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Hey Traders,
Prices fell generally fell across the board last week, with the United States Dollar, stocks, bonds and precious metal all closing lower. The US presidential debates continues on with the market signalling the Dollar will turn higher with a favourable Trump outlook while turning lower with a favourable Biden/Democrat outlook.
Both the US PMI and PCE report will be scheduled next week.
Upcoming Economic Release:
S&P500 Futures
The S&P500 index closed the week lower, likely due to some profit taking from market participants as price is elevated. Strong bullish momentum remains and short term support level can be identified at 5300 region before the uptrend resumes. Short position should only be considered if price breaks below the 4950 key support region.
Dollar Index (DXY)
The United States Dollar Index closed the week below the key support level but still within the region. If price reverses from the 103.725 region, we can likely see price trades back to above the key level at 104.34. Otherwise, we can see price trades towards 102 region.
Spot Gold
Gold breaks out of the range momentarily and fell back to within the range, creating a fake out. There is still possibility that price can continue to extend but if it falls below the 2350 region, price can be confirmed to be back within the range.
Trade Recap (Public Channel)
AUD/USD (Analysis 29-1)
Prior week (Week 29) - Take Profit 1
Short at market position reached Take Profit - 1 level where we announced to close / partial / risk free.
Trade Analysis / Setups
Cotton No.2 Futures - Front Month (Analysis 30-1)
Analysis: Price lies at key support level and price continues to trade at an extended level which we will increasing our current position.
Long opportunity: Long at market reopening as high risk trade towards 77.79 as Take Profit - 1 level.
2024 Market Order Signal Accuracy Accuracy: 100% Wins: 8 Loss: 0 |
2024 Market Order Signal Accuracy (Private Channel) Accuracy: 100% Wins: 8 Loss: 0 |
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Stay safe out there and safe trading!
Yorumlar