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Hey Traders,
Despite the festive period, the market got hit by the bear due to the new variant of COVID-19, Omicron. Cryptocurrencies and stock indices fell sharply upon the news. Meanwhile the dollar give back some of the gain last week.
Upcoming Economic Release:
Dollar Index (DXY)
The dollar strong momentum could finally meet some exhaustion, potentially falling back to the 94.65 region.
Spot Gold (XAU/USD)
As mentioned last week, a break of the 1845 region could see momentum towards 1820. Price broke through and found support at the ascending trendline. Price is now trading sideway, awaiting for the next potential move.
Trade Recap
USD/CAD (Analysis 44-2)
Recap (Week 46 - 2 week ago) Take Profit - 3
Recap (Week 47 - Last Week) Take Profit - 5
Long position reached Take Profit - 5 level where we announced to close / partial.
WTI Crude (Analysis 47-2)
Recap (Week 47 - Last Week) Take Profit - 1
Long at market position reached Take Profit - 1 level where we announced to close / partial / risk free.
Sugar #11 (Analysis 47-3)
Recap (Week 47 - Last Week) Stopped
Long at market position stopped out.
Trade Analysis / Setups
XAU/USD (Analysis 48-1)
Long opportunity: Break and retest confirmation at 1808 region towards 1812 as Take Profit - 1 level.
Short opportunity: Break and retest confirmation at 1785.5 region towards 1760.5 as Take Profit - 1 level.
AUD/USD (Analysis 48-2)
Long opportunity: Break and retest confirmation 0.715 region towards 0.72275 as Take Profit - 1 level.
NZD/CAD (Analysis 48-3)
Long opportunity: Break and retest confirmation at 0.87205 region towards 0.87735 as Take Profit - 1 level.
Short opportunity: Break and retest confirmation at 0.8668 region towards 0.86235 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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