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[Week 05 - 2023] Trades Recap and Trade Setups

Updated: Mar 23, 2023

Hey Traders,


The PCE inflation came in as expected and market was not surprised by the release. The bullish sentiment mainly dominated throughout the week as equities continue the climb towards the upside led by technology stocks. Next week would be a crucial week as the FOMC and Non-Farm Payroll (NFP) are scheduled to be release. Will Powell shock the market this time again?


Upcoming Economic Release:

Weekly Economic Calendar for Week 05
Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

S&P500 breaks out of key descending trend line resistance

Equities continued its climb towards the upside with the S&P500 breakout confirmation of the key descending trend line which also coincide as a minor support region. Price look to retest the 4150 key resistance region which failed horribly on December 2022.



Dollar Index (DXY)

Dollar Index trades in tight consolidation

The United States Dollar Index continues to trade in a tight range. This buildup will likely create a strong price movement for the next breakout direction. Downside target will be at 99.365 support region while upside target will be at 105.0 resistance region.


Gold Futures

Gold slowdown in momentum with potential reversal

As mentioned in our previous post, momentum has started to slow down for Gold and this week printed a even smaller body candlestick bar indicating market indecision. This indecision is likely attributed to the strong momentum prior which is not sustainable which led to the present situation. Look out for any signal to short as we approach the end of Gold seasonality.



Trade Recap


Soybean Meal Futures - Front Month (Exclusive Trade)

Soybean Meal Futures Analysis

Recap (Week 04 - Last Week) Take Profit - 2

Soybean Meal Futures reached Take Profit (1) level

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


Trade Analysis / Setups


NZD/CAD (Analysis 5-1)

NZDCAD Analysis

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 0.86983 region towards 0.87790 as Take Profit - 1 level.


Short opportunity: Break and retest confirmation at 0.86159 region towards 0.85439 as Take Profit - 1 level.



WTI - Front Month (Analysis 5-2)

WTI Analaysis

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 82.56 region towards 86.21 as Take Profit - 1 level.


Short opportunity: Break and retest confirmation at 79.07 region towards 73.82 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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