price of gold is not looking good, and in the long term it has reached the 100% extension line of the Fibonacci expansion, so the risk of a decline is now a consideration. For now, let's proceed with cautious evaluation.
Lastly, Bitcoin (BTCUSD) has not yet recovered above $58,000, so setting alerts and watching for now is prudent.
With that, wish you all good trades today as well!
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