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Hey Traders,
A truly volatile year this year had been. Last week, the S&P500 erased all of the loss it experienced the prior week due to the marketing sensing a less hawkish FEDs. Powell referenced that the rise of inflation expectation in the UMich sentiment was what drove the hike of 75 basis point instead of the expected 50 basis point. However, Friday UMich consumer sentiment survey expectation came in lower than the preliminary result.
This week, the power houses will be talking and we will be observing if Powell has any additional comment from last week's UMich sentiment survey.
Upcoming Economic Release:
Dollar Index (DXY)
The Dollar has been trading in at range just above the 103.913 region. A descending trendline has formed in the at the most recent price movement. A break of the support region at 103.913 will indicate more bearish movement while a break of the resistance region at 104.734 will indicate more bullish momentum.
Spot Gold (XAU/USD)
Gold continues to trade in tight ranges. As mentioned, the longer the range, the stronger the impending breakout direction. Await for any confirmation and go along with the direction of the breakout.
Trade Recap
No updates
Trade Analysis/Setups
EUR/JPY (Analysis 26-1)
Long opportunity: Retest confirmation at 142.495 support region towards 144.035 as Take Profit - 1 level.
Short opportunity: Break and retest confirmation at 141.439 region towards 139.533 as Take Profit - 1 level.
GBP/USD (Analysis 26-2)
Long opportunity: Break and retest confirmation at 1.23029 region towards 1.24120 as Take Profit - 1 level.
Short opportunity: Break and retest confirmation at 1.21960 region towards 1.20390 as Take Profit - 1 level.
USD/CAD (Analysis 26-3)
Short opportunity: Retest confirmation at 1.29125 resistance region towards 1.28307 as Take Profit - 1 level.
WTI Crude - Front Month (Analysis 26-4)
Long opportunity: Break and retest confirmation at 108.35 region towards 113.80 as Take Profit - 1 level.
Wheat Futures - Front Month (Analysis 26-5)
Short opportunity:
(1) Retest confirmation at 986.75 resistance region towards 893.0 as Take Profit - 1 level or, (2) Retest confirmation at 1032.0 resistance region towards 893.0 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!