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[Week 03 - 2024] Trades Recap and Trade Setups

Hey Traders,


Major indices managed to closed the week higher despite the higher than expected number from the CPI report. Although the PPI number came in lower, it is believed that the market is awaiting for the PCE report release, as it is the FED's pressured measure of inflation. The PCE report is due on 26th Jan and during these periods, expect a slight risk on flow.


Upcoming Economic Release:

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


S&P500 Futures

S&P500 climbed back towards recent high

The S&P500 index recovered majority of the downside move it experienced on the prior week. Price now trades within the recent high region. Trading below the 4750 support region can indicate more downside move for the index.



Dollar Index (DXY)

Dollar trading within range

The United Dollar Index continues to trade sideways between 101.785 and 102.40 region. Any breakout confirmation of this range can give us the next short term direction of the Dollar.



Spot Gold

Gold trades in consolidation

Gold continues to trade within the range between 2018 and 2055. Price continues to trade at the top side of the larger range but continues to struggle break out towards the upside. If price were to trade below the 2018 region, we can potentially see price slip towards 1980 region.



Trade Recap (Public Channel)


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Trade Analysis / Setups


USD/CAD (Analysis 3-1)

USDCAD Analysis

Analysis: Price has moved considerably after reaching the low of the consolidation. However, it is met with a major resistance at 1.34 region. Any confirmation of the upside move can push price towards 1.3482 region.


Long opportunity: Break and retest confirmation at 1.340 region towards 1.34820 as Take Profit - 1 level.


 

2024 Market Order Signal Accuracy Accuracy: 100% Wins: 1 Loss: 0

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