**Information contained in all posts is for educational purposes only and not be used, or construed as advice, to make any trade.**
Aloha traders! This was a BIG end of the week. The market was heating up from the go in anticipation of the US NFP report released yesterday morning. For those traders who had USD positive trades, in general, were not disappointed. Gold bugs were hammered. As you may have noticed, Gold has an inverse correlation to USD strength.
Let’s take a look at a few charts, shall we?
The Euro played out exactly how we here at Forex Market Master predicted. You may want to review last week’s analysis for our call on the Euro. 500 pips is just huge. This is the kind of trade that makes the entire first half of the year. There will be a pullback, but I’m now with the camp that thinks the Euro is heading to parity with the USD.
The Aussie yen pair is ready to break out of a flag channel pattern for a run down. It’s not guaranteed, but it’s pretty darn close. A 50% candle retrace entry for a short entry would be my preference.
Last week we called out the pin bar shown on the chart saying that 50% retrace entry would be our choice. It’s pretty much a perfect trade in that respect. There’s not much to do but ride it out and collect your profits.