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Hey Traders,
Bitcoin price head into correction zone, still struggling to keep prices up after the major sell off. Dollar weakness continues but ended the week by recovering some points and Gold had a technical breakout towards the upside.
Bitcoin: 41,000 resistance seem hard to break as price continues it's range between 30,000 and 41,000. Break out of the 41,000 resistance would be bullish while a break of the 30,00 may cause a second wave of sell off.
Dollar Index (DXY)
The dollar is now at the lower bound of the range with price still below the descending trend line. A break above the trend line would be more bullish with a double bottom formation while a break of the 89.73 region would be bearish.
Spot Gold (XAU/USD)
Gold price broke out of the descending trend line and price is consolidating on a upward channel.
Trade Recap
GBP/NZD (Analysis 20-1)
Recap (Week 20 - Last Week) Take Profit - 3 level
Long position reached Take Profit - 3 level where we announced to close / partial.
Spot Gold (Exclusive Trade)
Recap (Week 18 - 3 weeks ago) Take Profit - 3 level
Recap (Week 20 - Last Week) Take Profit - 4 level
Long position reached Take Profit 4 level where we announced to close fully.
EUR/USD (Exclusive Trade)
Recap (Week 18 - 3 weeks ago) Take Profit - 3 level
Recap (Week 20 - Last Week) Take Profit - 4 level
Long position reached Take Profit - 4 level where we announced to close / partial.
Trade Analysis / Setups
NZD/CAD (Analysis 21-1)
Long opportunity: Break and retest confirmation at 0.86935 region towards 0.87485.
Short opportunity: Retest confirmation at 0.86685 region towards 0.86198.
GBP/JPY (Analysis 21-2)
Short opporunity: Break and retest confirmation at 153.485 region towards 152.545.
CAD/JPY (Analysis 20-3)
Short opportunity: Break and retest confirmation at 89.73 region towards 89.145.
Soybean Futures (Analysis 20-4)
Short opportunity: Break and retest confirmation at 1524 region towards 1492.5.
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