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[Week 05 - 2024] Trades Recap and Trade Setups

Updated: Feb 4

Hey Traders,


The PCE release was lower than expected but the number was not what the GDP suggested and personal income was strong. The United States Dollar traded sideways with both equities and oil trading towards the upside.


Next week highlights consist of the FOMC and BOE rate decisions along with US NFP release. It is a heavy lineup that traders should keep a lookout for.


Upcoming Economic Release:

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


S&P500 Futures

S&P500 closed the week higher again

The S&P500 index continues it's upside movement. However, momentum has begun to slow and may potentially lead the index into a retracement, potentially backtowards the 4750 region as the first target. Higher time frame remains extended.



Dollar Index (DXY)

Dollar index trades in a narrow range

The United States Dollar Index trades in a range between 101.0 and 101.5 region. Long position can be considered when the resistance (top of the range) is broken out of which can potentially reach the key resistance level at 104.3 region. Short position can be considered when the support (support of the range) is broken out of, potentially falling towards the 102.4 support region.



Spot Gold

No movement on Gold

Gold trade in small price range in the prior week with no clear direction. Outlook remains the same with more downside pressure if the 2005 support region is breached while long should only be considered when price breaks out of the 2070 resistance region.



Trade Recap (Public Channel)


NZD/CAD (Analysis 4-1)

NZDCAD Analysis

Recap (Week 4 - Last Week) Take Profit - 2

NZDCAD reached Take Profit - 2 level

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




Trade Analysis / Setups


Sugar No.11 Futures (Front Month) (Analysis 5-1)


Sugar #11 Analysis

Analysis: Price experienced a sharp downside move but longer term bullish trend can be seen as being resumed. However in the lower time frame, upside price momentum can be seen as extended and has begun to retrace. Long position (trend following) can be considered when price fall towards the support level region and the 50 exponential moving average at the 4 hour time frame.


Long opportunity: Retest confirmation at 23.09 support region with 4hour - 50 EMA within the region towards 24.27 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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