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[Week 03 - 2023] Trades Recap and Trade Setups

Hey Traders,


Risk on sentiment dominated the market as market participants trade in anticipation of the CPI release. The trend of the recent CPI release is that market will be risk loving as CPI results is likely to be in line with market expectation and expected to be lower with the FEDs rate hike from last year. Let us hope that the Powell will not rain on the parade during the upcoming FOMC.


Upcoming Economic Release:

Weekly Economic Calendar for Week 03
Credit: ForexFactory.com Time: +8 GMT


S&P500 Futures

SP500 trades back to descending trend line region

The S&P500 extends its upside move, back towards the key descending trend line. As per what we analysed, price is likely to move towards the 4046 resistance region upon breakout confirmation and we are likely to reach the target level this upcoming week.



Dollar Index (DXY)

Dollar Index broke out as anticipated and now lies at key support region

The United States Dollar Index broke out of the short term support region and fell to 101.785 region as per what we have analysed in the previous week.


Dollar Index trades at key resistance level

Looking at the longer time frame, we can see that the Dollar Index now trades at key support region. Any strong reversal confirmation may provide us with opportunity to long the Dollar.


Gold Futures

Gold extend towards 0.618 Fibonacci retracement level

Gold flew pass the key 50% Fibonacci retracement resistance region and ended the week at the 61% Fibonacci retracement resistance region. Price remain overly extended especially on the weekly time frame. If price continues to move towards the $2,000 price region without retracement or sideway movement, shorting without confirmation may be favourable.


Trade Recap


NZD/CAD (Exclusive Trade)

NZDCAD Analysis

Recap (Week 02 - Last Week) Take Profit - 2

NZDCAD reached Take Profit (1) level

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



Trade Analysis / Setups


Soybean Futures - Front Month (Analysis 3-1)

Soybean Futures Analysis

Short opportunity: Breakout confirmation at 1516.75 region towards 1505.0 as Take Profit - 1 level.

 

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


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Stay safe out there and safe trading!

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