MARKET COLOR FOR THE WEEK 10TH JULY 2023
Jul 10, 2023 9:26 am
Hello ,
It's the beginning of the second half of the year, hope your trading goal is still intact?
Remember, "The financial market is a classroom that teaches valuable lessons every day. Embrace each experience, learn from both wins and losses, and let knowledge be your greatest asset."
We believe in you and your journey to financial freedom.
Here at Value Flow Trading, this is our analysis for the week:
USD: last week we saw a bearish dollar as there was not much certainty about the dollar in the beginning of the week. This week our bias for the dollar is still bullish. which means we expect the continuation of the dollar rally. However, we may see the dollar short into an FVG around 101.930 - 101.800.
Therefore, this week on the floor we look forward to longing the dollar, which implies we would be shorting foreign currency pairs such as GBPUSD, EURUSD and other dollar pairs.
JPY: last week we saw a bullish YEN as expected, after it's long sell-off to an all time low of 4 years.
However, the rally may be a pull back for the continuation of the sell.
But this week we may see a brief retracement and then continuation of the rally, 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 was in a range, where we saw it rally from Monday till Tuesday and short on Wednesday and Thursday then rally back into the range on Friday.
Therefore, this week we will long Gold if it breaks out of the range around 1936 level.
However, if we see a clear structure to the downside confirming the bear trend, we continue our short of the gold spot and also when our Value Flow Model® for Gold aligns.
Make sure you trade cautiously and stick to your risk management plan as we expect CPI this week.
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Cheers and have a profitable Week!
VFT Team
