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[Week 22 - 2024] Trades Recap and Trade Setups

Hey Traders,

Nvidia share got a sharp boost after earnings beat expectation, pushing both the NASDAQ and the S&P500 higher. The United States Dollar attempts to climb higher but the favourable Michigan consumer confidence pushed it lower.

The economic release will be relatively muted for the first part of the week, in addition to the UK/US holiday on Monday. Key release to watch out for would be the PCE price index.

Upcoming Economic Release:

Weekly Economic Calendar for Week 22
Credit: Time: +8 GMT

S&P500 Futures

S&P500 continues to trade higher

The S&P500 had a momentary new high during the prior week but move was quickly reversed. Price continues trading at a high level, still being carried by AI-tech driven stocks. Bullish trend remains intact albeit elevated level. Short should only be considered if 4960 support region is breached.

Dollar Index (DXY)

Dollar resisting downside pressure

The United States Dollar Index attempts to recover the loss experienced in the prior week after finding support at the key zone. If price manage to ascend beyond the 105.425, there is a good chance that the Dollar will continue higher.

Spot Gold

Gold trades within consolidation

Gold fell sharply as price ascend to the recent high, acting as a strong resistance. Price remains in the consolidation zone and positions should only be considered when price breaks out.

Trade Recap (Public Channel)

No recap

Trade Recap (Private Channel)

No recap

Trade Analysis / Setups

AUD/NZD (Analysis 22-1)

AUDNZD Analysis

Analysis: Price has begun to trade sideways after the sharp dip in price earlier. Positions can be considered if price is to breakout and retest the high or low of the consolidation level.

Long opportunity: Break and retest confirmation at 1.08524 region towards 1.08934 as Take Profit - 1 level.

Short opportunity: Break and retest confirmation at 1.08216 region towards 1.07633 as Take Profit - 1 level.


2024 Market Order Signal Accuracy Accuracy: 100% Wins: 4 Loss: 0

2024 Market Order Signal Accuracy (Private Channel) Accuracy: 100% Wins: 8 Loss: 0

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Stay safe out there and safe trading!

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