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Hey Traders,
Last week, the yen's weakness was seen throughout the market, invalidating most of our analysis for the prior week. Inflation / interest rate rise is still the most important topic of the season as more stimulus are being considered to "boost" the economy. However, thing to note is, when everything cools off, the FEDs will inevitably raise interest rate.
Heavy economic release next week with the AUD rate and GDP release, CAD unemployment rate with the US PMI, Unemployment and Powell's speech.
Dollar Index (DXY)
The dollar receive strength earlier on the week and failed to break out of the 90.155 region with a significant bearish pinbar. Expect side way range till the end of the week with major US economic events.
Spot Gold (XAU/USD)
Gold continues to stay above the trend line looking towards to reach 1930 region. Similarly expect volatility next week due to huge USD impact news next week.
Trade Recap
NZD/CAD (Analysis 21-1)
Recap (Week 21 - Last Week) Take Profit - 3 level
Long position reached Take Profit - 3 level where we announced to close / partial.
Soybean (Analysis 21-4)
Recap (Week 21 - Last Week) Take Profit - 1 level
Short position reached Take Profit - 1 level where we announced to close / partial / risk free.
Trade Analysis / Setups
GBP/USD (Analysis 22-1)
Long opportunity: Break and retest confirmation at 1.42105 region towards 1.43195.
AUD/CAD (Analysis 22-2)
Long opportunity: Break and retest confirmation at 0.9334 region towards 0.9376.
Corn Futures (Analysis 22-3)
Long opportunity:
1: Retest confirmation at 645.25 region towards 704.
2: Break and retest confirmation at 669.5 region towards 704.
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