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[Week 16 - 2023] Trades Recap and Trade Setups

Hey Traders,

Retail sales were weaker than expectation, displaying that the rate hike is showing its effectiveness in reducing inflation rate. However, there are doubts remains in the market as some believe that more rate hikes are needed to pull inflation rate towards 2%. In addition, the 2 year yield is trading at around 4% while the FEDs rate target is 5.25%. Market is clearly showing too much optimism as of now, as such any negative news can severely impact risk on assets and sentiments.

Upcoming Economic Release:

Weekly Economic Calendar for Week 16
Credit: Time: +8 GMT

S&P500 Futures

S&P500 reached 4180 resistance region

Price reached the breakout target at 4180 level as mentioned since Week 13. A breakout of the 4180 resistance region can potentially push price towards the 4300 recent high region. However any downside breakout of the 4100 region can potentially drag price towards the 4050 support region.

Dollar Index (DXY)

Dollar remains week but trades above recent low level

The United States Dollar Index dipped towards the recent low support but managed to close the week above. A breakout of the 100.69 support can drag the Dollar towards the 99.365 region. Any short term shift in trend can only be confirmed if price managed to break above the 102.75 resistance region.

Gold Futures

Gold retrace towards ascending trend line support

Gold extends further towards the upside but fall towards to the ascending trend line later on the week. Upside bias remains unless price breaks below the 2000 region which can potentially drag price towards the neckline support at 1940 region.

Trade Recap

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

Soybean Meal Futures Analysis

Recap (Week 15 - Last Week) Take Profit - 1

Soybean Meal Futures reached Take Profit (1) level

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

Trade Analysis / Setups

NZD/CAD (Analysis 16-1)

NZDCAD Analysis

Analysis: Price broke out of key support level and look to descend towards the next level of support at 0.8245 region. Any reversal confirmation can potentially push price back towards the key region (now resistance) at 0.83432.

Long opportunity: Reversal confirmation at 0.8245 support region towards 0.834232 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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