MARKET COLOR FOR THE WEEK 6TH MAY 2024
May 05, 2024 8:00 pm
Hello ,
Happy New Week!
How was your trading last week upon the release of FOMC and NFP? I hope you traded with your proper risk management strategies in place.
Remember, "Success in trading is not about the destination; it's about the journey of continuous improvement. Strive for excellence, evolve with the markets, and enjoy the ride."
Here's our analysis for the week ahead at Value Flow Trading:
USD: Last week, the dollar was bearish as analyzed even after the release of the FOMC and NFP, showing that there was no increase in the US interest rate and the employment rate.
Looking ahead this week, we anticipate first a bullish dollar, then a continuation of its bearish trend as illustrated in the chart below. This suggests initiating short positions on its correlated pairs (GBPUSD, EURUSD), followed by a continuation of the long.
JPY: Last week, the Yen was bullish as analyzed after a long-term sell-off, even upon the increase of its interest rate.
This week, we still anticipate a bullish Yen to continue its rally as illustrated in the chart below, indicating potential bearishness for Yen-correlated pairs.
GOLD: Last week, the Gold Spot was bearish as analyzed, selling further to clear the low of the daily order block.
Moving forward this week, we expect the Gold Spot to sell further and pull back into the POI as marked in the chart below, particularly when our Value Flow Modelsยฎ align.
Remember to always trade cautiously and implement proper risk management strategy.
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QUICK REMINDER:
, Don't forget our upcoming TRADERS BOOTCAMP coming up live in the city of Abuja. Further information about the event is on the flyer below. Prepare and plan to attend this bootcamp; it is FREE!
Wishing you a successful and profitable week ahead!
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Cheers!
VFT Team