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Hey Traders,
The FED member speech created a huge uproar in the market. The concern that raising interest rate may not fix the underlying issues with the economy. Risk on assets suffer and are now trading near this year's low. Expectation on the growth of the world economy is also expected to slow down.
Upcoming Economic Release:
Dollar Index (DXY)
The Dollar continues its rise, closing off the week at a high since March 2020. Expect strength in the dollar to continue until the FOMC release in May.
Spot Gold (XAU/USD)
The strength of the Dollar resulted in the pullback of Gold, reversing after reaching near the 1999 area which we identified last week as the resistance zone. Price can potentially fall back to support level at 1915 region.
Trade Recap
AUD/JPY (Analysis 15-1)
Recap (Week 15 - 2 Weeks Ago) Take Profit - 1
Recap (Week 16 - Last Week) Take Profit - 3
Long position reached Take Profit - 3 level which we announced to close / partial.
Dollar Index (Analysis 12-1)
Recap (Week 14 - 3 Weeks Ago) Take Profit - 2
Recap (Week 16 - Last Week) Take Profit - 3
Long position reached Take Profit - 3 level which we announced to close / partial.
Soybean - May (Analysis 16-3)
Recap (Week 16 - Last Week) Take Profit - 1
Long position reached Take Profit - 1 level where we announced to close / partial / risk free.
Trade Analysis / Setups
NZD/CAD (Analysis 17-1)
Long opportunity: Break and retest confirmation at 0.84713 region towards 0.85243 as Take Profit - 1 level.
EUR/JPY (Analysis 17-2)
Long opportunity: Break and retest confirmation at 138.967 region towards 139.665 as Take Profit - 1 level.
Short opportunity: Break and retest confirmation at 138.396 region towards 137.55 as Take Profit - 1 level.
Sugar #11 May (Analysis 17-3)
Long opportunity: Reversal confirmation at 18.56 region towards 19.19 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!