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Hey Traders,
US CPI release came in lower than expected, pushing risk on assets towards the upside while the United States Dollar crashed. However, the US PPI release was the opposite, reporting higher numbers with prior months being revised higher as well. It is earning season for stocks as well which could impact the broad indices.
Upcoming Economic Release:
S&P500 Futures
The S&P500 continues its ascend towards the upside. Monthly relative strength index (RSI) approach a reading of 70, indicating an overbought level. Price and 50 exponential moving average variance can also be seen as wide. We maintain our view that the indices is extended and is due for a correction, however short position should only be considered if price trades below 4950.
Dollar Index (DXY)
The United States Dollar Index struggled last week as well, closing the week at key support region at 104.34. Price has developed a lower high and along with a breakout confirmation, we can potential see the Dollar trade towards the next support level at 102.85 region,
Spot Gold
Gold continues to ascend towards the top of the consolidation zone. Last week we mentioned that if momentum if to persist, we are likely to take a short position at the top of the range. However, momentum was not as strong as last week and thus we will scratch last week's idea off. Breaking out of indicated consolidation region can signal the next direction in the long term for Gold, with upside target of 2600 and downside target of 2155.
Trade Recap (Public Channel)
EUR/CHF (Analysis 28-1)
Prior week (Week 28) - Take Profit 1
Long position reached Take Profit - 1 level where we announced to close / partial / risk free.
Trade Analysis / Setups
AUD/USD (Analysis 29-1)
Analysis: Price has experienced multiple consecutive days of gains which can be indicated as slightly extended. Moreover, momentum can also be seen as slowing down as such we can identify a potential short opportunity.
Short opportunity: At market reopening towards 0.67333 as Take Profit - 1 level.
2024 Market Order Signal Accuracy Accuracy: 100% Wins: 7 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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