MARKET OVERVIEW: The US dollar index: The US Dollar Index continues to push down as expected last week, but with slow bearish momentum. Now the dollar is stable near the hourly descending trend line, and I think it may be breached today. The reason for this is that the price failed to test the hourly support level of 103.5 and formed a bullish pin bar pattern on the daily chart, which means we may have medium-term bullish pressure for the remainder of this week. But of course, the dollar's decline below the level of 103.6 will bring us back to the downtrend.
Today's economic events: G7 meetings continue for the third day in a row while ECB President Lagarde speaks at the ECB Forum on Central Banking in Portugal. For the US dollar, we will have a high-impact economic event, which is the CB Consumer Confidence Index, along with the Richmond Manufacturing Index.
TRADING ACTIVITIES: Closed trades: nothing. Active Trades:
Bitcoin: It seems that I may get lucky with the Bitcoin trades because it has not hit the stop loss yet. Yesterday there was significant selling pressure from 21505, which was preceded by a bearish dragonfly Doji pattern on the H4 chart, which gave us a good selling setup. Accordingly, I opened additional sell trades with a stop loss for all trades at the level of 21666.73. I am not looking for any profit from these trades. I will get rid of all positions when the total floating profit becomes 0.
Crude Oil: Crude oil performed very well yesterday as the price started pushing higher right after my post and was unable to break the hourly ascending trend line. I opened short positions, and I was targeting the level of 111.25, but it took too long because I was too late. Anyway, the trades are floating in profit, and I expect the price to reach the target level quickly today.
InstaForex compensation for losses caused by the crude oil gap: Last week, I spoke in one of my posts about a price fall in the crude oil chart. This caused me to close one of my trades at a loss of $300 because the price missed the stop loss, and of course, since this happened only on the InstaForex chart, I contacted support. At first, I did not find any results because the employee did not have enough knowledge about the problem, but later I contacted support via email, and the problem was forwarded to the responsible department. I was compensated yesterday. Not only that, but they also gave me the profits because the price reached my target after that fake gap. Check out the following pictures:
