The selloff continues on the stock market and we are quickly entering a bear market (could become official soon). This coming week we are going to look how the markets are going to digest the latest NFP report, but as far as we can see, the previous sentiment (before NFP) is already "back on track", weak dollar, gold betting, JPY safe haven...
As for now, we will continue with more intraday positions than long term positions.
Trading Ideas (Feb. 8th)
1- These are estimations and they might change as the week goes on.
2- Changes of view (trades) are not posted here, but in the Private Trading Room, live.
3- You are free and only responsible by taking these trading ideas. We don't push anyone to take them as absolute ideas.
GOLD: Current price is 1173.50. We could see the metal going up to 1190 straight from here or with a previous small pullback down to 1162 to go up to target 1190.
Can we see Gold at 1245 soon? - Yes, it is possible.
Right now we don't see the metal going down to previous weeks lows. We will post any change of view in the Private Room.
EURUSD: Current price is 1.11545. The pair can be heading to 1.13 levels as immediate move and then it can pullback down 1.10, 1.09 levels.
USDJPY: Current price 116.883. The pair is under selling pressure. 115.000 is an easy target. We are also seeing a 110.000 in the near future
GBPJPY: Current price 169.310. As the USDJPY, this pair is also under selling pressure and 167.000 levels is an immediate target, then 165.000, then 157.000 ...
WTI OIL: Current price is 32.25. SELL recommended with caution. Right now we see that even if price goes a little bit higher, that would be an opportunity to sell. (same recommendation as last week.)
NASDAQ FUTURES: Current price is 4019.50. Price can try to pullback up to around 4115 to drop again. Targets: 3994, 3824
CADJPY, CADCHF, USDCHF and GBPCHF: Sell setups recommended.
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