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[Week 27 - 2023] Trades Recap and Trade Setups

Hey Traders,


The market shrugged off Powell's hawkish speech as they patiently await for the PCE price index which indeed turned out favourably for the bulls as the report came out lesser than expected. Market has expected this time that the FEDs will hike another 25 basis points this time. If there is not, expect huge volatility depending on the FEDs decision. Other than the FOMC meeting, the calendar is packed with other news release, expect volatility.



Upcoming Economic Release:

Weekly Economic Calendar for Week 27
Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

S&P500 recovered prior week losses

Previous week loss were all recovered as the S&P500 trades back to recent high, led by technology stocks once again. The index looks to trade towards the 4550 region but if price were to break below the 4375 minor support region, we can potentially see more downside.



Dollar Index (DXY)

Dollar Index retraces back towards ascending trend line

The United States Dollar Index faced pressure as it approached the resistance at 103.3 region. The index short term trend remains bullish as it trades above the ascending trend line. However, if price were to break below the 102.275 support, we can potentially see the dollar dip towards the recent low region.


Spot Gold

Gold trades towards the 50 exponential moving average

Gold retraces back towards the 4 hour period - 50 exponential moving average (EMA). A reversal from the 1912 support region can potentially push price towards the next resistance level at 1938 region while falling below the said support level can push price towards the 1885 region.


Trade Recap


AUD/USD (Analysis 25-1)

AUDUSD Analysis

Recap (Week 26 - Last Week) Take Profit - 5

AUDUSD reached Take Profit (5) level

High risk short at market position reached Take Profit - 5 level where we announced to close fully.


Corn - July Futures (Exclusive Trade)

Corn Futures Analysis

Recap (Week 26 - Last Week) Take Profit - 1

Corn reached Take Profit (1) level

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



Trade Analysis / Setups


Corn - September Futures (Analysis 27-1)

Corn Futures Analysis

Analysis: Corn experienced a sharp decline supported by the recent higher than expected stock report. However, price is overextended and is supported by the recent low support level.


Long opportunity: Long at market reopening as High Risk trade towards 505.25 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: 85.18%

Win: 23

Loss: 4

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Stay safe out there and safe trading!

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