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[Week 10 - 2024] Trades Recap and Trade Setups

Hey Traders,

US economic report came in weaker than expected resulting in the United States Dollar facing pressure, especially the Treasury yield with the 10-year yields down 6.8 bps to 4.18%. Risk on assets continues its upside with the stock indices reaching another new high and with the AUD trading higher.

This upcoming week economic schedule is heavy but with the recent stock market rally, market seem uninterested unless there is a huge miss in the report or a huge profit taking among the big players.

Upcoming Economic Release:

Weekly Economic Calendar for Week 09
Credit: Time: +8 GMT

S&P500 Futures

S&P500 closed the week higher again

The S&P500 index continues it upside movement as it trades towards the 5,200 resistance region that we identified. As price deviates further away from the 50 weekly period exponential moving average, price can be seen as overextended. However, recent stall in momentum or retracement has been quickly bought over, unless there is a strong reason for a sentiment shift.

Dollar Index (DXY)

Dollar faced pressure with weak economic data

The United States Dollar Index closed the week slightly lower. Divergence can be seen between the Dollar and yield as the fall in yield did not impact much on the Dollar in the prior week. Potential upside momentum can continue, if price were to trade above the 104.34 resistance region.

Spot Gold

Gold broke out of resistance region again

Gold extends towards the upside primarily due to the fall in yield. Price broken out of the consolidation zone and at the previous high level at 2088 region. If the 2088 resistance level does not hold, we can potentially see price push towards the next previous high at 2150 region.

Trade Recap (Public Channel)

No updates

Trade Recap (Private Channel)

NZD/CAD (Exclusive Trade)

NZDCAD Analysis

Recap (Week 9 - Last Week)

NZDCAD reached final Take Profit level

Both short positions reached final Take Profit level where we announced to close fully.

Trade Analysis / Setups

EUR/CHF (Analysis 10-1)

EURCHF Analysis

Analysis: Price can be seen as mildly extended and look to potentially trades towards the key resistance region at 0.9681. If price managed to trade towards the key resistance region while maintaining the recent upside momentum, price can be seen as extended and potential short opportunity can be taken.

Short opportunity: Reversal confirmation at 0.9681 resistance region towards 0.9536 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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