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[Week 02 - 2023] Trades Recap and Trade Setups

Hey Traders,


The Non-Farm Payroll (NFP) came in stronger and with a fall in unemployment but the market reaction was instead dovish, selling off the Dollar while other assets benefit from the risk on sentiment. Separately, the ISM Service PMI, a forward looking indicator, came in terribly, potentially indicating that the FED may need to end the pace of the rate hike to not push the economy into a recession.


Next week CPI release will be key highlight for next week especially for the Dollar and equities. Expect volatility.


Upcoming Economic Release:

Weekly Economic Calendar for Week 02
Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

SP500 continues to trade sideways but closed the week higher

S&P500 continues to trade in consolidation but ended off the week on the upper region of the range. With the CPI number scheduled to be release next week, we expect price to push towards the upside as numbers are expected to come close to expectation, reflecting the impact of rising interest rate and lower CPI number.



Dollar Index (DXY)

Dollar Index reached key resistance level but reversed immediately

The United States Dollar Index broker out of the range last week and pushed towards 105.575 as expected. However, price quickly reversed from the resistance zone and fell back to the range. Seller remains in control over the Dollar and only by breaking out of 105.575 resistance region can we see more potential for upside.



Gold Futures

Gold continued its strong upside seasonally but approaches key resistance level

Gold continued to push towards the upside last week and is reaching key resistance region at 1880. Momentum has been relatively strong only the weekly chart and we expect Gold to experience some retracement when the 1880 resistance is reached.



Trade Recap


Sugar #11 Futures - Front Month (Analysis 51-1)

Sugar #11 Analysis

Recap (Week 01 - Last Week) Take Profit - 2

Sugar #11 reached Take Profit - 2  level

Short at market reopening position reached Take Profit - 2 level where we announced to close / partial.



Trade Analysis / Setups


AUD/JPY (Analysis 2-1)

AUDJPY Analysis

Long opportunity: Break and retest confirmation at 90.967 region towards 92.485 as Take Profit - 1 level.


Short opportunity: Break and retest confirmation at 89.898 region towards 88.158 as Take Profit - 1 level.


 

Cheers to all our member who managed to pack some profits this trading week.


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