[Week 43 - 2023] Trades Recap and Trade Setups

Hey Traders,

Stocks closed the week significantly lower due to concerns about rising interest rates, geopolitical tension in the Middle East and dysfunction in Washington. However, Microsoft, Alphabet, Meta and Amazon is scheduled has earnings release scheduled next week where traders will keep a look out for.

Next week economic releases are heavy with the Eurozone reporting PMI and rate decisions from Europe and Canada and lastly the US PCE price index. Expect volatility across the broad market.

Upcoming Economic Release:

S&P500 Futures

The S&P500 resumes it's downside move, closing red 4 days in a row last trading week. Price looks to trade towards the 4150 region but no without a retracement or consolidation. Only by trading above the 4370 region will bias tilt towards bullish.

 Dollar Index (DXY)

The United States Dollar Index continued trading with in the range between 105.425 and 106.53. Price remains bullish and look to continue trading sideways.Trend continuation can potentially resume when the resistance at 106.8 is broken out of. Separately, if the support region at 105.70 is breached, trend will tilt back towards the neutral level.

Spot Gold

Gold extends further towards key resistance level at 1980 region. Price broke out momentarily, but closed the week below the resistance level. Price is now overextended towards the upside and is due for a correction or consolidation. However, fundamentals favours Gold and any short positions taken is regarded as highly risky.

Trade Recap

No Updates

Trade Analysis / Setups

NZD/CAD (Analysis 43-1)

Analysis: Price was extended and has begun tilted back towards the upside. As price has broken out the 0.79885 resistance, price can potentially push towards the 0.80315 level.

Long opportunity: Retest confirmation at 0.79885 support region towards 0.80098 as Take Profit - 1 level

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