MARKET COLOR FOR THE WEEK 20TH NOVEMBER 2023
Nov 20, 2023 4:01 am
Hi ,
Happy New Week!
How was your trading performance last week? I hope the CPI didn't impact your account negatively
Remember, "the markets may fluctuate, but your dedication should remain constant. Trade with passion, adapt with wisdom, and let your consistency be your hallmark".
Here at Value Flow Trading, this is our analysis for the week:
USD: Last week, the dollar was bearish as expected, showing a minimal momentum for a pullback. This bearish trend is likely to continue for the remaining days of the year due to increased pressure on the dollar.
Going forward this week, we still anticipate a bearish trend for the dollar, as illustrated in the chart below. Therefore, we are considering shorting the dollar this week, implying long positions on its correlated pairs (GBPUSD, EURUSD) when a structure for a dollar short is identified, as illustrated in the markup below.
JPY: Last week, the Yen experienced a further decline, with a notable rally on Thursday until the market's close on Friday.
This week, we anticipate a retracement of the Yen, as shown in the chart below, suggesting that Yen-correlated pairs might be bearish. However, the overall trend for the Yen remains bearish.
GOLD: Last week, the Gold Spot resumed its bullish trend, influenced by the sell pressure on the dollar.
Moving forward this week, we expect the Gold Spot to pull back into the FVG marked in the chart below and continue its rally, targeting the 2078 level.
Therefore, this week, we are still going long on the Gold Spot as soon as our Value Flow Modelsยฎ align.
Remember to trade cautiously and stick to your risk management plan.
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Wishing you a successful trading week ahead!
VFT Team