Update: 832 @ 15.04.2021 @ 04:54 AM (GMT+6)
Greetings to traders, readers, and fellow members of this forum. I hope that you are trading well although, for the last few days, I was away from the market and as well as from the forum too. The situation of this COVID-19 pandemic is becoming more dangerous day by day and yesterday I got the result of my COVID-19 test and it's positive!! This is the 2nd time I have been affected by the COVID-19 virus. This strain looks more dangerous than the previous one and it has changed to get the smell and it's an awkward situation when you won’t get any smell. Let’s come to the Forex world that there was a huge bearish breakdown from the US Dollar Index which has changed the whole USD trading system. Because of the bearish breakout from the USD Index, the XXX/USD pairs have moved towards the bullish region and on the other side, the USD/XXX pairs have moved towards the bearish region. According to the US Dollar Index movement, the gold did not move towards the bullish region which has made a trading region around the $1740 price mark. But since at the beginning of the week, the price of crude oil was moving slightly towards the bullish region, and today during the US session, the price of crude oil has made a huge bullish breakout towards the $63.00 price region and has made multi weeks higher price at $63.43 price mark.
Trades Update: Closed Trades
The week-13 & 14 bonus has been credited by the last week although the week-14 bonus was credited by the end of last week’s session. During the last weekend, I have done some trades with Bitcoin Cash, and with the first round, I have made a handsome amount of profit whereas I was buying with BCH. After getting some profits, I have closed by orders and then I have put some sell orders. The mistake was done successfully when I put the sell orders. I have waited for a long time but the BCH was strengthening its price towards the bullish region and when I have understood that there is no sign to see the bearish trend from the BCH, and instantly I have closed my sell orders with some loss whereas I had to recover the loss from the next trading.
The withdrawal Update:
The pending withdrawal around the $30 amount has been credited to my Skrill wallet and for this, a special thanks go to the InstaForex Finance department. But all credit goes to the InstaForex broker and mt5 forum authority to create such a kind of trading opportunity for us.
Trades Update: Open Trades
Now I have to recover the loss which I have got from cryptocurrency trading. Whatever, the loss is the part of the trading business and when we will see the wrong thing with the current trading, then we should change our decision whatever its loss of profit. A wrong decision can destroy your whole investment meanwhile the partial loss is better than the stop out.
As the dollar index is weakening since the beginning of the week, silver should make a long bullish trend. I have put around 0.20 lot buy orders from silver which should be profited soon and overall I am looking forward to potential buying chances with silver. There is a strong resistance level at the $25.60 price mark and if the price can break the resistance line, then it should reach above the $26.00 price mark by this week.
The Forecast of the US Dollar Index:
Headline: The speech of Jerome Powell has pushed the dollar index price towards the bearish region and moving below one month lower price just around the 91.60 price mark.
- The dollar index has pushed back towards the bearish region and still it is creating the downside pressure towards the 91.60 price region.
- The next downside target should be around the 91.30 price mark before the US Session today.
- There is a strong support level around the 91.27 price mark and if the price can break the support line, the dollar index will be trading below the 91.00 price mark.
At the beginning of the week, the dollar index started its movement towards the bearish region although yesterday there was some good CPI data from the USD currency and the price did not get the proper strength to move towards the bullish region. In the 4-hour time frame, the price of the USD Index is fully on the bearish trend and as I am writing here, the price of the USD Index is trading around the 91.60 price mark.
The losing momentum has started after the Jerome Powell speech and it seems that there was bad monetary data from the Fed. So, the dollar index price has accelerated its price towards the bearish region. In the daily time frame, the price of the USD Index is fully on the bearish trend although the price has created a weaker field towards the downside zone. There is a weekly resistance line at the 92.30 price mark whereas the price has made the weekly higher price around the 92.30 price mark.
With the technical indicators, the 50 day Simple Moving Average is indicating the further bearish trend from the support line 91.60 price mark. A downside tick below the 91.00 price mark will ensure the further bearish breakout from the USD Index and overall I am looking forward here to potential selling chances whereas the weekly time frame is indicating the bearish momentum which should be trading below the 91.00 price mark.
The Forecast of the GBP/USD:
Headline: The weakening of the dollar index did not make a higher impact on the GBP/USD trading which is trading around the 1.3780 price mark.
- The GBP/USD has rejected the bearish extension which was made by the last week.
- The weakening of the dollar index has pushed back the GBP/USD price around the 1.3800 price region.
- The price of the GBP/USD has been rejected by the support line 1.3670 and now it is going towards the weekly resistance area around the 1.3920 price region.
- There is a subsequent bias around the 1.3750 price region and now the bias is favoring the price towards the bullish region.
In the 4-hour time frame, the price of the GBP/USD is fully on the bullish trend although before the GBP/USD has retreated its price around 40 pips from the daily top price. The price was hovering around the bullish region. Before the price has rejected from the strong weekly support line and as I am writing here, the price of the GBP/USD is trading around the 1.3780 price mark. The zigzag indicator with the 4-hour time frame is indicating the further bullish trend from the GBP/USD pair.
The following chart with the daily timeframe is indicating also the further bullish trend from the GBP/USD pair and it has formed a bullish bias with a technical indicator. A rejection from the older support line is indicating the next bullish breakout and it has started to move higher as the dollar index is weakening from the overnight trading.
There is a critical resistance level around the 1.3815 price mark and the further bearish pressure from the dollar index can break the resistance line. The GBP.USD has been hovering its price towards the bullish region as the weakness of the dollar index. There is strong support at the 1.3750 price mark and it has been rejected by the support line. So, resistance 1.3820 is waiting for the further weakening of the dollar index and a successful breakout above the 1.3820 should confirm the next target around the 1.3920 price region.