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Hey Traders,
The United Stated Dollar (USD) struggled for the past week as it experienced 6 days of losses straight, finally breaking this streak on Friday. Could this signal a potential retracement of the Dollar or a bigger move? Read more on the Dollar analysis below. As market euphoria continue to dominate the market as the odds of the economy experiencing a 'soft landing' is very likely. However, expect big downside move if inflation rises unexpectedly.
Upcoming Economic Release:
S&P500 Futures
Equities continued soar but is now at important resistance level. Price now is extended and can potentially retrace or stall combined that market participants may begin to take profit. However, if this resistance does not hold, we may see the index approach the all time high.
Dollar Index (DXY)
The United States Dollar slipped and broke below the key support level and approached the next level of support. The Dollar has now retraced 61.8% of the previous upside move and now also acts as a support with this new level support level at 99.365 region.
Spot Gold
Gold advances pass the resistance level and trade back to the previous range. Price may potentially reverse back to this resistance level (now support) before heading higher. However, if price were to slipped below the recent low, we may potentially see Gold trade lower.
Trade Recap
Corn - September Futures (Analysis 27-1)
Recap (Week 27 - Last Week) Take Profit - 1
High risk long at market position reach Take Profit - 1 level where we announced to close / partial / risk free.
Sugar #11 - July Futures (Analysis 26-1) and Exclusive Trade
Recap (Week 27 - Last Week) Second position Take Profit - 1
High risk second position reached Take Profit - 1 level but we advised to hold till first position reached it's first Target Profit at 25.07.
Trade Analysis / Setups
Soybean - August Futures (Analysis 29-1)
Analysis: Price has begun to trade at consolidation. However, we will only look for sell position as price looks to be extended and may begin trading at a wider consolidation between 1350 and 1498.
Short opportunity: Upon breakout confirmation at 1440 region towards 1395.75 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: 85.7% Wins: 24 Loss: 4 |
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