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Last week, we saw a continuation of the existing trends, but since these trends have been running for quite a while, it is likely we will have a short-term rebound, even if the longer-term trends remain intact.
We saw weakness in the USD, and strength in commodities like good, oil, agriculture, etc. This is in line with the inflationary pressures we have been observing.
The most interesting thing is the rebound in stock prices, but it is likely only temporary before the major downtrend continues.
Crypto markets are facing huge weakness after the Luna/UST saga, and have somewhat decoupled from stocks for the last week.
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For our weekly market wrap, we go through some of the trade calls and analysis from last week, which gives us valuable insights for the week ahead.
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Table of Contents
Forex & Commodities Market Highlights
Currencies strength update
Name: US Dollar / SG Dollar
Analysis: Following up on this, after hitting the TP near the top, it has come back down, and is now setting up a trading opportunity in the opposite direction.
EP: current price
TP: 1.355 to 1.350
Name: Crude Oil
Analysis: With the decrease in supply due to the Russian-Ukraine war, oil prices are steadily heading up after the initial spike. It is possible that it could test new highs.
EP: current price, or on pullbacks
TP: $130, or new highs!
Name: Gold (spot)
Analysis: With the USD falling and markets facing uncertainty, this could be bullish for gold.
EP: current price
TP: $1905, $1990, $2060
Stock & Bond Market Highlights
“Here [in Davos] everybody’s pessimistic,” says Standard Chartered Chairman José Viñals. “But when I ask them how their business is doing, the picture is wonderful. It may be that the business reality catches up with the [very negative] macro-political reality.”
Product: US Stock Index
Name: NASDAQ 100
Analysis: Updating the trade parameters since the previous TP has already been hit.
Prices are having a small rebound but there is still a higher chance of prices going down further after the rebound.
So far, NASDAQ has corrected 30% from ATHs while S&P 500 has corrected 20%. That is still very small compared to the run up for the past 10-20 years.
EP: Current price, or on pullbacks
TP: $11540, $11000
Crypto Market Highlights
Analysis: Following up, Ethereum is now at the critical price level. Our trade call remains the same.
If prices break below this level, then it will be quite dangerous. The overall price pattern does not look that bullish.
On the other hand, when we look at the long-term weekly chart, we can see 8 consecutive weeks of price decline, which suggests at least a potential technical rebound.
The weekly 200-EMA also provides some potential support. The weekly RSI is also very near the oversold zone.
In short, the trend is uncertain but there is a high chance of a rebound in the short/medium-term.
EP: Current price
Click here to receive all these signals in real-time for only $67 a month! You will get 5-10 signals a day, and even taking just 1 trade the whole month can easily cover the fee, so what are you waiting for?
Good luck, and may next week bring more excellent profits!
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