Robusta coffee term T9/2022 (LRCU22) could not maintain the upward momentum, reversed and turned down, down 4 USD (-0.20%), the price closed at 2027 USD/ton.
The USD index rebounded sharply amid the latest political tension between the US and China because of the visit to Taiwan by the US House of Representatives Speaker. Both USD and gold gained in price while other risk assets and some agricultural commodities including coffee are under downward pressure because when there is political instability, cash flow will shelter in assets. safe assets such as gold, JPY. The market this week awaits the monthly US jobs data, one of the measures of the effectiveness of monetary policy on the health of the US economy.
According to the international coffee organization ICE, global coffee exports increased by 1.26% year-on-year. Specifically, Robusta coffee exports to the end of June 2022 reached 49.2 million bags, an increase of 2.26 million bags over the same period last year.
According to technical analysis, the MA lines are approaching convergence, the daily chart MACD shows that the bullish momentum is still there, the possibility that the price will temporarily accumulate within the range of 201x – 205x to find support for the price to find a bullish zone. next price 2065-2080. On the contrary, the 2000-2010 zone is the close support for Robusta price. Commodity market will continue to be unpredictable in the context of political tension between the two largest economies in the world.
HINTS BUY/SELL STRATEGY IN THE Session (refer).
NEW BUYING CL:
- Support zone 1: 2010-2015 USD
- Support zone 2: 1985-1990 USD
- Proportional buy, stop loss 1970 USD
CL SELL DOWN:
- Resistance 1: 2050-2055 USD
- Resistance 2: 2070-2075 USD
- Proportional sell, stop loss 2100 USD
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