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[Week 18 - 2023] Trades Recap and Trade Setups

Hey Traders,


The upcoming week will be key as the market awaits for the FOMC. Risk on sentiment dominated before the week ends with the S&P500 index climbing back towards the recent high levels, looking for a breakout.


Upcoming Economic Release:

Weekly Economic Calendar for Week 18
Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

S&P500 ascends back towards resistance

The S&P500 struggles earlier on the week but reverses from the support region at 4100 region. Bias for equities remains bullish and if broke out of the 4180 region towards 4300 while if price dipped below 4100 can push price towards 4050.


Dollar Index (DXY)

Dollar reverses from descending trend line

The United States Dollar Index ascends towards the descending trend line but quickly reverses from it. The Dollar remains weak as long as price is below the descending trend line and long set up can only be considered when price breaks above the 102.75 region.



Gold Futures

Gold continues to trade within the range

Gold continues to trade within the range between 1985 and 2025 region. Short term trend can only be identified when price breaks out of the range and would likely be this week due to the upcoming FOMC.



Trade Recap


Soybean Meal - July (Exclusive Trade)

Soybean Meal Futures Analysis

Recap (Week 17 - Last Week) Take Profit - 1

Soybean Meal Futures reached Take Profit (1)

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


Trade Analysis / Setups


USD/JPY (Analysis 18-1)

USDJPY Analysis

Analysis: Price broke out of resistance level at 134.435 region, long opportunity can be identified when price reverses from the now support which may coincide with the ascending trend line while short opportunity can be identified when price breaks below the support region at 133.532.


Long opportunity: Reversal confirmation at 134.435 region while staying above ascending trend line towards 137.76 as Take Profit - 1 level.


Short opportunity: Break and retest confirmation at 133.532 region towards 130.638 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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