Updated: Jan 20
Commodity prices such as corn, soybean and even crude oil fell throughout the week possibly giving more risk on attitude in the market as stock indices continue to soar. However, interest rate moved higher giving a boost in the dollar but risk on assets are not phased by it.
CPI will be the important highlight of next week as we get a sense on whether the rate increase helped in reducing inflation numbers.
Upcoming Economic Release:
Dollar Index (DXY)
The Dollar recovered some loss last week closing the week at the resistance zone at 106.800 which was contacted twice last week. A breakout confirmation of this resistance zone can indicate more bullish momentum possibly back towards the recent high at 109.00 area.
Spot Gold (XAU/USD)
Gold is now trading above 1750 possibly back to within the range of 1680 and 1900/2000 region. Price reached 1787 region which is a minor resistance within the range but closed off the week with a small reversal from the mentioned resistance.
Trade Analysis / Setups
AUD/USD (Analysis 32-1)
Long opportunity: Reversal confirmation at 0.68550 support regio ntowards 0.69623 as Take Profit - 1 level.
Corn - Front Month Futures (Analysis 32-2)
Long opportunity: Break and retest confirmation at 623.0 region towards 655.5 as Take Profit - 1 level.
Short opportunity: Break and retest confirmation at 584.5 region towards 548.5 as Take Profit - 1 level.
Cheers to all our member who managed to pack some profits this trading week.
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