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Hey Traders,
Last week US job report were weak but unemployment rate was better...falling from 4.2% to 3.9%. Throughout the week, the concern of rate hike dragged risk on assets with the S&P500 down 10 points. Next week's CPI report will be important to look out for as inflation concerns continues to weigh on the market.
Upcoming Economic Release:
Dollar Index (DXY)
The dollar continues to trade within the range between 95.5 to 97.0 region but was weaker throughout last week. Lookout for signs of breakout confirmation out of the consolidation.
Spot Gold (XAU/USD)
Gold failed to continue the upside as the resistance level at 1830 region holds. Price is now trading near the mid term ascending trend line where we can look out for clearer confirmation on whether gold would continue with the upside momentum.
Trade Recap
AUD/JPY (Analysis 51-2)
Recap (Week 52 - 2 Weeks Ago) Take Profit - 3
Recap (Week 01 - Last Week) Take Profit - 4
Long position reached Take Profit 4 level where we announced to close fully.
EUR/JPY (Analysis 47-1)
Recap (Week 52 - 2 Weeks Ago) Take Profit - 2
Recap (Week 01 - Last Week) Take Profit - 3
Long at market position reached Take Profit - 3 level where we announced to close fully.
Cotton #2 (Exclusive Trade)
Recap (Week 52 - 2 Weeks Ago) Take Profit - 2
Recap (Week 01 - Last Week) Take Profit - 3
Long at market position reached Take Profit - 3 level where we announced to close fully.
USD/JPY (Analysis 49-1)
Recap (Week 50 - 4 Weeks Ago) Take Profit - 1
Recap (Week 01 - Last Week) Take Profit - 4
Long position reached Take Profit - 4 level where we announced to close / partial.
Spot Gold (Exclusive Trade)
Long at market position announced to close near breakeven level.
Trade Analysis / Setups
AUD/USD (Analysis 2-1)
Long opportunity: Break and retest confirmation at 0.71840 region towards 0.72462 as Take Profit - 1 level.
Short opportunity: Break and retest confirmation at 0.71408 region towards 0.70932 as Take Profit - 1 level.
USD/CAD (Analysis 2-2)
Long opportunity: Long at market reopen as High Risk trade towards 1.27082 as Take Profit -1 level.
NZD/CAD (Analysis 2-3)
Long opportunity: Break and retest confirmation at 0.85907 region towards 0.86271 as Take Profit - 1 level.
Corn Futures (Analysis 2-4)
Long opportunity: Break and retest confirmation at 609.5 region towards 632.75 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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