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Hey Traders,
The bond sell off continues but this week however, the Dollar did not catch any huge or significant moves. Commodities continues to trade within the range. After last week FEDs meeting, the market shifted from uncertainty to calm and as such boosted risk on with stock indices enjoying a good week. However, any unexpected news regarding rate hikes can potentially shock risk on assets.
Upcoming Economic Release:
Dollar Index (DXY)
The Dollar continue to trade within the range and closed off the week at the high region at the descending trend line. The minor support at 98.442 has been holding and prices has been trading above this level. A break of this minor support can lead price back to the lower bound of the range at 97.834 region.
Spot Gold (XAU/USD)
Gold is now trading at the key resistance / neckline at 1960 region and is trying to breakout of this level. A successful breakout can potentially lead price towards the 1998 region while a dip below the ascending trend line can send prices back towards the 1900 region.
Trade Recap
No updates for this week.
Trade Analysis / Setups
USD/CAD (Analysis 13-1)
Long opportunity: Reversal confirmation at 1.24533 region towards 1.25118 as Take Profit - 1 level.
NZD/CAD (Analysis 13-2)
Long opportunity: Break and retest confirmation at 0.8705 region towards 0.87513 as Take Profit - 1 level.
Short opportunity: Break and retest confirmation at 0.86597 region towards 0.86133 as Take Profit - 1 level.
Spot Gold (Analysis 13-3)
Long opportunity: Breakout confirmation at descending trend line towards 2000 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!