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Hey Traders,
Risk off was weighing on the market as Powell signaled a shift from transitionary inflation (which many have been calling out) to not transitory. The non stop printing of the dollar will finally be controlled (by just a bit) with tapering. Stock fell and dollar rose upon the news.
Friday's job report was a huge miss, signaling that maybe the economy was not recovering as fast as the market think it is. Will the Feds shift their stance again?
Upcoming Economic Release:
Dollar Index (DXY)
The dollar pulled back to the minor support at 95.5 earlier the week but recovered most of the prior move upon the news of tapering.
Spot Gold (XAU/USD)
Gold broke out of the ascending triangle but is facing some indecision in the market as the recent candlesticks showed significant indecisions among buyers and seller. However price reverses slightly early at the 1760 support region, with a potential move towards the upside. It is important to note the minor head and shoulders that is still developing, if the neckline at 1760 is broke, we can potentially see more downward pressure in gold, especially with the potential rise in the dollar due to tapering.
Trade Recap
USD/CAD (Analysis 44-2)
Recap (Week 47 - 2 week ago) Take Profit - 5
Recap (Week 48 - Last Week) Take Profit - 6
Long position reached Take Profit - 6 level where we announced to close / partial.
Trade Setups / Analysis
USD/JPY (Analysis 49-1)
Long opportunity: Break and retest confirmation at 113.29 region towards 114.27 as Take Profit - 1 level.
Short opportunity: Break and retest confirmation at 112.73 region towards 111.63 as Take Profit - 1 level.
Sugar #11 (Analysis 49-2)
Long opportunity: Break and retest confirmation at 18.88 region towards 19.33 as Take Profit - 1 level.
Short opportunity: Break and retest confirmation at 18.48 region towards 17.98 as Take Profit - 1 level.
WTI Crude (Analysis 49-3)
Long opportunity: Break and retest confirmation at 69.25 towards 72.65 as Take Profit - 1 level.
Short opportunity: Break and retest confirmation at 65.24 towards 61.77 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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