Updated: Jan 20
Last week, China, EU and the UK showed signs of slowdown in the economy due to inflation, rising yields and the Ukraine war. Risk off tone was heavy throughout the week, pushing the Dollars towards the upside while US indices closed off the week in the red.
Upcoming Economic Release:
Dollar Index (DXY)
As we mentioned on the prior week, a breakout confirmation of the 106.8 resistance level which was tested numerous times, can push price higher, which was exactly what happened last week, with the Dollar breaking out of the resistance and closing the week at an extended level. Expect some retracement this week.
Spot Gold (XAU/USD)
The rise in the Dollar resulted in the drop in Gold. Price closed the week on the minor support level. A break of the resistance level at 1771.5 can push price back towards recent high while a break of the support level at 1732.6 can push price back towards recent low, or key support level at 1680 region.
NZD/CAD (Analysis 33-1)
Recap (Week 33 - Last Week) Take Profit - 3
Short at market position reached Take Profit - 3 level where we announced to close / partial.
Trade Analysis / Setups
Corn - Front Month Contract (Analysis 34-1)
Long opportunity: At market reopen towards 638.25 as Take Profit - 1 level as High Risk.
Cheers to all our member who managed to pack some profits this trading week.
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Stay safe out there and safe trading!