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Hey Traders,
The May CPI release was the main highlight of last week. Coming out at +8.6% against the 8.3% expected. The market found the direction it needed for the past two to three weeks, risk off. The stock indices fell while the Dollar soared. The Yen continues its weakening throughout the week, reaching 134.0, the highest since 2002. Will the BOJ step in to manage the Yen?
Upcoming Economic Release:
Dollar Index (DXY)
The Dollar was trading in a range earlier the week awaiting to CPI release on Friday. Upon the higher than expected result of the CPI, the Dollar regained most of the strength it lost prior. Dollar look set to head towards the prior high.
Spot Gold (XAU/USD)
Gold continues to trade between the range of 1830 and 1870, closing off the week at the high side of the range. A break out of either side can potential signal the next direction of the trend.
Trade Recap
Soybean Oil - Jul Contract (Analysis 21-2)
Recap (Week 23 - Last Week) Take Profit - 1
Long at market reopening position reached Take Profit - 1 level where we announced to close / partial / risk free.
Trade Analysis / Setups
AUD/JPY (Analysis 24-1)
Short opportunity: Retest confirmation at 95.01 region towards 94.109 as Take Profit - 1 level.
NZD/CAD (Analysis 24-2)
Long opportunity: At market reopening as High Risk Trade towards 081847 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!