[Week 14 - 2023] Trades Recap and Trade Setups

Hey Traders,

Risk on sentiment resumes as the banking crisis seem to be over with assurance from the governments. This is further boosted with the PCE inflation data which came in lower than expected, signalling that the rate could already been enough to curb inflation down towards the FEDs goal at 2%. Non-Farm Payroll (NFP) would be the main highlight of next week.

Upcoming Economic Release:

Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

The S&P500 broke out of the resistance towards the recent high at 4180 region. If price reaches the recent high with no correction, momentum can be considered extended on the shorter time frame where short opportunity can be looked out for.

Dollar Index (DXY)

The United States Dollar struggles to trade above the resistance region at 102.75 and fell back towards the recent low. Bearish sentiment for the dollar remains as price continues to trade below the 50 exponential moving average in the 4 hour time-frame. However, if price were to once again trade above the resistance region at 102.75, price can potentially head higher, towards the 104.085 region.

Gold Futures

Gold continues to consolidate at the 2000 resistance point. Opportunities can be identified if the 2000 resistance is breached, where price can potentially head towards 2040 region. However, if the 1940 support is breached, price can potentially can head towards the 1900.

Trade Recap

Corn Futures - Active Month (Analysis 9-1)

Corn Futures - Active Month (Exclusive Trade)

Recap (Week 13 - Last Week) Take Profit - 2

Both long position reached Take Profit - 2 target (initial target for first trade) and is announced to close / partial.

Soybean Meal - Active Month (Exclusive Trade)

Recap (Week 13 - Last Week) Take Profit - 3

Long at market positions reached Take Profit - 3 level where we announced to close fully.

Trade Analysis / Setups

AUD/USD (Analysis 14-1)

Analysis: Price has been trading in a range where we can look for breakout opportunity.

Long opportunity: Breakout and retest confirmation at 0.67260 region towards 0.67734 as Take Profit - 1 level.

Short opportunity: Breakout and retest confirmation at 0.66756 region towards 0.66334 as Take Profit - 1 level.

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Cheers to all our member who managed to pack some profits this trading week.

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