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Hey Traders,
Earlier last week, the dollar gained some strength but loses it all upon the release of the US employment report. US employment report came under expectation signalling that job market / economy is still weak and still needs time to recover (not likely to see rise in interest rate). CPI will be the interest next week to see any signs of potential tapering.
Key events to look out for next week are: 1. BOC Rate Statement
2. EUR Monetary Policy Statement
3. US CPI
Dollar Index (DXY)
As mentioned, the Dollar gained strength earlier the week but failed to break the resistance level at 90.58 region and fell back to the support level at 90.135 region. Expecting the consolidation to continue next week till the release of the CPI report.
Spot Gold (XAU/USD)
The concern of rising yield trigger Gold to fell to 1865 region but met bid and employment release and reverses from the support zone.
Trade Recap
Soybean Futures (Exclusive Trade)
Recap (Week 22 - Last Week) Take Profit - 1 level
Long at market position reached Take Profit - 1 level where we announced to close / partial / risk free.
Trade Analysis / Setups
GBP/NZD (Analysis 23-1)
Long opportunity: Reversal confirmation at 1.96045 region provided that reversal happen above the trend line.
Short opportunity: Break and retest confirmation at 1.96045 region provided that break out happen below the trend line.
Spot Gold (XAU/USD)
Long opportunity: Long upon market reopens towards 1910 region.
Copper Futures (Analysis 23-3)
Long opportunity: Upon break out confirmation of trend line towards 4.5935.
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