[Week 04 - 2023] Trades Recap and Trade Setups

Hey Traders,

Risk off sentiment was strong earlier the week until the FEDs talk at the end of the week. Waller gave a less hawkish speech, shifting sentiment to risk on. Even cryptocurrencies get to enjoy the shift to risk on sentiment. All eyes on upcoming FOMC.

Next week schedule is focused mainly outside of the United States economy. However we do have the PCE release on Friday which we should keep a lookout for.

Upcoming Economic Release:

Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

Earlier the week the S&P500 Index fell back to the 3915 minor support region but reverses on Friday to trade back to the descending trend line. Index short term bullishness remains intact and as mentioned previously, it will be confirmed when the descending trend line is broken through.

Dollar Index (DXY)

The United States Dollar Index remains under pressure. Only by breaking above the 103.225 will there be a shift from bearish to flat. However, as price trades sideways, any breakout confirmation of 101.785 support region can push price towards 99.365.

Gold Futures

Earlier on the week, Gold moved to the downside upon reaching the resistance level. However, the move was quickly recovered and ended the week with a small green candle. This small bodied candle may indicate the start of market indecision especially since the momentum for Gold has been high throughout the seasonally strong months. Gold may be on track to 1960 region if the bulls continue to take control.

Trade Recap

NZD/CAD (Exclusive Trade)

Recap (Week 03 - Last Week) Take Profit - 2

Long at market position reached Take Profit - 2 level where we announced to close fully.

Corn Futures (Exclusive Trade)

Recap (Week 03 - Last Week) Take Profit - 2

Both long at market position reached Take Profit - 2 level which we announced to close / partial.

Trade Analysis / Setups

USD/JPY (Analysis 4-1)

Analysis: Price has been trading in consolidation where we will looking for breakout and retest confirmation and trade along with the direction of the breakout.

Long opportunity: Break and retest confirmation at 131.067 region towards 134.266 as Take Profit - 1 level.

Short opportunity: Break and retest confirmation at 127.480 region towards 124.469 as Take Profit - 1 level.

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

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