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[Week 19 - 2023] Trades Recap and Trade Setups
Hey Traders,
The banking crisis created fear in the market earlier on the week but the move were quickly erased on Friday after Bullard's speech, stating that the economy will most likely get a soft landing. Jobs in the US economy remained strong with average hourly earnings rose more than expected, which can put more inflationary pressure on the economy, leading to longer period of high interest rate.
Upcoming Economic Release:
S&P500 Futures
The S&P500 index continues to trade sideways and below key resistance level. However, upside bias still remains as price trades above 4100. A downside breakout of the 4050 support region can potentially push price towards 3915.
Dollar Index (DXY)
The United States Dollar Index attempts to push above the descending trend line but failed miserably as price reverses back below it. If price were to break below the 100.69 region, price can potentially descending towards the 99.365 region.
Gold Futures
As mentioned in our previous posts, breakout of the 2025 resistance region can push price towards the 2080 resistance region. However price fell back to the range. In this new scenario, if price were to break above the 2038 region, price can push towards 2100 while if price falls below 1985, price can descend towards 1942 region.
Trade Recap
No Updates
Trade Analysis / Setups
GBP/JPY (Analysis 19-1)
Analysis: Price currently reversed from the previous high (resistance turned support) and look to push higher, at least towards the recent high. 165.39 region to 168.00 is identified as neutral zone while a breakout below 165.39 gives sign of further price weakening.
Long opportunity: Reversal confirmation at 169.2 support region towards 172.107 as Take Profit - 1 level.
Short opportunity: Break and reversal confirmation at 165.394 region towards 162.86 as Take Profit - 1 level.
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