MARKET COLOR FOR THE WEEK 6TH NOVEMBER 2023
Nov 06, 2023 4:01 am
Hello ,
Happy New Week and Happy New Month!
How was your trading performance last month? I hope it was profitable.
"Finish the year as a trader who leaves no room for regrets. Take calculated risks, trust your instincts, and believe in your abilities."
Here at Value Flow Trading, this is our analysis for the week:
USD: Last week, there was significant pressure on the dollar, making it bearish for the week and, in turn, causing other correlated pairs to be bullish.
Going forward this week, we expect the dollar to experience a slight pullback and then continue its sell. Therefore, we are looking to short the dollar this week, which implies longing its correlated pairs (GBPUSD, EURUSD) when we see a structure for a dollar short, as illustrated in the markup below.
JPY: Last week, the Yen was bearish, breaking the all-time support level again on Tuesday due to the intervention of the BOJ last week.
This week, we still anticipate a bullish Yen, as illustrated in the chart below, continuing its rally, which implies that Yen-correlated pairs should be bearish. However, the overall trend for the Yen remains bearish.
GOLD: Last week, the Gold Spot was bearish as expected and later continued its bullish move on Thursday, largely due to the weakness of the dollar.
Moving forward this week, we anticipate the Gold Spot to continue its bullish move, as illustrated in the chart below.
Therefore, this week, we are looking to go long on the Gold Spot as soon as our Value Flow Modelsยฎ align.
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Make sure you trade cautiously and stick to your risk management plan.
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Cheers and have a profitable week.
VFT Team