MARKET COLOR FOR THE WEEK 17TH JULY 2023
Jul 17, 2023 10:29 am
Hello ,
It's a new week!
Hope you suffocated your broker last Friday with your withdrawal as we did here after following our analysis for the week.
Remember, "The financial market is a device for transferring money from the impatient to the patient. Therefore be patient and allow your setup play out"
Lets hit the chart trading profitably this week again.
Here at Value Flow Trading, this is our analysis for the week:
USD: Last week we saw a devastating blow to the dollar as the bears took over the market forcefully.
Structurally, the dollar trend is bearish. Therefore, any bullish move we see now will only be a retracement.
Therefore, we look forward to shorting the dollar (long-term), however we would be selling its correlated pairs (GBPUSD, EURUSD) when we see a structure for the dollar retracement as illustrated in the markup below.
JPY: Last week, we saw a continuation of the bullish YEN as expected, after its long sell-off to the all time low of 4 years.
However, the rally may be a pull back for the continuation of the sell as its structure still remained bearish.
This week we still expect a brief retracement of the last week's rally and then a continuation of the bullish trend, which implies that YEN correlated pairs may be bearish. However, the overall trend for the yen is still a down-trend.
GOLD: Last week the Gold spot broke out of the range to the upside, which gives us a bullish confirmation.
Therefore, this week we are looking out for a short pullback on Gold spot, then a continuation of the LONG as the Gold spot already broke out of the range to the upside.
Make sure you trade cautiously and stick to your risk management plan this week.
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Cheers and have a profitable Week!
VFT Team
