Open Account Trading Carries Risk

Gold hit my T1 at 1780

Gold chart 11 15 2

Gold hit my T1 at 1780. I said yesterday how the FTX bankruptcy has created inflows into gold products. This dynamic helped gold to rally to my target level. Now upside in gold could be getting limited in the short term but technically the 8h uptrend is in force above the 1755 level. Below 1755 the market probably trades down to the 1722 – 1729 range.

open VIP Black
EN – Mobile 3

EURUSD chart 11 15 2

EURUSD trends higher and is bullish above the 1.0275 support. Below the level, the next support is at 1.0221. At the time of writing the market is breaking break above the 1.0360 level and if we see follow-through buying here the market could move to 1.0500 – 1.0520. A break below the 1.0275 support probably takes the market down to 1.0221.

USDCAD chart 11 15

USDCAD is in a downtrend still after a rally failure at 1.3306 level. I said yesterday that “If attempts to penetrate 1.3306 are rejected my downside target is 1.3220”. The failed attempt at the level means that my target is valid. If however USDCAD still rallies decisively above the 1.3306 level my upside target is at 1.3380.

USOIL chart 11 15

USOIL moved to 86.20 as expected and then much further. Now the market has created a lower high in the daily chart suggesting there’s a risk that the market moves below 84.50. However, until the break has happened the market is still above this support level. A decisive break above 85.20 would be bullish and open a way to 87.50 or so. A move below 84.50 would probably move the market down to the 83.20 region.

 The Next Main Risk Events

  • USD Empire State Manufacturing Index
  • USD PPI 
  • USD Retail Sales
  • USD FOMC Member Bullard Speaks
  • USD Philly Fed Manufacturing Index
  • USD Unemployment Claims
  • USD FOMC Member Mester Speaks
  • USD Existing Home Sales

For more information and details see the TIOmarkets economic calendar here

Trade Safe!

Janne Muta
Chief Market Analyst

DISCLAIMER TIOmarkets offers exclusively consultancy-free service. The views expressed in this blog are our opinions only and made available purely for educational and marketing purposes and do NOT constitute advice or investment recommendation (and should not be considered as such) and do not in any way constitute an invitation to acquire any financial instrument or product. TIOmarkets and its affiliates and consultants are not liable for any damages that may be caused by individual comments or statements by TIOmarkets analysis and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his/her investment decisions. The analyzes and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with any legal requirements for financial analysis and must, therefore, be viewed by the reader as marketing information. TIOmarkets prohibits duplication or publication without explicit approval. FX and CFDs are leveraged products. They are not suitable for every investor, as they carry a high risk of losing your capital. Please ensure you fully understand the risks involved. All the prices in this report are CFD prices based on price charts provided by TIOmarkets unless otherwise stated. 

Tio blog