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Jun 13 (edited) • Weekly Market Outlook 🔎
Weekly Market Outlook (15th June)
Recap of last week:
- US Oil continued its downtrend with the pullback fizzling out around 95. We are currently trading near the lows with our text target of 80 within reach.
- As discussed, US Markets seem to have found their bottom last week and have begun the move for the next impulse. The price action near the lows is highly indicative that we are now ready to head upwards
- Gold broke its important low of 4099 and hence changed the corrective structure to a way correction.
- Most USD pairs showed slight positive movement in an attempt to build a base at these current levels
Factors for this week:
- US Oil should continue its downtrend towards 80 followed by 75 levels. Short traders for Us Oil need to soon start being watchful as Oil begins to trade below 80. Follow a strict trailing stop loss for your trades.
- US Markets (US30, 100 , 500) to continue its upward trajectory with the current bottom formed to hold as a strong base for the rally ahead. Any dips this week to be looked at as buying opportunities.
- Gold did not stick to the original structure and seems to be in a hurry to finish its corrective wxy correction. We are still a a while away with the bottom being formed. I expect gold to play in a range next week with the price completing wave 3 of c and moving into wave 4. Gold usually tends to pause after giving strong breakout moves like it did last week.
- USD pairs are at an important inflection point. They either break past the resistances during the next week or head back into a corrective / pause mode. Opening few days are crucial and will set the tone for the week to come.
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Weekly Market Outlook (15th June)
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