We Have Some Market Sentiment To Share!
May 02, 2023 9:24 am
Hello ,
Happy New Month and hope you are prepared for a profitable month.
Here at Value Flow Trading, our sentiment for this week is as follows:
USD: last week we saw dollar in a range but later broke the range to the downside forming the low of the week. Yesterday dollar was bullish and rally back into the range on our H4 time frame. This week we expect to see a bullish dollar due to the forecasted increase in the interest rate coming up on Wednesday. The dollar still has more buy side liquidity to clear.
However, after the release of the interest we may see a temporal dollar crash. This implies we would be shorting Foreign currency pairs such as GBPUSD, EURUSD and after the release of the interest rate data, if we see a clear dollar weakness, we may then long the correlated pairs towards the end of the week.
JPY: last week we saw the YEN crashed back to a discount. Overall, Yen is bearish. Price is currently at expansion stage and we expect some retracement to the breaker block. Therefore, this week we anticipate a strong YEN which implies that we would be shorting the yen associated pairs such as GBPJPY for the week.
GOLD: Gold spot has been in a range since 17th of April, but its still heavily bearish. We expect to see more bearish gold till Wednesday after the release of the dollar interest rate. However, we still expect a bullish XAU after the news as there is still room for it to test the all time high around 2078 due to the weakness of dollar we may see toward the end of the week.
This week, we still look forward to shorting Gold again when we see a clear structure supporting our sell bias, and also when our Value Flow Model® for Gold aligns. In addition, inline with our expected long of the USD for the week, we further see supporting bias for Gold sell.
Make sure you trade cautiously and also use proper risk management for your trades as this week is full of many high impact news.
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Cheers and have a profitable week!
VFT Team
