[Week 17 - 2023] Trades Recap and Trade Setups

Hey Traders,

The United States Dollar initially strengthened from the US PMI release as the number was stronger than expected. However, move quickly dissipate later on the week as the market sentiment is uncertain as a report potentially indicated a recession is countered with one that shows the economy is still strong.

Upcoming Economic Release:

Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

The S&P500 index continues to struggles at the resistance region. We maintain the stance that the 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)

The United States Dollar Index trades sideways throughout the week, looking for the next impactful factor to determine the next short term trend. Bearish bias remains as price trades below the descending trend line. Bullish bias can only be considered when price breaks out of the 102.75 region.

Gold Futures

Gold trades in consolidation between the 1985 and 2025 region throughout the week. A breakout of the 2025 resistance region can push price towards 2080 while a breakout of the 1980 support region can push price towards the 1942.

Trade Recap

Wheat Futures - Front Month (Exclusive Trade)

Recap (Week 16 - Last Week) Take Profit - 2

High Risk long at market position reached Take Profit - 2 level where we announced to close / partial.

Trade Analysis / Setups

Sugar #11 - July Futures (Analysis 17-1)

Analysis: Price is still in a strong uptrend but momentum has begun to slow, as such might potentially experience a light retracement or consolidation before the next short term trend. The 23.15 can be seen as a support in the shorter time frame and we can look out for any reversal confirmation from this support level for any long opportunities.

Long opportunity: Reversal confirmation at 23.15 level towards 24.15 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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