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Hey Traders,
Another volatile week as the US Dollar further strengthen while commodity currency such as the AUD fell to key support area. Gold had a strong fall as the dollar appreciate likely due to the market favoring the dollar as a stronger safe haven.
Upcoming Economic Release:
Dollar Index (DXY)
The dollar got to a new recent high breaking the 97.0 resistance. Expect a reversion to mean in momentum, meaning a likely consolidation period or a small correction.
Spot Gold (XAU/USD)
Gold slid but reached a minor support at 1782 level. Price is still respecting the ascending trend line so continue to maintain bullish bias unless it is breached.
Trade Recap
Corn - Front Month (Analysis 3-3)
Recap (Week 03 - 2 Weeks Ago) Take Profit - 2
Recap (Week 04 - Last Week) Take Profit - 3
Long position reached Take Profit - 3 level where we announced to close fully.
USD/CAD (Analysis 4-1)
Recap (Week 04 - Last Week) Take Profit - 2
Long position reached Take Profit - 2 where we announced to close / partial.
Trade Analysis / Setups
XAU/USD (Analysis 5-1)
Long opportunity: Break and retest confirmation at 1798.5 region towards 1828.5 as Take Profit - 1 level.
AUD/USD (Analysis 5-2)
Long opportunity: Break and retest confirmation at 0.7025 region towards 0.7093 as Take Profit - 1 level.
AUD/JPY (Analysis 5-3)
Long opportunity: Break and retest confirmation at 81.06 region towards 82.1 as Take Profit - 1 level.
Short opportunity: Break and retest confirmation at 80.492 region towards 78.85 as Take Profit - 1 level.
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!