[Week 10 - 2023] Trades Recap and Trade Setups
Updated: 2 days ago
All eyes are on inflation data yet again as FEDs members are beginning to support higher rates if the next inflation data run hots. The upcoming Non-Farm Payroll (NFP) could potentially give us an early indication on what is potentially coming. Do also note that Powell will be testifying earlier on the week, where the market will be scraping for any hawkish tone.
Upcoming Economic Release:
The S&P500 experienced some setback earlier on the week but soared back towards the end of the week, closing the week at the resistance region. As short term momentum is slightly overextended, the S&P500 may trade sideways between the 3960 and the 4050 region before the highly anticipated NFP.
Dollar Index (DXY)
As mentioned in our previous post, the United States Dollar Index will likely stall as price is at the major resistance level, which was exactly what happened last week. If price were to break below the new 104.085 support, the Dollar may potentially fall towards the 102.75 support region.
As mentioned in our previous post, Gold was mildly overextended and may experience potential pullback in price, which was exactly what happened last week. Gold closed the week above the minor resistance at 1853 and looks to push towards 1873 region or even the 1890 region. However, if price were to fall below the 1820 support region, Gold may potential dip towards the next support region at 1790.
WTI Futures - Front Month (Analysis 7-1)
Recap (Week 09 - Last Week) Take Profit - 1
Long position reached Take Profit - 1 level where we announced to close / partial / risk free.
Trade Analysis / Setups
Soybean Futures - Active Month (Analysis 10-1)
Analysis: Price is slightly overextended within the range where we will look for pullback opportunity at minor support level with the Take Profit target set at the ceiling of the range.
Long opportunity: Reversal confirmation at 1500 support region towards 1543.25 as Take Profit - 1 level.
Cheers to all our member who managed to pack some profits this trading week.
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