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[Week 12 - 2023] Trades Recap and Trade Setups

Updated: Mar 23, 2023

Hey Traders,


As the fear of the banking crisis continues to creep into the market, bitcoin held its ground as a hedge, rising almost 8% year to date. Risk off mood remains strong as Gold rises sharply while the equities were mainly trading sideways. The FOMC will be the key highlight of next week, with rumour going that there is potential of no rate hike this time around due to all the negative sentiment.


Upcoming Economic Release:

Weekly Economic Calendar for Week 12
Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

S&P500 breaks out towards the upside momentarily

Equities trades sideways throughout the week between the 3900 and 3950 region. However on Friday, the S&P500 had a momentary breakout above the 3950 resistance region but fell back to within the range. As pointed out last week, if price managed to trade above 3950 region, the index is likely to move towards the 4050 region.



Dollar Index (DXY)

Dollar potentially looking for more downside

The United States Dollar continued its ascend earlier on the week but reverses from the 103.225 support region back towards the resistance zone at 104.085 region before heading lower again. The reversal of the resistance region at 104.085 can potentially lead the Dollar towards the key support region at the 102.25 region. However, if price managed to trade above 104.085, the Dollar can potentially trades back towards the recent high at 105 region.



Gold Futures

Gold sharp ascending looking for next resistance

Gold continues its ascend in the risk off environment. With the breakout confirmation at the 1870 resistance region, Gold continues its ascend relentlessly forming a new recent high. Next resistance region is identified at the 2000 level, which is just shy away from last week's high. If the 2000 does not hold, we can potentially see Gold back at the top of the range.



Trade Recap


Soybean Oil - Active Futures (Analysis 11-1)

Soybean Oil Futures Analysis

Recap (Week 11 - Last Week) Take Profit - 1

Soybean Oil Futures reaches Take Profit (1)

Long position reached Take Profit - 1 level where we announced to close / partial / risk free.


Trade Analysis / Setups


Cotton #2 - Active Futures (Analysis 12-1)

Cotton #2 Futures Analysis

Analysis: Overall, Cotton #2 can be seen as over extended towards the downside. Price may begin to trade sideways or reverse. We view the potential sideway ceiling to be at 79.15, where we will also set our initial Take Profit level at.


Long opportunity: At market reopening as High Risk Trade towards 79.16 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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