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Hey Traders,
Risk on sentiment dominated the market as market participants trade in anticipation of the CPI release. The trend of the recent CPI release is that market will be risk loving as CPI results is likely to be in line with market expectation and expected to be lower with the FEDs rate hike from last year. Let us hope that the Powell will not rain on the parade during the upcoming FOMC.
Upcoming Economic Release:
S&P500 Futures
The S&P500 extends its upside move, back towards the key descending trend line. As per what we analysed, price is likely to move towards the 4046 resistance region upon breakout confirmation and we are likely to reach the target level this upcoming week.
Dollar Index (DXY)
The United States Dollar Index broke out of the short term support region and fell to 101.785 region as per what we have analysed in the previous week.
Looking at the longer time frame, we can see that the Dollar Index now trades at key support region. Any strong reversal confirmation may provide us with opportunity to long the Dollar.
Gold Futures
Gold flew pass the key 50% Fibonacci retracement resistance region and ended the week at the 61% Fibonacci retracement resistance region. Price remain overly extended especially on the weekly time frame. If price continues to move towards the $2,000 price region without retracement or sideway movement, shorting without confirmation may be favourable.
Trade Recap
NZD/CAD (Exclusive Trade)
Recap (Week 02 - Last Week) Take Profit - 2
Long at market position reached Take Profit - 1 level where we announced to close / partial / risk free.
Trade Analysis / Setups
Soybean Futures - Front Month (Analysis 3-1)
Analysis: Price is trading near the resistance zone where potential reversal can happen. However we will only look to short when the minor support at 1517 region is confirmed with the subsequent support as our initial Take Profit level.
Short opportunity: Breakout confirmation at 1516.75 region towards 1505.0 as Take Profit - 1 level.
Cheers to all our member who managed to pack some profits this trading week.
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Stay safe out there and safe trading!