Updated: Mar 27
Earlier the week, the dollar weakened with stock indices as the market expected a bad retail sales but did not spark any big moves upon release. The dollar and indices recovered some of the moves at the end of the week.
I have an interesting find earlier this week as the below chart hints how expensive stocks has become and could potentially signal a potential correction that all of you should be wary of. When most of the money in the market is invested, there is no new money coming in to fuel the bull run.
Upcoming Economic Release:
Dollar Index (DXY)
Dollar fell back to the neckline of the inverse double head and shoulders pattern. This is a textbook breakout and retest buying potential. Look for entries in the lower time frame
Spot Gold (XAU/USD)
Gold continues to push higher but still trade below 1830 region. A breakout of this resistance could push price higher.
USD/CAD (Analysis 2-2)
Recap (Week 02 - Last Week) Stopped
Long at market position stopped out.
Trade Analysis / Setups
EUR/USD (Analysis 3-1)
Long opportunity: Retest confirmation at 1.13713 region towards 1.15297 as Take Profit - 1 level.
AUD/JPY (Analysis 3-2)
Long opportunity: Break and retest confirmation at 82.467 region towards 83.0 as Take Profit - 1 level.
Short opportunity: Break and retest confirmation at 82.113 region towards 81.607 as Take Profit - 1 level.
Corn - Front Month (Analysis 3-3)
Long opportunity: Retest confirmation at either 592.5 or 596.5 region towards 609.5 as Take Profit - 1 level.
Sugar #11 - Front Month (Analysis 3-4)
Long opportunity: Breakout confirmation at 18.48 region towards 19.18 as Take Profit - 1 level.
Unfortunately, our only trade this week got stopped out which is part and parcel of trading. Let's recover it with this week new setups.
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Stay safe out there and safe trading!