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Hey Traders,
With the higher expected CPI, PPI, strong job reports, the market was initially frightened, shifting to risk off sentiment early the week due to the increased probability of a higher increase of rates. However, risk off moves are mostly contained with strong buying pressure on risk on assets.
Next week news release is heavy on the Oceania region with the US PCE report.
Upcoming Economic Release:
S&P500 Futures
S&P500 continues trading in a range, retesting the key resistance at 4180 region multiple times while not falling below 4050 region. Only with a break of the 4050 region will there be a stronger probability of more downside movement. Moreover, risk on assets are weak seasonally between February and March period.
Dollar Index (DXY)
The United States Dollar Index continues to trade towards the upside towards key resistance at 105.0 region. The Dollar remains bullish unless the 102.75 support level is breached.
Gold Futures
Gold continues to extend its downside movement throughout the week. However on Friday, retraced a portion of the move, stalling at the resistance zone at 1853.
The retracement move on Friday can be seen primarily due to the downside move being extended using the 50 exponential moving average (EMA) of the 4 hour time frame as a reference. A shift towards upside bias will only be firm when price breakout of the 1873 resistance region which will coincide with price trading above the 50 exponential moving average of the 4 hour time frame. Bearish sentiments remains with possibility of price reversing towards the 1840 minor support region.
Trade Recap
Cotton #2 Futures (Exclusive Trade)
Recap (Week 06 - Last Week) Take Profit - 2
Recap (Week 07 - Last Week) Take Profit - 3
Short at market position reached Take Profit - 4 level where we announced to close fully.
USD/JPY (Analysis 4-1)
Recap (Week 07 - Last Week) Take Profit - 1
Long position reached Take Profit - 1 level where we announced to close / partial / risk free.
Soybean Meal - Front Month (Exclusive Trade)
Recap (Week 07 - 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
Cotton #2 Futures - Front Month (Analysis 8-1)
Analysis: Price can be seen overextended and resting on key support level where we will take a long position with the next resistance level as the initial Take Profit level.
Long opportunity: Long at market reopening as High Risk towards 81.93 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!
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