.png)
Hey Traders,
Last week was a relatively quiet week. The University of Michigan Consumer Sentiment report came out higher but the market was relatively unfazed. However, the Canada economy gave a shock to the market again as job report was way better than expected. Once again, at the state that we are in...are we in a recession?
Upcoming Economic Release:
S&P500 Futures
The S&P500 retested the resistance zone again but failed and closed off the week in the red. However, this is still considered a healthy retracement as bullish bias still remains. If price were to breakout below 4050 support region, it can potential move back into the range, towards the 3963 region.
Dollar Index (DXY)
In our previous post, we stated that it is difficult for the Dollar to to maintain beyond the 103.225 key resistance without any form of retracement. The United States Dollar continued the upside earlier on the week, past the 103.225 level but momentum could not sustain and fell back towards the 50 exponential moving average which also coincide with the minor support level at 102.100. Price eventually climbed back and looks to reach the 104.085 level.
Gold Futures
As mentioned on our previous post, since the prior movement was sharp, we expected a retracement towards 1900 or consolidation last week played out as per what we expected. Gold retraced towards the 1900 in a consolidation movement before ending lower at 1873 which is also a support region. If this support does not hold, we can potentially see more downside movement while if price were to break above the 1900, we can potentially see Gold trades towards the recent high.
Trade Recap
NZD/CAD (Analysis 6-1)
Recap (Week 06 - Last Week) Take Profit - 2
Long at market position reached Take Profit - 2 level where we announced to close fully.
Cotton #2 Futures (Exclusive Trade)
Recap (Week 06 - Last Week) Take Profit - 2
Short at market position reached Take Profit - 2 level where we announced to close / partial.
Soybean Meal Futures - Front Month (Exclusive Trade)
Recap (Week 06 - Last Week) Stopped
Short at market position stopped out.
Trade Analysis / Setups
WTI Futures - Front Month (Analysis 7-1)
Analysis: WTI have been trading within the range for a relatively long period of time. We will look for reversal confirmation before taking a long near the support region and have our initial Take Profit set at the first ceiling of the range.
Long opportunity: Reversal confirmation at 73.82 support region towards 79.69 as Take Profit - 1 level.
Cheers to all our member who managed to pack some profits this trading week.
Join our telegram channel at: https://t.me/traineetraders
Instagram: https://www.instagram.com/trainingtraders/
Facebook: https://www.facebook.com/trainingtraders
Stay safe out there and safe trading!
Comments