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[Week 04 - 2024] Trades Recap and Trade Setups

Hey Traders,

The S&P500 was the highlight of last trading week as it traded at a new all time high. The increase in risk on activities can also be reflected on yield and the United States Dollar as both weakened.

The Core PCE will be the main highlight of next week as it is the FED's preferred indicator on measuring inflation. With the previous CPI reflecting higher than expected number, expect risk off if the PCE number is higher than expected.

Upcoming Economic Release:

Weekly Economic Calendar for Week 04
Credit: Time: +8 GMT

S&P500 Futures

S&P500 index trades to new high

US stocks close sharply higher, resulting in the S&P500 closing at a new record level. The index faced downside pressure earlier on the week but found support at 4750 short term support region and pushed higher. At the higher time frame, price can be still seen as extended.

Dollar Index (DXY)

Dollar fell to short term support

The United States Dollar Index attempts to trade higher but fell short after trading near last week's high. Price found short term support at 101.03 region. Any breakout of this short term support can see the Dollar trade lower, possibly towards 102.500 region.

Spot Gold

Gold recovered losses from prior week

Gold recovered most of the losses it experienced on the prior week, trading back to within the range between 2018 and 2055. Price may look to break out of long term consolidation again.

Trade Recap (Public Channel)

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Trade Analysis / Setups

NZD/CAD (Analysis 4-1)

NZDCAD Analysis

Analysis: Price can be seen as extended and due for a consolidation or retracement. If price dip towards short term support level at 0.81907, long entry can be considered as it will provide additional confirmation for the trade.

Long opportunity: Reversal confirmation at 0.81907 support region towards 0.82387 as Take Profit - 1 level.


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

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Stay safe out there and safe trading!

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