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Hey Traders,
The United States Dollar traded higher during the prior week helped by better than expected PMI report which caused Gold to fell sharply. Gold has experienced a long period of uptrend and cyclical may suggest a reversal for Gold soon.
Meanwhile the core PCE release will be the highlight for next week.
Upcoming Economic Release:
S&P500 Futures
The S&P500 closed the week with another record high. Price can be seen as extended since there is a big deviation referencing to the 50 period exponential moving average. However bullish price trend remains strong and short position should only be considered if the 4960 support is broken out of.
Dollar Index (DXY)
The United States Dollar Index attempts to climb higher but closed the week at the short term resistance level. Dollar is garnering strength and looks to break above short term resistance level at 105.425, which can then potentially indicate further strengthening of the Dollar toward 107.0 region.
Spot Gold
Gold trades within the mid point of the consolidation, attempting to climb high earlier the week but closed the week lower. Trend remains neutral as we await for breakout of the consolidation so that we would be able to determine the next mid term direction for Gold.
Trade Recap (Public Channel)
EUR/CHF (Analysis 25-1)
Prior week (Week 25) - Take Profit 1
High risk long at market reopening position reached Take Profit - 1 level where we announced to close / partial / risk free.
Trade Recap (Private Channel)
No Updates
Trade Analysis / Setups
AUD/JPY (Analysis 26-1)
Analysis: Price can be seen as extended on the daily time frame as price closed higher for consecutive days. As such, we expect a retracement to be due soon with the minor support level as initial target.
Short opportunity: Short at market reopening as High Risk trade towards 105.586 as Take Profit - 1 level.
2024 Market Order Signal Accuracy Accuracy: 100% Wins: 6 Loss: 0 |
2024 Market Order Signal Accuracy (Private Channel) Accuracy: 100% Wins: 8 Loss: 0 |
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