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[Week 08 - 2024] Trades Recap and Trade Setups

Hey Traders,

Last week, equity indices faced some downside pressure due to the increase in rates and potentially some profit taking by the market participants. In addition, PPI report came out higher than expected which also contributed to the downside pressure for risk on assets, albeit this week at a smaller scale as compared to the higher CPI numbers two weeks ago.

This upcoming week will be heavy on the Eurozone and US PMI numbers along with the FOMC Meeting Minutes.

Upcoming Economic Release:

Weekly Economic Calendar for Week 08
Credit: Time: +8 GMT

S&P500 Futures

S&P500 snapped its fifth winning streak

The long awaited red candlestick finally showed itself last week as the S&P500 closed lower for the week. However, price remain resilient as downside movement remains restricted due to strong buying pressure. Price remains elevated due to the sharp movement is price but conviction is not as strong after the recent weekly candlestick close.

Dollar Index (DXY)

Dollar closed the week higher for the fifth week

The United States Dollar Index traded higher earlier on week, trading above key resistance level but did not manage to close the week above the resistance region. However, the Dollar still closed the week higher for the 5th consecutive week and can be seen as mildly extended and potentially ready for a retracement.

Spot Gold

Gold traded lower momentarily

Gold extends lower earlier in the week as the United States Dollar extends higher. However the price for gold was extended and retraces some of the losses it experienced, back to within the range. However, if price were to continue to fall this week, we can potentially see Gold trade towards the 1960 region.

Trade Recap (Public Channel)

No updates

Trade Analysis / Setups

AUD/USD (Analysis 8-1)

AUDUSD Analysis

Analysis: Price reverses from key support level and trade back towards the resistance zone last week. If price breaks above the resistance, we can potentially see price trade higher.

Long opportunity: Break and retest of 0.65414 resistance region towards 0.66097 as Take Profit - 1 level.


2024 Market Order Signal Accuracy Accuracy: 100% Wins: 2 Loss: 0

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Stay safe out there and safe trading!

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