FOMC & Powell has disappoint the market and the stock indices continues to struggle to keep prices up. However oil has performed well during this minor risk off period as the OPEC also warns that investors will bleed if they were to short the market.
Still trading in range. Would hold off position for long until 93.9 is seen broken and retested for confirmation.
Short position if price breaks the minor support at 92.5 which would likely be back within the descending channel. Adjusted from last week key area to look out for.
XAU/USD (Spot Gold)
Last week we reached TP1 level and this week price reached TP2 level - where the descending trendline is and broadcasted on our telegram to close / partial.
Price is still trading within the symmetrical triangle range. Would hold off any position from now.
USD/JPY (Exclusive Trade)
Identified opportunity to short this pair last week and informed on our telegram channel. Price reached TP4 level where we broadcasted to close the position fully.
Corn Futures (Current) - Exclusive Trade
We looked out for long opportunity when there is a break and retest towards the upside. Price reached TP1 level with TP2 and TP3 as indicated.
High risk trade: Await for reversal confirmation to short as price is at the upper trendline region towards support 104.225
Short opportunity: Price break and retest at the region of 104.225
Long opportunity: Price break and retest at the region of 104.85 (to be kept in view as price structure forms along the way.)
Short opportunity: To look when price breaks out with retest at the horitzontal region of 1.7044 with additional confluence of trendline break , or break and retest of the 1.7005 region
Long opportunity: Await for break and retest at 1.7456 region.
Price is trading within a range however still above the ascending trendline.
Long opportunity: Break and retest of the 0.9958 region
Short opportunity: Break and retest of the 0.9915 region (high risk) or
Break and retest of the 0.9777 region
Cheers to the member who managed to pack some profits this trading week.
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Trade safe and stay safe traders!