MARKET COLOR FOR THE WEEK 1ST APRIL 2024
Mar 31, 2024 6:00 pm
Hi ,
Happy New Month!
It is the beginning of the first month in the second quarter.
Remember, "As a trader, a new month is a fresh canvas. Paint it with smart trades, bold decisions, and unwavering determination."
Here's our analysis for the week at Value Flow Trading:
USD: Last week, the dollar was bearish with no strong momentum to follow through, which made all its correlated pairs bullish as expected.
Looking ahead this week, we anticipate a pullback of the dollar to the upside to clear liquidity and continue its sell-off, as illustrated in the chart below. This suggests a bit of a pullback for a sell on its correlated pairs then continuing their long positions (GBPUSD, EURUSD).
JPY: Last week, the Yen was bearish but with little momentum after the market structure shift we saw on the 4-hour timeframe last week.
This week, we anticipate a bullish Yen, suggesting that Yen-correlated pairs might be bearish.
GOLD: Last week, the Gold Spot remained bullish, continuing its price discovery phase by creating a new high around the 2236.330 level.
In the upcoming week, we expect the Gold Spot to experience a slight pullback before resuming its rally, as illustrated in the chart below and aligning with our Value Flow Modelsยฎ.
As always, trade cautiously and implement proper risk management strategies as we expect NFP and some other news events this week.
Wishing you a successful and profitable month ahead!
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Cheers!
VFT Team