MARKET COLOR FOR THE WEEK 4TH NOVEMBER 2024
Nov 03, 2024 8:11 pm
Hi ,
Happy New Month and Happy New Week!
This month marks a historic and defining moment in the industry as the United States elections kick off this week. If you decide to trade, please do so with caution and extra vigilance.
Remember: “A disciplined trader is known for their ability to stick to trading rules, which ultimately leads to profitability.”
Here’s our analysis for the week ahead at Value Flow Trading:
USD: The dollar was bearish for the first four days last week but turned bullish on Friday, resulting in a weekly bullish bias. Price traded into a box pattern, suggesting a SHORT opportunity.
Looking ahead, we expect a pullback in the dollar, indicating LONG opportunities on pairs like GBPUSD and EURUSD. Check the chart below for further details.
JPY: The Yen remained bearish last week, moving into our Point of Interest (POI) as predicted.
This week, we anticipate further sell-offs to clear liquidity below the daily order block before the Yen resumes its bullish trend. This presents SELL opportunities on Yen pairs, as highlighted in the chart below.
GOLD: Gold reached another all-time high last week around the 2790.170 level, marking its highest price ever. The overall trend remains bullish, reinforcing Gold's position as the preferred safe-haven asset.
We expect a slight pullback before the bullish trend resumes, particularly as our Value Flow Models® align. Make sure to review the chart below for a comprehensive analysis.
Trade cautiously and employ robust risk management strategies, especially with the heightened market volatility expected during the US election period.
Wishing you a profitable trading week ahead!
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Cheers!
VFT Team