MARKET COLOR FOR THE WEEK 7TH OCTOBER 2024
Oct 06, 2024 11:37 pm
Hello ,
Happy New Month and a great start to the week!
How was your trading last week? I hope you capitalized on the NFP release last Friday!
Remember “Opportunities in this industry are often disguised as fear. Success comes when you face that fear head-on.”
Here’s our analysis for the week ahead at Value Flow Trading:
USD: The dollar was bullish throughout last week, even with the NFP data release. As a result, dollar-correlated pairs generally sold off, except for gold, which remained range-bound.
Looking ahead, we anticipate a bearish dollar, suggesting potential LONG positions on pairs like GBPUSD and EURUSD. Check the chart below for details.
JPY: The Yen was bearish last week, reaching our Point of Interest (POI), signaling a buy opportunity for other Yen-correlated pairs.
For this week, we expect more sell-off before the Yen resumes its bullish trend. This implies SELL opportunities on Yen pairs, as outlined in the chart below.
GOLD: Gold remained range-bound last week due to dollar strength, but its buy momentum remains strong as it continues to be the preferred safe-haven asset.
We expect a slight pullback before a bullish continuation, especially with our Value Flow Models® aligning. Check out the chart below for our full analysis.
Remember to always trade cautiously and implement proper risk management strategies.
Wishing you a profitable trading week ahead!
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Cheers!
VFT Team