Forex Daily Analysis : April 13, 2021

The daily forex analysis of April 13, 2021 this time will discuss the trading of the EURUSD market on Monday, April 12, 2021, where the EURO managed to strengthen. The strengthening of the Euro occurred because it was supported by the positive release of Retail Sales data for the European zone. The European Retail Sales data was released 3.0%, far above the prediction and the previous period, which was only 1.3% and -5.2%. In addition to the supporting factors for the release of economic data, the strengthening of the Euro versus the US Dollar is also due to the momentary weakness of the US Dollar. For today's market movement, it is expected that the EURUSD will weaken. The weakening of the Euro is predicted due to the rebound of the US Dollar, the causes and factors that cause the strengthening of the US Dollar will be discussed in the next paragraph. The number of Covid-19 patients in the European region is still increasing, so most Euro member countries are still imposing lockdowns continuously. The greenback in Monday's trading weakened to a limited extent, the weakening of the dollar currency was caused by a decline in the yield rate of US government bonds. Currently, the relationship between the US dollar currency and the movement of bonds is closely related, this is because the movement of bond yields continues to experience a surge in recent months. So it is very normal if there is a decrease in bond yields, it will be immediately followed by the weakening of the US Dollar currency. The greenback even recorded its biggest weekly weakness since the beginning of 2021. For today's trading, it is predicted that the US Dollar will rebound after experiencing weakness yesterday. Signs of the strengthening of the US dollar against several other major currencies were seen after comments by the chairman of the US Central Bank of the Fed, Jerome Powell. Powell gave an optimistic view, Powell clearly gave an idea that the American economy is currently in a reversal area and seems to be about to experience a sizable rebound over the next few months. Powell expressed this view after a quick and directed process for the distribution and implementation of the Covid-19 vaccine went as expected. But in addition to giving a positive view, Jerome Powell also gave a strong anticipation and warning, this warning is related to the lockdown. If the implementation of the lockdown that has been carried out so far is implemented properly, this pandemic will also pass quickly, but if later the easing of the lockdown is carried out in a hasty way, it will be able to cause a new type of Covid-19 wave. The focus of market participants is on the Inflation data which will be released later tonight at 19:30 WIB.

Forex Daily Analysis Predictions

Today's FOREX prediction on the EURUSD pair is expected to weaken/fall and the recommended OP (Open Position) is SELL at the level of 1.18900. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
This the daily analysis of forex on April 13, 2021. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.