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Hey Traders,
Last week's PCE report matches with expectation resulted in the US Dollar trading sideways while the indices continues it's bull run and breaking new highs. Inflation continues to be the thing to watch out for in the market.
Key economic events
ISM Manufacturing PMI (US)
BOE Gov Bailey Speaks (GBP)
Unemployment Rate (US)
Dollar Index (DXY)
Dollar lost some ground but managed to find support at the 91.50 region. This consolidation may begin to build up momentum to validate the next confirmatory move. A break below 91.4 region could fuel more movement towards the downside while a break above the 91.90 region may continue to increase the dollar's strength.
Spot Gold (XAU/USD)
Similarly, Gold is trading sideways with a support at 1775 region and resistance zone at 1795 region. A breakout of the mentioned technical level can provide confirmatory signal for short term trend.
Trade Recap
USD/CAD (Exclusive Trade)
Recap (Week 25 - Last Week) Take Profit - 1
Short at market position reached Take Profit - 1 level where we announced to close / partial / risk free.
Trade Analysis / Setup
AUD/USD (Analysis 26-1)
Long opportunity: Reversal confirmation at 0.75910 region towards 0.7689
GBP/JPY (Analysis 26-2)
Short opportunity: Break and retest confirmation at 153.775 region towards 153.12.
Copper Futures (Analysis 26-3)
Long opportunity: Break and retest confirmation at 4.34 region towards 4.442
Short opportunity: Break and retest confirmation at 4.264 region towards 4.1625
Cotton Futures (Analysis 26-4)
Long opportunity: Break and retest confirmation at 87.3 region towards 92.8.
For commodity analysis, we are approaching rollover period on Monday. So be aware of the incoming spread that would be applied onto your portfolio and profit target and stop loss would need to adjust accordingly.
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