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Hey Traders,
The stock market jumped after the release of the FOMC but resumed downside momentum shortly after. Stock indices closed the week in the red for another week. Unemployment rate rose while the job market weak compared to expectation. The United States Dollar Index fell along with stock indices.
The upcoming week is light on economic release and the stock market likely can take a breather from the earlier sell off.
Upcoming Economic Release:
S&P500 Futures
The S&P500 index closed lower for another week, narrowing the extended level. In addition, August and September is seasonally weak for stocks. However, bullish trend remains strong and short position should only be considered when price breaks below key support level at 4950 region.
Dollar Index (DXY)
The United States Dollar Index attempt to break above the key resistance level but was met with selling pressure, closing the week near the the support region at 102.85. Short to mid term trend is now tilted towards the downside.
Spot Gold
Gold continues its ascend after finding earlier support at 2350 region, mid point region of the consolidation and supported by the 50 period exponential moving average. Unless price breaks below 2300 region, the lower mid point support, there is no reason to short Gold.
Trade Recap (Public Channel)
NZD/CAD (Analysis 31-1)
Prior week (Week 31) - Take Profit 3
High risk long at market reopening position reached Take Profit - 3 level where we announced to close fully.
Trade Recap (Private Channel)
No updates
Trade Analysis / Setups
EUR/CAD (Analysis 32-1)
Analysis: Price has broken through the key resistance region. However, it can be seen as extended on the weekly timeframe as such we can view this break out likely to be false and expect price to retrace and potentially reverse.
Short opportunity: Short at market reopening as High Risk trade towards 1.50253 as Take Profit - 1 level.
2024 Market Order Signal Accuracy Accuracy: 100% Wins: 9 Loss: 0 |
2024 Market Order Signal Accuracy (Private Channel) Accuracy: 100% Wins: 8 Loss: 0 |
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