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Hey Traders,
Market continues it's April euphoria as the dollars falls with yield turning back lower. Stock market enjoy the most out of last week as well and for the past 10 days, we have had 8 green days and only 2 red days! Earnings reports continues next week with economic reports focusing on the EU region. (EUR volatility expected!)
Dollar Index (DXY)
As mentioned a on our last week post, the dollar will have a stronger bullish bias rejecting the 92.0 region but now it appears to be a fake break out. The 91.2 region now acts as the next support line, and break the support may turn the dollar back to within the 90 and 91 range again.
Spot Gold (XAU/USD)
Likewise, Gold recover some grounds as bond yield falls last week. However, price is still in the bearish bias, and I do not really see gold as an asset to long now with such a strong risk on bias in the market right now.
Trade Recap
GBP/NZD (Exclusive Trade)
Recap (Week 14 - 2 Week Ago) Take Profit - 1 level
Recap (Week 15 - Last Week) Take Profit - 2 level
Short position reached Take Profit - 2 level where we announced to close fully.
NZD/CAD (Exclusive Trade)
Recap (Week 15 - Last Week) Take Profit - 2 level
Long position reached Take Profit - 2 level where we announced to close / partial.
AUD/CAD (Analysis 14-3)
Recap (Week 15 - Last Week) Take Profit - 1 level
Long position reached Take Profit - 1 level where we announced to close / partial / risk free.
Soybean Meal Futures (Exclusive Trade)
Recap (Week 15 - Last Week) Stopped
Long at market position (High risk trade) stopped out.
Sugar No.11 Futures (Exclusive Trade)
Recap (Week 15 - Last Week) Stopped
Short at market position (High risk trade) stopped out.
Trade Analysis / Setups
GBP/JPY (Analysis 16-1)
Long opportunity: Break and retest confirmation at 150.87 region towards 152.22.
EUR/NZD (Analysis 16-2)
Long opportunity: Break and retest confirmation of 1.6785 region towards 1.69425.
Corn Futures - Front month (Analysis 16-3)
Long opportunity: Break and retest confirmation at 588.5 region towards 598.0 region.
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Cheers to the member who managed to pack some profits this trading week.
High risk trades got stopped out this week. Showing why we should always have stronger confluence when entering trades. Trades should be have been entered if high risk is out of your tolerance.
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Stay safe out there and safe trading!
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