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Hey Traders,
The FOMC rate hike with a expected 50bps increase but market shrugged off the market expectation. The market will be keeping their eyes on the talks that is lined up next week.
Upcoming Economic Release:
Dollar Index (DXY)
The Dollar Index fell back towards to support at the 97.8 region earlier on the week but recovered a portion of the move ending off the week. The bias for the Dollar remains bullish unless the support at 97.8 region is broken.
Spot Gold (XAU/USD)
Gold strong momentum met with a decline throughout last week. Price potentially can towards the 1888 support region and if broken could signal more momentum towards the downside.
Trade Recap
NZD/CAD (Analysis 10-2)
Recap (Week 10 - Two Week Ago) Take Profit - 2
Recap (Week 11 - Last Week) Take Profit - 3
Short at market reopening reached Take Profit - 3 level where we announced to close fully.
Trade Analysis / Setups
Dollar Index (Analysis 12-1)
Long opportunity: Long at market reopening towards 99.2842 as Take Profit - 1 level.
Corn - May Futures (Analysis 12-2)
Long opportunity: Break and retest confirmation at 758.5 region towards 791 as Take Profit - 1 level.
Short opportunity: Break and retest confirmation at 730.25 region towards 701.5 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!