EURUSD Daily Chart -
Price seems to be pulling back a bit currently, but remains in an uptrend. I am looking for possible pullbacks, with confirmation from the EdgeFinder.
USD weakness could continue, as we've seen a trend towards slowing economic data and cooling inflation.
With NFP lower and unemployment claims coming in much higher than expected over the last several weeks, investors need a lower CPI number next week in order to keep a bullish bias on the indices. If not, gold may be seen as the new buy for 2024 as the Fed has to battle with worse economic conditions and higher inflation.
Data from the A1 EdgeFinder
📈 Trial the EdgeFinder
🚨 10% OFF w/ Code TGVIP
Retail is now long crypto, metals, GU and Russell. Mixed positions are in gold, UJ, USDCAD, US30 while EU, NAS, and SPX500.
Data from the A1 EdgeFinder
📈 Trial the EdgeFinder
🚨 10% OFF w/ Code TGVIP
The stock market has been very resilient towards a cooling jobs market and the fears of "higher for longer" interest rates. This week and the weeks to come will be full of heavy earnings news as NVDA is to report on May 22. This slow melt up could just be a reaction to the less hawkish Fed tone and earnings season.
However, upside seems limited now that we are back near all time highs. With CPI in focus, it could serve as the single most pivotal indicator of risk sentiment in the market. We already have the numbers for NFP, so a higher or lower CPI is going to impact the indices. Higher CPI could likely cause a sell off in the stock market while a lower CPI could indicate a reemergence of risk appetite.
We have paid him 1000 USD, AND, thanks to Marko for completing the challenge...
WE ARE ALSO GIVING AWAY 1000 USD to the community!
2 random entries will receive 500 USD.
It's totally free to join! ENTER NOW for a chance to win $500!!!
Enter here: https://form.jotform.com/241293454855160
Someone offered Nick .1 BTC if he could prove his legitimacy as a trader... here's what happened:
https://www.youtube.com/watch?v=1t_cEAzH2Fg
HOW TO TRADE CPI LIKE A PRO!
Inflation is a key economic indicator that provides valuable insights into the broader economic landscape. By understanding and interpreting inflation data, traders can make more informed decisions and navigate the markets with greater confidence and success.
⭐️ NEW FREE LESSON AVAILABLE NOW! ⭐️
Want access? DM @drew_a1trading “CPI COURSE”
EUR/USD
EU comes up to test a long term resistance level on the 1D timeframe. This level is a falling trend line started at the beginning of the year. Short sellers may look to use this opportunity to move price lower. However, if the US stock market continues to move higher, it may propel the pair higher above the trend line. We need to watch for the break on the EU pair to see if it closes above that line. -Frank
Last week's NFP report in the US came out much weaker than expected after seeing a steady climb in forecasts. A cooling jobs market could indicate pessimism in the US economy even if it means no rate hikes. This is especially true if CPI comes in higher or does not move next week.
Data from the A1 EdgeFinder
📈 Trial the EdgeFinder
🚨 10% OFF w/ Code TGVIP
Totally free. Enjoy it - and don’t take it for granted, this would cost you thousands other places!
Want access? DM @drew_a1trading “free course”
Have an awesome day gang!
- Nick
Retail is majority long oil, crypto, metals, USDCAD, USDCHF, and USDJPY. They are also short the SPX500, GU, EU, AU and NU. The sentiment this week seems to be bearish dollar and bullish risk-on.
Data from the A1 EdgeFinder
📈 Trial the EdgeFinder
🚨 10% OFF w/ Code TGVIP
Gold begins the week in the green after nearly a month of downside. Price is now above the support on the 1D timeframe and is testing Friday's high. Smart money is still buying the metal despite falling yields and risk-on sentiment returning.
Geopolitical tensions are still causing issues on the supply side, but China seems pretty bullish on gold who has been buying for some time. The 12% rise from the start of the year suggests the lack of optimism in equities and possibly the dollar too.
- Frank
Despite lower than expected jobs data today - the DXY still rallied back from the lows, and seems to be holding support on the daily chart...
Have a great weekend everyone!
- Nick
With the help of AAPL, tech stocks move higher on the day, further past the potential falling trend line. If price can close above this resistance level, it may suggest that we have seen a reversal back up to the highs. The jobs report and PMI was not good news for the economy, but it might have given investors some relief from the rate hike fears that the Fed might have to do. The market opened up higher and since then, there has been little volatility intraday. Next week does not have any big news in the US, so there's a chance that the sentiment might continue off the NFP report. Next news event is in two weeks for CPI
-Frank
Happy Wednesday Traders! Today we have FOMC meeting minutes which may cause heavy movement in the markets. We will be livestreaming this event on YouTube!
🚨 40% OFF SIGNALS!
Want Live updates when Nick takes a trade? Join the VIP Discord at the lowest price of the year! JOIN NOW
💲View pricing options here
Gold is still looking bullish according to our sentiment indicator between retail and smart money. COT remains majority bullish while the crowd is selling the metal this week.
Data from the A1 EdgeFinder
📈 Trial the EdgeFinder
🚨 10% OFF w/ Code TGVIP
GBPUSD is now a neutral reading on the EdgeFinder due to several factors. There is mixed sentiment in the pair's fundamental score and a clear bearish bias in the sentiment score. Retail is now over 60% long this pair while COT is buying dollar and selling GBP.
Similar to the US indices, a higher CPI is likely not going to be bullish for GU. The BoE was decidedly unchanged in interest rates, so now it depends on the next inflation data for both the US and UK.
Data from the A1 EdgeFinder
📈 Trial the EdgeFinder
🚨 10% OFF w/ Code TGVIP
Gold is now at +10 as the trend reading suggests further upside and retail is no longer majority long. Some reasons why gold is not moving so much this week is that 1: there is not a lot of major news in the US, and 2: investors could be waiting for CPI data.
Next week's inflation report could cause an increase in volatility for USD-related assets such as gold. If we look at the latest jobs report which showed a cooling in the market after NFP's dramatic miss in expectations, a higher or unchanged CPI could reignite stagflation fears. Gold tends to thrive off this sort of economic scenario in the US.
Data from the A1 EdgeFinder
📈 Trial the EdgeFinder
🚨 10% OFF w/ Code TGVIP
Congratulations to our first trading influencer that stepped forward and showed their track record, Marko / Markosjourney on Twitter
Marko is a forex trader that specializes in momentum trading, and was able to show a third party track record. He has gained +31.86%, and his performance has visibly improved since starting it in 2021.
Marko offers coaching services, and we highly recommend that you consider checking him out.
⭐️ FOLLOW MARKO ON X
⭐️ markostradingjourney">SUBSCRIBE TO MARKOS YOUTUBE
⭐️ markostradingjourney">FOLLOW MARKO ON INSTAGRAM
Gold
Gold is still hovering at a consolidation zone around $2,300 as the EdgeFinder gives the metal a favorable bullish score at +6. The dollar and yields are on the rise today after holding a significant support level which could be keeping gold’s price at bay for the time being. If gold breaks under the support levels drawn on my 1D timeframe chart, it may start to change from it’s upside trend. A resistance level needed to be broken is at $2,350.
NAS100
The NASDAQ continues to push higher this week as earnings roll out. Price is near all-time highs again sitting just 2% below. Similar to gold, the index trades against the yields. Seeing lower yields will likely be bullish for the stock market. The US02Y just needs to break a strong support level to do so. If NAS100 touches the highs, it could also indicate buyer exhaustion should yields stay where they are. -Frank
Gold
Still need to talk about gold even though it is not really moving today. The recent fall in yields has not really helped the price of gold. The US 2 year yield now sits at support around 4.8% on the 1D timeframe and may look to move higher. If policy remains strict from the Fed, it might be tough for gold to move up. But if we start to get an indication that the Fed may want to still cut this year, gold might be more optimistic. -Frank
Smart Money is selling oil, indices, and ten year notes. This is a sign that the institutions are getting more risk off going into the week.
Data from the A1 EdgeFinder
📈 Trial the EdgeFinder
🚨 10% OFF w/ Code TGVIP
We love trading oil due to its high liquidity, global demand, geopolitical significance, and the wide array of factors influencing its price movements!
Читать полностью…Small caps are the only bearish reading on the indices, however. Retail seems to be a heavy influence in the latest stock market rally as COT is selling the indices. The interpretation of Fed sentiment seems skewed in the sense that investors are looking for any excuse to drive prices higher.
The issue I have with stocks right now is that we went from several rate cuts this year, with the expectations of them starting as early as December 2023. Now cut forecasts keep getting pushed back further and further into the latter half of the year, and there might not even be one in 2024.
- Frank
Data from the A1 EdgeFinder
📈 Trial the EdgeFinder
🚨 10% OFF w/ Code TGVIP
As we come off a few weeks of heavy news in the US, earnings continue to roll out in the stock market. EURUSD is now flashing bullish signs after investors digested the Fed as somewhat eased the fears of a rate hike in the US.
The risk-on trades look to be more optimistic as COT showed a slowdown in USD interest while upping the ante on currencies such as EUR in last week's report. Europe also has no major news events this week so it may just play off the stock market sentiment.
- Frank
Data from the A1 EdgeFinder
📈 Trial the EdgeFinder
🚨 10% OFF w/ Code TGVIP
Gold is a different story from the indices. Although catching support on the 1D timeframe, price has not really moved despite falling yields and worse economic data in the US. The dollar is also stubborn. It caught support and pared most of its losses on the day. There is some divergence between the overall sentiment around the dollar. Higher rates for longer seems to be the new narrative, so it would be good for yields/dollar. However, with a rate hike off the table for now, the metal should be experiencing bullishness. There is a lot to consider right now, but we can likely expect a lot of back and forth for the dollar related assets. Going into next week, it might be another battle between the bulls and bears like we've seen the past couple weeks
-Frank
We're giving away a FREE COPY of the EdgeFinder Pro!
- COT Data
- Retail Positioning
- Top Setups Algo
- Economic Data Scans
- Much much more!
Enter here for a chance to win:
https://form.jotform.com/240157362036147
🏆 Winner will be announced at the end of the month!