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Hey Traders,
Retail sales were weaker than expectation, displaying that the rate hike is showing its effectiveness in reducing inflation rate. However, there are doubts remains in the market as some believe that more rate hikes are needed to pull inflation rate towards 2%. In addition, the 2 year yield is trading at around 4% while the FEDs rate target is 5.25%. Market is clearly showing too much optimism as of now, as such any negative news can severely impact risk on assets and sentiments.
Upcoming Economic Release:
S&P500 Futures
Price reached the breakout target at 4180 level as mentioned since Week 13. A breakout of the 4180 resistance region can potentially push price towards the 4300 recent high region. However any downside breakout of the 4100 region can potentially drag price towards the 4050 support region.
Dollar Index (DXY)
The United States Dollar Index dipped towards the recent low support but managed to close the week above. A breakout of the 100.69 support can drag the Dollar towards the 99.365 region. Any short term shift in trend can only be confirmed if price managed to break above the 102.75 resistance region.
Gold Futures
Gold extends further towards the upside but fall towards to the ascending trend line later on the week. Upside bias remains unless price breaks below the 2000 region which can potentially drag price towards the neckline support at 1940 region.
Trade Recap
Soybean Meal Futures - Active Month (Analysis 15-2)
Recap (Week 15 - Last Week) Take Profit - 1
Long at market position reached Take Profit - 1 level where we announced to close / partial / risk free.
Trade Analysis / Setups
NZD/CAD (Analysis 16-1)
Analysis: Price broke out of key support level and look to descend towards the next level of support at 0.8245 region. Any reversal confirmation can potentially push price back towards the key region (now resistance) at 0.83432.
Long opportunity: Reversal confirmation at 0.8245 support region towards 0.834232 as Take Profit - 1 level.
Cheers to all our member who managed to pack some profits this trading week.
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