Robusta coffee term T9/2022 (LRCU22) rebounded, up 19 USD (+0.94%), closing price at 2045 USD/ton.
The dollar eased 0.338% to 106.11 as the market awaits the US monthly jobs data on Friday. The US-China-Taiwan political event has calmed down, the market still bets that the Fed will increase interest rates by 0.5% in September, some predict the increase may be 0.75%, the USD still has room to increase. new peaks.
Vietnam’s coffee exports in the first 7 months are estimated to increase by 18.4% to 19 million bags~1.1 million tons. According to Reuters, Vietnam will harvest 30 million bags in the 2022/2023 crop year, down slightly from the previous crop.
According to technical analysis, the MA lines are approaching convergence, the MACD shows that bullish momentum is still there but the RSI is approaching the overbought zone. It is expected that the price of Robusta will increase to explore the new support zone of 2065-2080 if it opens a bullish session to break out of the zone of 2050. But it is not excluded that the price may increase slightly to the area of 205x-206x and then meet with technical selling to correct down. 203x-204x area.
HINTS BUY/SELL STRATEGY IN THE Session (refer).
NEW BUYING CL:
- Support zone 1: 2025-2030 USD
- Support zone 2: 2005-2010 USD
- Proportional buy, stop loss 1985 USD
CL SELL DOWN:
- Resistance 1: 2060-2065 USD
- Resistance 2: 2075-2080 USD
- Proportional sell, stop loss 2100 USD
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