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Hey Traders,
Last week we had a great US PMI result however the most asset classes is relatively quiet as they trade side ways. The strong PMI was a strong signal that the US economy is still wrong despite the pandemic.
Dollar Index (DXY)
The dollar continues trading within the range of 90.06 and 90.58 region. A inverse head and shoulders pattern has begun to form and a breakout towards the upside can spur huge price movements.
Spot Gold (XAU/USD)
Gold is range bound wthin the 1823 and 1860 region with a small bullish bias.
Trade Recap
EUR/JPY (Exclusive Trade)
Short at market position reached Take Profit-1 level where we announced to close / partial / risk free.
EUR/NZD (Exclusive Trade)
Long at market position reached Take Profit - 1 level where we announced to close fully.
NZD/CAD (Exclusive Trade)
Long position reached Take Profit - 2 level where we announced to close / partial.
CAD/JPY (Exclusive Trade)
Long at market position closed at reduce level as price exhibit strong bearish signals.
Trade Analysis / Setups
CAD/JPY (Analysis 4-1)
Short opportunity: Break and retest of 81.28 support region towards 80.56
EUR/JPY (Analysis 4-2)
Long opportunity: Retest confirmation of 126.055 support region towards 126.65
GBP/NZD (Analysis 4-3)
Long opportunity: Break and retest confirmation of 1.9074 resistance region towards 1.91945.
Short opportunity: Break and retest confirmation of 1.89975 support region towards 1.89055.
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Cheers to the member who managed to pack some profits this trading week from the market level trades.
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Stay safe out there and safe trading!
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