Global data/news (Reuters and Trading Economics)
• Soybeans futures were trading above 14 per bushel in early November, close to six-week highs, supported by supply disruption in top exporter Brazil and growing export sales to major consumer China.
• The dollar index DXY eased below 111.5 on Wednesday, struggling to gain traction as investors stayed on the sidelines ahead of a highly-anticipated Federal Reserve policy decision.
Remarks
• FCPO nearing previous August high 4495
• FCPO trading above daily 100EMA and within weekly resistance zone.
• FCPO reversal head and shoulder in 15 minutes.
•
Short Term Trend : Bullish with major resistance
Trading Plan:
• Short –
o If price fail to break above august high, TP1:4425 TP2:4366 SL:4500.
o If price gap down and break below 4425, TP1:4366 TP2:4325 SL:4450
• Long –
o If price supported above 4366 TP1:4425 TP2:4500 SL:4350
o If price maintain above 4450 TP1:4480 TP2:4530 SL:4423
o
Disclaimer: This is just my IDEA on the market, not a suggestion to open any trade. Please do not follow without any personal due diligence on the market.
• Soybeans futures were trading above 14 per bushel in early November, close to six-week highs, supported by supply disruption in top exporter Brazil and growing export sales to major consumer China.
• The dollar index DXY eased below 111.5 on Wednesday, struggling to gain traction as investors stayed on the sidelines ahead of a highly-anticipated Federal Reserve policy decision.
Remarks
• FCPO nearing previous August high 4495
• FCPO trading above daily 100EMA and within weekly resistance zone.
• FCPO reversal head and shoulder in 15 minutes.
•
Short Term Trend : Bullish with major resistance
Trading Plan:
• Short –
o If price fail to break above august high, TP1:4425 TP2:4366 SL:4500.
o If price gap down and break below 4425, TP1:4366 TP2:4325 SL:4450
• Long –
o If price supported above 4366 TP1:4425 TP2:4500 SL:4350
o If price maintain above 4450 TP1:4480 TP2:4530 SL:4423
o
Disclaimer: This is just my IDEA on the market, not a suggestion to open any trade. Please do not follow without any personal due diligence on the market.