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Hey Traders,
The concern of inflation continues on as the expectation for a rate hike in March rose to over 56%. Risk on assets fell sharply later on the week despite the boost after the FOMC release. As next week economic calendar is very light with Christmas season around the corner, expect either lighter volume / liquidity.
Upcoming Economic Release:
Dollar Index (DXY)
The dollar continues consolidating sideways. Lookout for any breakout confirmation that would signal the next short term trend.
Spot Gold (XAU/USD)
Gold enjoying the bullish ride from the FOMC, aligning with the seasonal trend for gold which can potentially last till Feb'2022.
Trade Recap
USD/JPY (Analysis 49-1)
Recap (Week 50 - Last Week) Take Profit - 1
Long position reached Take Profit - 1 level where we announced to close / partial / risk free.
NZD/CAD (Analysis 50-3)
Recap (Week 50 - Last Week) Take Profit - 3
Long position reached Take Profit - 3 level where we announced to close / partial.
Cotton #2 (Exclusive Trade)
Recap (Week 50 - Last Week) Take Profit - 1
Long at market position reached Take Profit - 1 level where we announced to close / partial / risk free.
Trade Analysis / Setups
GBP/JPY (Analysis 51-1)
Long opportunity: Breakout confirmation at 150.732 region towards 152.446 as Take Profit - 1 level.
AUD/JPY (Analysis 51-2)
Long opportunity: Reversal confirmation at 80.492 region towards 81.607 as Take Profit - 1 level.
Short opportunity: Break and retest confirmation at 80.492 region towards 78.841 as Take Profit - 1 level.
Sugar #11 (Analysis 51-3)
Long opportunity: Reversal confirmation at 18.88 region towards 19.5 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!