Updated: Jan 20
Its the month end again and we see the stock indices closed off the week in the green. The key concern right now is that the US is could be entering a stagflation as inflation rises with low unemployment rate. Well at least its better than hyperinflation right? The upcoming economic release is heavy. Expect volatility.
Upcoming Economic Release:
Dollar Index (DXY)
The United States Dollar Index broke pass neckline support and fell directly towards the subsequent level of support at 105.56 region which is also the previous high. The Dollar remain weak and any breakout indication of the 105.56 support region can push price towards the 103.91 region.
Spot Gold (XAU/USD)
As the Dollar continues to weaken, Gold push towards the upside, confirming the reversal of key support region at 1680. As momentum is strong, retracement is likely where late long entries can be entered.
Trade Analysis / Setups
USD/JPY (Analysis 31-1)
Short opportunity: Break and retest confirmation at 132.42 region towards 127.626 as Take Profit - 1 level.
AUD/JPY (Analysis 31-2)
Long opportunity: Reversal confirmation at 92.485 support region towards 94.109 as Take Profit - 1 level.
EUR/JPY (Analysis 31-3)
Long opportunity: Reversal confirmation at 132.06 support region towards 196.938 as Take Profit - 1 level.
Cheers to all our member who managed to pack some profits this trading week.
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