Target Thursdays: UK100, Wheat & EURUSD hit targets!

• UK100 bulls bag 770 points

• Wheat “throwback” rewards bears

• EURUSD secures all bearish targets

Here are how these discussed instruments performed this week:

  1) UK100 touches fresh record high

• Where and when was Target Price (TP) published?

In our week ahead article published on Friday, 3rd May:

We were bullish on the UK100 and suggested that a solid “close above 8200 may encourage a move toward the next psychological level at 8300”

• What happened since TP was published?

After hitting a fresh all-time high last Friday, the index extended gains on Tuesday after the bank holiday at the start of the week.

A weaker pound and optimism around the Bank of England (BoE) cutting interest rates down the road have turbocharged FTSE100 bulls.

Note: UK100 could see more volatility this week due to the upcoming BoE meeting and Q1 GDP figures

• How much in potential profits?

Those who took advantage of a move above 8223 would have been rewarded 770 points.

  2) Wheat ready to resume upside?

• Where and when was Target Price (TP) published?

Earlier in the week, we discussed how FXTM’S new commodity Wheat could push higher due to fundamental forces.

However, we cautioned that “prices may experience a technical throwback” with “sustained weakness below 629 opening a path towards 615….”

• What happened since TP was published?

Wheat prices slipped on Wednesday, tumbling towards the 615 level before prices rebounded back towards 629.

Note: The soft commodity could see more volatility this week due to the WASDE report on Friday.

• How much in potential profits?

Traders who took advantage of the breakdown below 629 and exited at 615 would have caught a roughly 2% move to the downside.

  3) EURUSD hits all bearish targets

• Where and when was Target Price (TP) published?

This technical scenario (EURUSD) is based on the FXTM Signals that are released once a day, before the opening of the U.S. trading session.

These signals are designed around a trading instrument’s most influential factor – PRICE – making them a powerful asset to your trading strategy.

It can be found in the MyFXTM profile under Trading Services… FXTM Trading Signals.

• What happened since TP was published?

The EURUSD fell as the dollar appreciated across the board.

Market caution and hawkish comments from a Fed official seem to be supporting the greenback.

• How much in potential profits?

EURUSD has hit all its profit targets.

Traders who entered at 1.07418 and exited at the final target level of 1.07271 would have gained roughly 15 pips.

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