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Hey Traders,
US equities continued to slump throughout the week. Every recovery of the upside was pushed back down at US market open sessions. Conversely, the dollar was the strongest currency throughout the week. With the increased worry of tapering, next week will be important for traders to lookout for clues on the FOMC statement.
Upcoming Economic Release:
Dollar Index (DXY)
Dollar was the strongest currency across the board through the week as yield continue to rise, potentially reaching to the recent high at 93.5 region.
Spot Gold (XAU/USD)
Conversely, gold plummet as it broke the key short term support region at 1780. A break of the 1750 region may signal further bearish momentum towards the 1730 region.
Trade Recap
Copper Futures (Exclusive Trade)
Recap (Week 35 - 3 Weeks Ago) Take Profit - 1
Recap (Week 37 - Last Week) Take Profit - 2
Long position reached Take Profit - 2 level where we announced to close / partial.
WTI Crude (Analysis 37-3)
Recap (Week 37 - Last Week) Take Profit - 1
Long position reached Take Profit - 1 level and we announced to close / partial / risk free.
EUR/USD (Exclusive Trade)
Recap (Week 37 - Last Week) Take Profit - 3
Short at market position reached Take Profit - 3 level where we announced to close / partial.
Soybean Futures (Exclusive Trade)
Recap (Week 37 - Last Week) Take Profit - 1
Long at market position reached Take Profit - 1 level where we announced to close / partial / risk free.
Trade Analysis / Setups
Spot Gold (Analysis 38-1)
Long opportunity: Break and retest confirmation at 1765 region towards 1780 as Take Profit - 1 level.
Short opportunity: Break and retest confirmation at 1750 region towards 1728 as Take Profit - 1 level.
AUD/USD (Analysis 38-2)
Long opportunity: Break and retest confirmation at 0.7318 region towards 0.73715 as Take Profit - 1 level.
AUD/JPY (Analysis 38-3)
Long opportunity: Break and retest confirmation at 80.13 region towards 80.663 as Take Profit - 1 level, provided confirmation is above trend line.
Short opportunity: Break and retest confirmation at 79.975 region towards 79.40 as Take Profit - 1 level.
AUD/CAD (Analysis 38-4)
Long opportunity: Break and retest confirmation at 0.92972 region towards 0.9334 as Take Profit - 1 level.
Short opportunity: Break and retest confirmation at 0.92747 region towards 0.92414 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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