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Hey Traders,
The market resumes its bullish run for risk on assets as most indices has recovered most of its losses, with the S&P500 index forming an all new time higher, climbing higher than earlier this year and the Dow topping at 40k. The tamer CPI numbers pushed the Dollar lower while spurring the market into risk on assets.
Upcoming calendar is light for the US, but is heavy on other major currencies such as the CAD and GBP.
Upcoming Economic Release:
S&P500 Futures
The S&P500 extends higher from the previous high, forming a new all time high. Short term trend remains strongly bullish but price remains elevated at the higher time frame.
Dollar Index (DXY)
The United States Dollar Index was unable to extend further as it retreats from the short term resistance level identified at 105.425. Price experienced weakness throughout the week and fell back to key support region at 104.35. Breaking out of this key support region can potentially push price back towards the 102.0 region.
Spot Gold
Gold extends back towards the top region of the range. Momentum can be seen as extended although still at a healthy level whereby price can potentially extends higher. Breaking out of the consolidation region can potentially indicate the next short term trend for Gold.
Trade Recap (Public Channel)
No recap
Trade Recap (Private Channel)
No recap
Trade Analysis / Setups
EUR/CHF (Analysis 21-1)
Analysis: Price can be seen as extended can we can look to trade against the current trend. Since price is not over extended, risk adverse participants should only initiate a smaller position.
Short opportunity: Short at market reopening towards 0.98355 as Take Profit - 1 level
2024 Market Order Signal Accuracy Accuracy: 100% Wins: 4 Loss: 0 |
2024 Market Order Signal Accuracy (Private Channel) Accuracy: 100% Wins: 8 Loss: 0 |
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Stay safe out there and safe trading!
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