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Hey Traders,
The S&P500 closed the week lower, breaking the six weeks streak of closing higher. This could be a stall for a push higher as the Magnificent 7 is scheduled for earning release. Meanwhile Gold continued to push higher despite the appreciation in the Dollar.
The US job report is scheduled next week along with the BOJ Policy rate.
Upcoming Economic Release:
S&P500 Futures
S&P500 closed lower for the week, removing the gains from the prior week. However move is small and bullish momentum remains strong and intact and short position should only be considered if price falls below 4950 region.
Dollar Index (DXY)
The United States Dollar Index closed the week sharply higher after reversing from key support level, now trading at key resistance region at 104.34. Momentum is now at an elevated level where price has a high chance of stalling and begin trading in consolidation or retracement.
Spot Gold
Gold continue to ascend higher despite a stronger Dollar. Price is now at an elevated zone as deviation with the 50 exponential moving average in the weekly time frame continues to widen. We will be looking for short opportunity soon.
Trade Recap (Public Channel)
WTI - Front Month (Analysis 43-1)
Prior week (Week 43) Take Profit - 1
High risk long at market reopening position reached Take Profit - 1 level which we announced to close / partial / risk free.
Trade Recap (Private Channel)
No Updates
Trade Analysis / Setups
EUR/CAD (Analysis 44-1)
Analysis: Price is now trading at the mid point section of the consolidation zone. If price trades above the zone, we can look to enter long position after a retracement and reversal confirmation at the mid point region towards the top of the consolidation.
Long opportunity: Break and retest confirmation at 1.50253 region towards 1.51367 as Take Profit - 1 level.
2024 Market Order Signal Accuracy Accuracy: 100% Wins: 13 Loss: 0 |
2024 Market Order Signal Accuracy (Private Channel) Accuracy: 100% Wins: 11 Loss: 0 |
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Stay safe out there and safe trading!
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