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Hey Traders,
Despite prior week's mild shift in sentiment, the S&P500 index managed to close the week higher due to the surge in Nvidia's share price from the extraordinary earnings report. US yield fell as buying resume in bonds, pushing the US Dollars towards the downside.
Even though recent inflation numbers were reported higher, market participants are confident that this would not lead to more rate increase. But the question is, does the FED thinks the same way?
Upcoming Economic Release:
S&P500 Futures
The S&P500 continued to climb towards the upside towards our 5200 measured target. Price remains extended and the main worry will primarily be taking of profits. Downside support can be found at the weekly 50 period exponentially moving average, with the potential level at around 4630 region.
Dollar Index (DXY)
The 104.34 proved to be a strong resistance level as the United States Dollar Index fail to trade higher last week despite trading above the region momentarily on the prior week. Even though the Dollar ended the week lower, it recovered more than 50% from the low of the week, displaying a level of resilience. If price manage to trade above the 104.34 region, we can potentially see more upside for the Dollar while if price falls below the 103.03 region, we can potentially see more downside.
Spot Gold
Gold price push towards the upside as the United States Dollar weakened. Price is now back to within the range and look to continue trading between the 2005 and 2055 region.
Trade Recap (Public Channel)
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Trade Analysis / Setups
EUR/CHF (Analysis 9-1)
Analysis: Price is mildly extended and is trading at key resistance area. Price can potentially retrace where we can then take the opportunity to enter long, along with the short to mid term trend,
Long opportunity: Reversal confirmation at 0.94710 region towards 0.95360 as Take Profit - 1 level.
2024 Market Order Signal Accuracy Accuracy: 100% Wins: 2 Loss: 0 |
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