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Hey Traders,
FOMC is back on action in the upcoming week. Many analysts are viewing the rate cut to be unlikely but I guess we will have the answer soon enough. If there is a rate cut, it is likely that the Russell small cap index will likely outperform the other broad index as these companies will benefit significantly more.
Next week schedule is a packed one which includes BOJ, NFP, BoE and the PMI. Expect volatility.
Upcoming Economic Release:
S&P500 Futures
The S&P500 closed the week lower again. Price may look to trade towards 5335 region for a start but bullish momentum remains intact and strong and thus short position should only be considered if the 4950 key support level is broken out of.
Dollar Index (DXY)
The United States Dollar Index closed the week near unchanged. It did however attempts to trade higher, approached the key resistance level at 104.34 but could not break out of it from. If the price is to fall below 103.725 support level, we can potentially see the Dollar fall towards the 102 region.
Spot Gold
Gold extends lower but found upper mid region support within the consolidation at 2365 region. Price can be seen as back within the range and the earlier break out can be seen as a false breakout.
Trade Recap (Public Channel)
AUD/USD (Analysis 29-1)
Prior week (Week 30) - Take Profit 3
Short at market reopening position reached Take Profit - 3 level where we announced to close fully.
Trade Recap (Private Channel)
No updates
Trade Analysis / Setups
NZD/CAD (Analysis 31-1)
Analysis: Price can be identified as extended towards the downside. Thus, we can take the reversal opportunity as price is due for at least a retracement.
Long opportunity: Long at market reopening as High Risk trade towards 0.81854 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!
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