- April 5, 2021
- Posted by: cabana-admin
- Category: forex trading, Market Insights
General overview: On Friday, US Nonfarm Payrolls surged by 916K and the US Bureau of Labor Statistics also revised up the figures for February and January while announcing March’s details. After spending the Asian session fluctuating in very tight range bound area. The pair seems to be very pressurize and continually rising up and down. The is moving towards it is positive path and moving towards the north direction in chart. Its seems like that demand has been increased for the pair and its makes its positive move towards the higher high side in the market. The pair holds its Friday bullish doji makes the clear path for the bullish buying.
Technical outlook: From the technical point of view we can say that market leads towards the buy side in the market. It makes its positive move buy side in the market. On the basis of 4 hourly chart odds are in favors of the bulls and creating the positive move towards the buy side in market. The potential rounding bottom is forming on the chart on hourly basis. The market breaks the support level 0.9281 and now we can expect strong buying side in the market. The RSI is also above the 50 level and creates the buy side in the market. The support level is 0.9377 followed by 0.9327, resistance will be 0.9478 followed by 09528
Trade idea: our traders will sit on the buy side at level 0.9439 and target will be 0.9499-0.9529 and stop loss will be 0.9379.