[Week 51 - 2023] Trades Recap and Trade Setups

Hey Traders,

The Santa rally continued on the equities market with most of the index closing the week higher consecutively for 7 weeks in a row. During the FOMC, the FEDs affirmed the market euphoric risk on sentiment, further pushing price of equities further towards the upside while the United States Dollar experienced a sharp downside.

I will be cautious FOMO-ing into the stock market, as price can be seen as extended.

Upcoming Economic Release:

S&P500 Futures

The S&P500 index experienced another week of upside movement and trades very near the all time high. This marks the 7 consecutive week that the index closed higher and with the resistance region, I believe equities will exprience some form of retracement as price can be seen as extended, especially since the move is mainly supported by the magnificent 7.

Dollar Index (DXY)

The United States Dollar Index failed to trade above the key resistance level at 104.34 and fell all the way to 101.575 region where it found support. The Dollar could potentially head towards 103.12 resistance region but a tilt towards bullish bias is only applicable when the Dollar trades above the 104.34 level. If the support at 101.575 does not hold, we can potentially see more downside for the Dollar potentially towards past the 100.0 level.

Spot Gold

Gold retraces a majority of the downside move that was experienced in the prior week and peaked at the minor resistance at 2037 region. A breakout of this resistance region can indicate more upside movement. Downside movement is justifiable only when price trades below the 2005 support region.

Trade Recap (Public Channel)

No Updates

Trade Recap (Alumni Channel)

Sugar#11 Futures

Recap (Week 50 - Last Week) Take Profit - 2

Long at market position reached Take Profit - 1 level where we announced to close / partial / risk free.

Trade Analysis / Setups

NZD/USD (Analysis 51-1)

Analysis: Price is trading in a horizontal range and we can look to trade the breakout of the range. Entry can be considered when there is a retest confirmation at the resistance or support levels of the horizontal range.

Long opportunity: Break and retest confirmation at 0.62088 towards 0.63085 as Take Profit - 1 level.

Short opportunity: Break and retest confirmation at 0.61069 towards 0.60016 as Take Profit - 1 level.

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