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[Week 25 - 2023] Trades Recap and Trade Setups

Hey Traders,


Equities soared with NASDAQ leading the way again despite the FEDs indicating a higher overall rate. The UMich Consumer Sentiment came in way higher than expected, indicating the consumer confidence in the economy. Next week will be PMI heavy on both Europe regions and the United States, so keep a look out.


Upcoming Economic Release:

Weekly Economic Calendar for Week 25
Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

S&P500 experienced strong gains this week

The S&P500 accelerate towards the upside led by technology stocks once again as it sets to approach the 4550 region. Price is extended and upon reaching the resistance region, we should expect some form of retracement or stall. The extension in price can be determined with the weekly RSI value reaching the overbought region. Once price reaches the 4550 region, price can be seen as overextended.



Dollar Index (DXY)

Dollar slipped back towards the low

The United States Dollar Index slipped back towards the recent low, failing to break above the 104.5 region. As mentioned in our previous post, breaking out of the 101.325 region can push price lower, which was exactly what happened. Expect the Dollar to experience a retracement from the recent steep decline.



Spot Gold

Gold trades in consolidation

Gold price unfortunately only experience a moderate increase from the Dollar decline. Price for Gold remains contained in consolidation, between 1940 region to 1985 region. Breaking out of this consolidation can pave the way to the next medium term trend.



Trade Recap


No Updates



Trade Analysis / Setups


AUD/USD (Analysis 25-1)

AUDUSD Analysis

Analysis: Price is trades at resistance region and is overextended. Short opportunity is present and can be entered upon market reopening only if price opens near the close. This trade will be viewed as a high risk trade.


Short opportunity: Short at market reopen as High Risk towards 0.68365 as Take Profit - 1 level.


 

Cheers to all our member who managed to pack some profits this trading week.

Year 2023 Market Order Signal Accuracy

Accuracy 84%

Win: 21

Lose: 4

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Stay safe out there and safe trading!

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