[Week 15 - 2023] Trades Recap and Trade Setups

Hey Traders,

It was a short trading week due to Easter but market still experienced significant movement throughout the week. The JOLT report came in lower than expected which translated to a risk off move in the market while the Non-Farm Payroll (NFP) gave mixed signals as the Dollar rallies upon the release but gave most of the move back. The CPI will be the key highlight of next week, any higher than expected reading can cause a significant downside impact on risk on assets especially since the market is transitioning to a long term bullish sentiment.

Upcoming Economic Release:

Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

The S&P500 remains on track to approach the 4180 region. However, as price has retraced before reaching the target, the possibility of price being overextended that we mentioned last week is now eliminated. A breakout confirmation of the 4180 resistance region can push price towards the upside.

Dollar Index (DXY)

The United States Dollar Index approached the key support region but managed to trade above on the later day of the week. The Dollar may continue to consolidate between 101.49 to 102.75 region. Dollar upside can only be considered when 102.75 resistance region is breached.

Gold Futures

Gold broke out of the resistance zone at 2000 region towards the 2040 resistance region which we identified last week. We have adjusted the direction of the break out where price can potentially fall back to the now 2000 support region before extending to the high of the range at 2080 region. As of now, any short opportunity should only be considered when price break out of the support region at 1940.

Trade Recap

Corn Futures - Active Month (Analysis 9-1 and Exclusive Trade)

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

Long position reached the final Take Profit level where we announced to close fully.

Trade Analysis / Setups

GBP/USD (Analysis 15-1)

Analysis: Price can be seen as extended within the range. If price firmly fall below the 1.2412 region, it can pose more weakness for the pair.

Short opportunity: Break and retest confirmation at 1.24120 region towards 1.23029 as Take Profit - 1 level.

Soybean Meal Futures - Active Month (Analysis 15-2)

Analysis: Price falls back to minor support region with strong reversal candlesticks. This can be seen as a retracement of new medium term bullish trend.

Long opportunity: At market reopening as High Risk Trade towards 466.75 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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