MARKET COLOR FOR THE WEEK 26TH AUGUST 2024
Aug 25, 2024 9:39 pm
Hello ,
It's a New Week!
I hope you are prepared for a profitable trading journey as the week begins.
Remember, "As a trader, your preparation before any trade matters a lot as it is the foundation of your profitability. Therefore, be prepared to be profitable this week."
Here's our analysis for the week ahead at Value Flow Trading:
USD: Last week, we saw the dollar bearish as analyzed, clearing our POI to seek the low of the year around the 100.500 level.
Looking ahead this week, we still anticipate more selling of the dollar to clear the 100.500 level and trade into the daily order block before resuming the BUY, as illustrated in the chart below. This suggests first LONG positions on its correlated pairs (GBPUSD, EURUSD), followed by SHORT positions.
JPY: Last week, the Yen was ranging to the upside against our bullish analysis as there was no momentum for the buy.
This week, we anticipate more pullback of the Yen to the 50% FIB level before it continues its bullish move, as illustrated in the chart below. This indicates potential buys for Yen-correlated pairs, followed by a continuation of the sell.
GOLD: Last week, the Gold Spot was bullish against our bearish prediction, clearing the all-time high again to create a new high around the 2,533 price level on Tuesday.
Moving forward this week, we expect the Gold Spot to sell after creating the high of the week, as we anticipate the dollar to go long, particularly when our Value Flow Modelsยฎ 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