The last bull carnival? Powell's testimony and non-farm payrolls report are expected this week. Will the price of the currency target the 70,000 mark in the future?
Last week, the price of the currency exploded wildly. At the beginning of the week, it maintained a volatile pattern around 51,000. On Thursday, under the PCE data that met expectations and various institutions entered the market, it once rose to the 64,000 mark, recording the largest weekly increase. It challenged the previous high again on Monday this week! The price of the currency has entered a crazy stage! Federal Reserve Chairman Powell will deliver a semi-annual monetary policy report this week. Powell will testify before the House Financial Committee and the Senate Banking, Housing, and Urban Committee on the 3rd and 4th respectively. Friday will be profitable non-agricultural market! If the growth of non-agricultural employment falls sharply, below 150,000, it may cause investors to reassess the possibility of a rate cut in May and immediately trigger a sell-off of the US dollar. On the other hand, employment data close to 200,000 may be enough to convince the market that the labor market is healthy enough and the Fed can postpone the policy shift until June. In this case, the US dollar has more room to rise. At that time, it will also have a corresponding impact on the price of the currency! In addition, as the 3.15 anti-counterfeiting holiday approaches, the currency is often the target of criticism in the Celestial Empire! It should be noted that there has been a certain retracement phenomenon at this time in history!
Daily level: Needless to say, all indicators show bullish signs. The price of the currency has entered a crazy bull market and is irrational! Frequent up and down spikes! The strength and weakness index RSI monthly, weekly, and daily averages have entered the overbought area! The market has entered an extremely greedy area! The market is expected to challenge the historical high of 69,000 in the future