MARKET COLOR FOR THE WEEK 30TH SEPTEMBER 2024
Sep 29, 2024 8:20 pm
Hello ,
Happy New Week!
I trust you took advantage of all the opportunities that appeared in the market last week.
Remember, "Courage is essential in this industry to maintain profitability. Always be brave enough to seize every profitable opportunity."
Here’s our analysis for the week ahead at Value Flow Trading:
USD: Last week, the dollar was bearish as analyzed. Since the rate cut, the dollar has maintained a downward trend, no longer being the preferred safe haven.
Looking ahead, we anticipate continued weakness in the dollar as it approaches our Point of Interest (POI), as illustrated in the chart below. This suggests LONG positions on correlated pairs like GBPUSD and EURUSD.
JPY: Last week, the Yen was bearish till Friday morning but turned bullish, creating the high of the week after Japan's announcement of its next Prime Minister early Friday.
This week, we expect further buying of the Yen as it resumes its bullish trend, indicating more SELL opportunities on Yen-correlated pairs, as shown in the chart below.
GOLD: Gold was strongly bullish last week, reaching a new all-time high as it returns to its price discovery phase. The precious metal remains the most preferred safe haven, surpassing both the Dollar and the Yen.
Moving forward, we expect a slight pullback in the Gold Spot, followed by a continuation of the bullish trend, as illustrated in the chart below, especially as our Value Flow Models® align.
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