Game7 - Trading journal

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USDJPY
According to the technical analysis of the pair: On the daily timeframe chart, the US dollar is moving against the yen, USD / JPY, in the path of its new ascending channel, which is the closest to testing the 106.00 resistance level, which we have identified as the true starting point for bulls in controlling the performance to test higher resistance levels. On the downside, the bears will regain control of the performance by moving the currency pair towards and below the support level of 104.25. All in all, I would still prefer to buy the pair from every downside. The pair's trading and the close out outlook will depend on the results of today's US jobs report and investors ’reaction to it.
The US dollar against the yen is taking a strong position ahead of the announcement of the important US jobs numbers on Friday, which will determine the form of the weekly closing of the dollar, which has so far been in the winning position. Investors rushed to the dollar as a safe haven, despite the slow pace of the United States' plans to vaccinate against Corona, coinciding with the United States issuing global figures of injuries and deaths with the epidemic. I often recommend buying the currency pair from every downward level and that buying is better than thinking about selling, especially with its stability below the support 103.00, except for the pair closest to testing the resistance level 106.00, which I mentioned is the first stage in changing the general trend to an upside, according to the performance on the daily time frame chart . As I mentioned, the pair will continue to maintain its gains until the US jobs numbers are released.

The bears will not return to dominate the performance without moving below 104.00 support again. Today's currency pair will be affected by whether investors take risks or not, as well as the reaction from the announcement of the weekly jobless claims, non-agricultural productivity and US factory orders.
The improvement in US job numbers was better than expected, which contributed to the continuation of the gains in the US dollar against the Japanese yen, which is stabilizing around the resistance level of 105.20 at the time of writing the analysis, its highest in nearly three months. Despite the latest figures, according to the ADP reading, to measure the change in the number of new US jobs in the non-agricultural sector. Double US employment for six months in a row. And there are still nearly 10 million jobs lost since the emergence of the Coronavirus. And this week, the Congressional Budget Office predicted that US employment will not return to its pre-pandemic level until 2024.

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Gbpusd
According to the technical analysis of
the pair: in the near term and according to the performance on the hourly chart, it appears that the GBP / USD currency pair is trading within the formation of an upward channel. This indicates a short-term bullish momentum in market sentiment. The pair recently rebounded from its two-week low to the top of 1.3730. Accordingly, the bulls - the bulls - will look to extend the current retracement towards 1.3760 or higher at 1.3800. On the other hand, the bears - the bears - will target reversals around 1.3695 or lower at 1.3652.

In the long term and based on the performance on the daily time frame chart, the GBP / USD currency pair appears to be trading within a sharp rising wedge formation. This indicates a strong long-term bullish momentum in market sentiment. The pair continues to trade near the overbought levels of the 14-day RSI. Therefore, the bulls - the bulls - will look to riding the current bullish wave by targeting profits at around 1.3898 or higher at 1.4100. On the one hand, the bears - the bears - will be looking to pounce on potential dips around 1.3565 or below at 1.3367 support.

The sterling dollar currency pair will be affected this week by the course of vaccination against the Corona virus, especially in Britain, and the internal US consultations on passing emergency economic stimulus plans. Besides announcing the statements of the Governor of the Bank of England on Wednesday, and by the end of the week, the British economic growth rate will be announced. On the US side, more attention will be paid to US inflation figures on Wednesday, along with fresh comments from Federal Reserve Governor Jerome Powell. On Thursday, the number of weekly jobless claims will be announced.

On the economic side, the Bank of England voted to keep the key rate unchanged at 0.1%. Last week, therefore, negative interest rates were ruled out near the date of approval of negative interest rates, as there were many expectations, and the industrial PMI for January exceeded expectations at 52.9 with a reading.

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USDJPY
For the third day in a row, the price of the US dollar against the yen is moving lower, amid selling to reap profits. We have mentioned a lot in the technical analyzes of the approaching date, and now the selling recommendation is moving towards our target for the pair. The pair is stable around the 104.75 level at the time of writing the analysis, and its recent gains were capped by a test of the 105.76 resistance level, its highest in four months. The echo of the disappointing US jobs report still haunts the dollar. In addition to the weakness of the United States' center regarding vaccination against the Corona virus, at a time when the country has recorded, since the crisis, records for the number of injuries and deaths
According to the technical analysis of the pair: On the daily timeframe chart, the US dollar against the yen USD / JPY is still moving within its descending channel and there has not yet been a downward breach of the trend, and this may happen only if the price moves below the support level 104.00 and on the upside. I mentioned before that the 106.00 resistance level will remain supportive of bulls to control performance for a longer period. The currency pair is not anticipating any important and influencing economic data today, and accordingly, investor sentiment will have the strongest impact on the pair.
In terms of stimulus to confront the effects of the pandemic. Democrats in the U.S. House of Representatives have proposed an additional $ 1,400 in direct payments to individuals as Congress begins assembling a $ 1.9 trillion relief package from COVID-19 that tracks President Joe Biden's plan to combat the pandemic and revive an economy that remains astonishing. Democrats on the Ways and Means Committee will expand tax breaks for families with children, low-income people and those who buy health insurance in markets created by the Affordable Care Act of 2010. The committee, which plans to approve the measure by the end of the week, will also provide health care benefits. For some unemployed workers.



---------- Post added at 10:44 PM ---------- Previous post was at 05:34 PM ----------

GBPUSD
According to the technical analysis of the pair: the general trend of the sterling currency pair against the dollar, GBP / USD is still bullish, and at the same time, according to the performance on the daily and weekly timeframes charts, a breakout of the resistance 1.3800 will push the technical indicators to strong buying saturation areas, and therefore it does not exclude profit-taking operations at any Time in case the current upward momentum subsides. On the downside, the bears will first breach the downside of the current trend, moving below the support level of 1.3555. In general, I still prefer to buy the pair from every downside for the above reasons.
The beginning of new bullish trading for the currency pair GBP / USD this week, as it stabilizes around the resistance level 1.3788 at the time of writing the analysis, and the highest since April of 2018. Supported by the weakness of the dollar and the global positive outlook towards Britain's advanced position regarding vaccinating its people against the Coronavirus, at a time when other global economies are struggling to obtain the same amount of vaccines Britain is getting. MUFG Bank agrees with us on the opinion of the performance of the pound, which expects a further increase in the price of the British pound. The bank is one of the leading global commercial and investment banks, who have told their clients that the UK's economic recovery from the Covid-19 crisis is likely to outpace other advanced economies.

In the same performance, the pound sterling rose to its highest level in 8 months against the euro and achieved significant gains against almost all major currencies in the world on February 4 after the Bank of England kept interest rates unchanged and indicated that a rate cut during the coming months is not likely now. Accordingly, the forex market pricing showed expectations of a rate cut at least once in 2021 and the subsequent change of mind in the market was reflected in higher swap rates and a stronger sterling.


---------- Post added 10-02-2021 at 03:02 PM ---------- Previous post was 09-02-2021 at 10:44 PM ----------

EURUSD
According to the technical analysis of the pair: The abandonment of the US currency amid investor appetite for risk helped the euro against the dollar, EUR / USD, to complete the correction path to the highest. The recent bounce gains culminated in testing the resistance level of 1.2120. The buying operations contributed to the last three trading sessions.
On the graph of the four-hour time frame, the euro currency pair is moving against the dollar, EUR / USD within a recently formed ascending channel, and in the same period of time, if the gains move by breaking the resistance level of 1.2200, the technical indicators will move to strong buying saturation areas, and if the momentum factors decrease, the pair may be subjected to selling for take-offs. Profits. All in all, stability above the 1.2000 resistance still supports bulls' dominance. And on the daily timeframe chart, the bulls still have a bumpy road to return to breach the 1.2350 resistance, which the pair launched into in the first trading week of the new year 2021. On the downside, the bears will not control the performance without stabilizing below the 1.2000 support and so far the trend is still up.
What I mentioned before, the stability of the euro currency pair against the dollar against the dollar at the highest level of 1.2000 will remain a catalyst for the bulls to launch higher, and despite the weakness of the US dollar today, the pair suffers from a lack of momentum due to the problems of European pollination, which may put it in a late position compared to other global economies . The bulls' current targets are 1.2120 and 1.2200, and that the European pollination obstacles continue, so every opportunity for the euro to rise will be an opportunity to sell, especially as the resistance level of 1.2300 pushes the technical indicators to strong overbought areas. On the downside, moving below the 1.2000 support supports bears to move towards stronger descending levels.

As for the economic calendar data today: The German Consumer Price Index reading will be announced. During the American session, the US Consumer Price Index will be announced. Later on, there will be statements by US Federal Reserve Governor Jerome Powell.

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USDJPY
According to the technical analysis of the pair: In the event that the price of the US dollar against the Japanese yen approaches the USD / JPY to below the support level of 104.00, the bears will control the performance and thus the pair is preparing to test stronger support levels. The closest ones are now 104.20, 103.75 and 102.90, respectively. On the upside, and as I mentioned before, the 106.00 resistance is important to a stronger bulls control over the performance. I still prefer to buy the pair from every downside level.
The turmoil regarding the rapid passage of the US economic stimulus plans continues to weaken investor sentiment towards the dollar, and accordingly, the US dollar against the Japanese yen is moving under downward pressure that launched its impact to the support level of 104.40 before settling around the level of 104.56 at the time of writing the analysis and before the announcement of the number Weekly US jobless claims are still declining, but at the same time they are still declining far from the lower numbers before the outbreak of the COVID-19 epidemic.
And on another level. Fed Chairman Jerome Powell stressed the Fed's commitment to bringing US unemployment to its lowest level in several decades, as the situation was before the pandemic, while noting little concern about the risks of potential high inflation or the instability of financial markets. Powell stressed during a webcast of the New York Economic Club that the US job market was still weak despite improving from the depths of the recession caused by the epidemic.


---------- Post added 12-02-2021 at 02:05 AM ---------- Previous post was 11-02-2021 at 05:31 PM ----------

EURJPY
According to the technical analysis of the pair: On the daily timeframe chart, the price of the euro against the Japanese yen is still in an upward range, and stability above the resistance 127.55 secures the bulls a jump to the psychological resistance 130.00, the highest since November 2018. Investor confidence in the European economic recovery from the effects of the pandemic is still weak, and European vaccination efforts will take more time. Therefore, strong bullish rebounds are not expected, and the gains are still subject to profit-taking selling, which we recommend. On the downside, and in the same period of time, the bears need to break the support 125.45 to control performance again. The currency pair will be affected today by the announcement of German inflation and whether investors are taking risks or not.
The price path of the euro currency pair against the Japanese yen remains bullish, and stability above the 127.00 resistance stimulates the bulls controlling the performance and preparing for stronger gains, taking advantage of the abandonment of the Japanese currency as a safe haven. This performance may hinder the European vaccination developments against the Corona virus and the start of introducing economic stimulus plans to counter the effects of the pandemic. So far, I still prefer selling the currency pair from every upward level, and the closest ones are currently at 127.65, 128.35 and 130.00, respectively. On the downside, according to the performance over the same period of time, the bears will regain control in case the pair breaches the support level of 124.75.

Today's economic calendar will focus on the announcement of German industrial production and the Sentix investor confidence index in the euro zone. From Japan, the bank loan rate, current account and economic situation watchers index will be announced.
The single European currency recently obtained some momentum from the positive developments of the European vaccination pathway to confront the Corona virus, in addition to the optimism of investors about the risk appetite. All this contributed to the bullish rebound of the euro currency pair against the Japanese yen to the resistance level 126.85, and at the beginning of this week's trading, it rose to the resistance level at 127.12 and stabilizes around 126.65 at the time of writing the analysis. I await more momentum.

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USDJPY
After a long wait, the US dollar against the Japanese Yen jumped to the resistance level of 106.07 amid an upward correction path amid investors' apparent abandonment of Japanese business as a safe haven. The current bounce gains in the currency pair are at their highest in four months. Before important events, most notably the contents of the minutes of the last meeting of the Federal Reserve. The dollar’s ​​gains are still subject to the approval of US economic stimulus plans.
According to the technical analysis of the pair: As I mentioned in the recent technical analyzes of the US dollar against the Japanese yen, breaching the 106.00 resistance level will support the upside correction of the pair and increase the bulls' control to launch towards stronger bullish levels. The closest ones are currently 106.35, 107.00 and 107.75, which are important areas for the bulls to launch in the near future towards the psychological resistance of 110.00. According to the performance on the daily timeframe, there is a clear breach of the downside, and the bears will not return to control the performance without breaching the next support levels of 104.83 and 104.00 respectively.
The Biden administration is trying to vaccinate enough Americans to achieve "herd immunity" and allow life to return to a semblance of normalcy. His team also argues that the federal government should keep the government's relief faucet open to help people struggling economically and return the country to the employment levels it was in before the pandemic. But many lawmakers in the Republican Party continue to be outraged over the price of the package, which requires sending $ 1,400 checks to most Americans as well as helping businesses, schools, homeowners and renters.

The pair's gains will remain dependent on today's events, which include the release of US retail sales numbers, producer prices and the contents of the minutes of the last US Federal Reserve meeting. This is in addition to the extent of investor appetite for risk or not, and the future of the emergency US economic stimulus plans.

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GOLD
According to the technical analysis of gold: According to the performance on the graph of the daily timeframe, the losses of the gold price have pushed the technical indicators to strong selling saturation areas. Therefore, it is better now to think about buying to gain the bounce more than thinking about more sales. I see the support levels of 1763, 1752 and 1740 dollars, respectively. The most appropriate in the current situation to buy. On the upside, the bulls are still in desperate need to breach the psychological resistance level of $ 1,800 to get more momentum to launch strongly and exit the last downward channel.
For seven trading sessions in a row, the price of gold is exposed to strong selling that pushed it to the support level of $ 1761 an ounce, its lowest in seven months, before settling around the level of $ 1772 per ounce at the time of writing the analysis. The strength of the US dollar, Treasury yields and record gains for cryptocurrencies have dampened investor appetite for the yellow metal.
According to a report by the Federal Reserve Board, industrial production in the US rose 0.9% in January after jumping by a downwardly revised 0.9% the previous month. Economists had expected industrial production to rise 0.5% in January.
The strength of the recent selling operations has touched the lower line of the channel and pushed the technical indicators to strong oversold areas. Therefore, I prefer to take advantage of the recent decline and start thinking about buying instead of further selling. The closest and most appropriate buying levels for gold will be 1769, 1755 and 1743, respectively. On the upside, the bulls will not have a chance to start controlling performance again without penetrating and settling above the $ 1800 resistance.
The price of gold will be affected today by the level of the dollar, the extent of investor appetite for risk or not, and the reaction to the announcement of the PMI reading for the manufacturing and services sectors of the global economy.