福 - fú
It stands for 'Happiness, Luck, Blessing and Fortune' in Chinese.
The purpose of starting this insights sharing is to show another perspectives of how I view the market.
I welcome feedbacks/discussion/criticism!
Tencent like any other China Tech Stock has fallen to a strong support, fundamentally I feel the regulatory changes is a good way moving forward and this companies will find a away to navigate out of this situation strongly.
Alibaba have been consolidating in the range of 210-220 for the past few months after 'not-so' ideal news on Jack Ma and China competition watchdog fine.
Should BABA break $170, I will consider liquidate my position as uptrend momentum have been negated.
From the chart, we can see clearly, the price is not bullish, not in the Daily/Weekly/Monthly timeframe. Most will attribute it to the Presidential Election for causing investors to be on the safer side. But if using the same logic, a drastic event like COVID-19 can make the market drop that magnitude but recovered within a short span of time. Not predicting the...
Similarly to Gold but the exact opposite direction, Dollar have been in a downward trend breaking key supports since 20th March candle. It paused on 1st September giving a slightly retracement to the extreme oversold situation due to fundamentals changes(Fiscal Stimulus, Near Zero Interest Rate).
I prefer price to be moving back to the key resistance next week...
Gold have been on a very bullish uptrend peaking on Early August, we have since see price retraced towards the 1850-1890 area. With the increased interest in safe haven assets, Gold is something to lookout for as we head towards US Presidential Election(PE).
Putting the PE aside, I prefer to see price spike lower towards 1750-1800 levels to take out the longs...
Gold have been ranging between 188x - 191x last week, the uptrend is clearly still in play for the mid term but we do see some weakness with the weekly close, expect price to spike up to 192X region before coming down to the previous low of 185X.
Watching this next week too!
EURAUD Weekly have a strong bullish momentum closing, price closes above the prior resistance, we do expect EURAUD to retrace a little before continuing the breakout from the range towards 1.675X.
Watch out this pair next week!
We sell price formed a nice base with a retracement up to 0.929X area previously, It retraced and got supported around 0.909x area, I do see a nice base forming with a bullish view on short-mid term due to USD Strength.
Expect Price to hold 0.91000, with price breaking out from the region will expect 0.919x/0.929x to be revisited.
We see some heavy selling last week but price still is within the range for EURUSD, we might have another small retracement to 1.177X area to take out the STOPS before resuming the downtrend movement.
I will be bullish on USD for the next few weeks.
Price still in a downward trend. Looking for price to stall at 1.7925 zone for a possible SHORT Trade.
However if prices were to spike downwards to 1.765 creating two spikes, I will be looking to counter trend for a LONG trade.
Price to watch: 1.7925 OR 1.765