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Hey Traders,
The Dollar regained some strength while the stocks indices gave back some of its move it had on the prior week. We have some heavy week ahead with the RBA policy announcement, FOMC meeting minutes and the US Job Data. Brace up as it will likely be a volatile week ahead.
Upcoming Economic Release:
Dollar Index (DXY)
As we mentioned on the prior post, a upside break of the 104.734 can fuel more bullish momentum. The Dollar claimed back the prior high at 105.56 and is looking for more upside momentum. However, the Dollar now trades in the range of 103.913 region and 105.561.
Spot Gold (XAU/USD)
Gold softens throughout the week, falling back to the support level at the 1787 region. However, upon reaching the support level, there was a relatively strong rebound, with a pin bar formed on the Friday session. A breakout confirmation of the 1787 region can fuel more momentum towards 1725.
Trade Recap
USD/CAD (Analysis 26-3)
Recap (Week 26 - Last Week) Take Profit - 1
Short position reached Take Profit - 1 level where we announced to close / partial / risk free.
Trade Analysis / Setups
AUD/USD (Analysis 27-1)
Long opportunity: Break and retest confirmation at 0.6855 region towards 0.69623 as Take Profit - 1 level.
Short opportunity: Retest confirmation at 0.6855 region towards 0.69623 as Take Profit - 1 level.
Soybean - Active Month Contract (Analysis 27-2)
Short opportunity: At market reopens, towards 1476.5 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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