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Hey Traders,
Nothing much on the market last week. Just all time high being reached almost every day. US Tech stocks are unstoppable right now while the Yen has big spike due to Abe announced him stepping down as PM. Oil and gold continues to struggle while oil struggles to push higher while gold struggles to give us a clear direction on where it is heading.
Dollar Index
Last week, we got stopped out by the long trade within the range. This is why trading within the range is considered high risk.
Our short trade is triggered as we could potentially see more weakening of the dollars. (which could also push stocks prices even higher!)
XAU/USD (spot gold)
Gold being boring. However, do watch out for the break out. Long potential when price reaches 1980 area. Will steer clear of short for now.
Trade Recap
CAD/JPY (given 2 weeks ago)
Trade closed
NZD/JPY
Trade closed
NZD/CAD (exclusive trade)
Trade closed
EUR/JPY (exclusive trade)
Trade closed
Trade Analysis
AUD/USD
Price has broke out of the channel. Potential long potential when price falls back towards the upper trend line / support and await for reversal confirmation to go long. For short, await for breakout and retest confirmation at support area, towards the lower trend line.
EUR/JPY
Await for breakout and retest confirmation.
Copper Futures
Price is strongly bullish. Await for breakout and retest confirmation being going long.
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Trade safe and stay safe traders!
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