Final Week of Trading, Leaderboard Update Plus Market Analysis

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Mao Long Yang is resilient at the top of the leaderboard and has held the top spot for the entire Stage 1 competition.

Now at 651%, it is still too close to call to suggest he has it 'in the bag'.

Wen Bin Yang has been consistently improving, edging up the leaderboard and putting extreme pressure on the leader.

The final three days of trading will see all the leaders' hearts racing and the refresh button on their keyboards well and truly worn out.

There is a lot at stake, including incredible prizes, but most of all is the invite to the prestigious grand final.

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Gold steadies at the top of the range

Earlier in the week, Gold hit new short-term highs, providing a flurry of buying activity.

Gold bulls were all over Twitter, suggesting this was the break they were looking for.

But the follow-through from the bulls has been muted. As soon as the price broke out, it appears short-term traders locked in some gains and moved on to another asset class.

Following the positive action at the start of the week, XAU/USD has remained range bound, as noted on the 5-minute chart below.

The daily chart (not shown), is suggesting the current price is overbought and sitting on a key resistance level.

But remember, overbought signals in an uptrend are not as strong as when the price action is range-bound.

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Bitcoin picks up volatility but remains in a tight range

The 30 minutes chart on Bitcoin below highlights the big more from a high of $9,659 to a low of $8,935, or $724. While it doesn’t seem like much, it’s still a 7.4% movement.

But when you pull back to the daily chart on Bitcoin (not shown), you can BTC/USD has been consolidating since the end of April.

There is no doubt Bitcoin is building up for another big break.

Set your alerts on this one, to track a break either higher or lower. At this stage, it is unclear which way the market will break, although the longer-term moving average is now trending higher.

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The Eurodollar pulls back

The EUR/USD is proving a problematic forex pair to trade, given the recent surge higher on the daily chart, only to see a massive consolidation between the 1.12 and 1.14 level.

What is interesting is how the relationship between the EU and the US continues to provide tensions, with the US threatening more tariffs.

In the last 48 hours, this has seen the US dollar strengthen while the Eurodollar has pulled back, as noted in the chart below.

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Ashley Jessen // Author of CFDs Made Simple, Head of Marketing at ACY Securities

Ashley Jessen is the author of CFDs Made Simple and Head of Marketing at ACY Securities. He has been in the financial services industry since the year 2000 and worked for some of the leading companies in the CFD, Forex and Online Trading space.