[Week 13 - 2023] Trades Recap and Trade Setups

Hey Traders,

The FEDs rate hike as per expected. Equities initially turn up upon the release but turned back down as Powell addresses the potential banking crisis as market felt that Powell's response was not confident. The market continues to show fear of the banking crisis but risk on sentiment was somewhat relived as Friday closed higher, leading the weekly close higher as well.

Upcoming Economic Release:

Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

The S&P500 index continues to trade within the range between the 3900 and the 4050 region. Any downside breakout confirmation at the 3915 support region can push price towards 3815 support region while upside breakout confirmation at the 4045 resistance region can push price towards the recent high at 4180 region.

Dollar Index (DXY)

The United States Dollar Index has now reversed back towards the key resistance area. Any indication of reversal can potentially push price towards the 101.48 region. However if price managed to break further towards the upside, price can potentially move towards the 103.64 region.

Gold Futures

The 2,000 resistance region that we indicated last week proves to be a strong resistance as price attempts to trade above the resistance multiple times but failed. However there is no strong price reversal yet as it continues to trade around the resistance region. Any breakout of the 1975 minor support can push price towards the 1940 key support region. If the 1940 key resistance is breached, it can be the initial sign of a big reversal.

Trade Recap

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

Recap (Week 12 - Last Week) Take Profit - 1

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

Trade Analysis / Setups

NZD/CAD (Analysis 13-1)

Analysis: Price reverses from the key descending trendline and has also fell below the minor support (now resistance). Any retest and reversal confirmation at the 0.85440 region can potentially indicate of further fall in price towards the next support region at 0.84650 region as initial Take Profit level.

Short opportunity: Retest confirmation at 0.85439 region towards 0.84651 as Take Profit - 1 level.

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