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[Week 31 - 2023] Trades Recap and Trade Setups

Hey Traders,


FEDs hike as per expectation with no market shock as it is already priced in. Powell did not indicate any future hike but instead focuses on assessing ongoing reports before making any decisions. Risk on mood continue to push the market higher supported with a lower than expected PCE report. However, the Dollar attempts to climb higher. Problem is will the Dollar reverse higher along with an increase in yield?


Upcoming Economic Release:

Weekly Economic Calendar for Week 31
Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

The S&P500 index dominate the market once again. Closing the week higher but approaches overbought territory in weekly RSI with a reading of 70. We stress again that we are at profit target region and may potentially see some form of retracement or consolidation.



Dollar Index (DXY)

The United States Dollar trades back to within the previous range, staying above the short term ascending trend line. However, the Dollar failed to push above the 50 daily exponential moving average (EMA) resistance. To regain short term bullish outlook, the Dollar must trade above the 101.6 region and above the descending trend line but if price were to trade below the 100.525 support region, we can potentially see price trades back towards the recent low.



Spot Gold

The 1980 resistance region proved be a strong level to break out from as price attempts to break out of mentioned level but failed and falls back to within the range. Price slipped towards the lower region of the range but attempts to trade back to the upper region. Breaking out of this consolidation is crucial as it may provide the next direction for Gold, especially since the range has formed since late of May'23.



Trade Recap


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Trade Analysis / Setups


Sugar #11 - October Futures (Analysis 31-1)

Analysis: Price extends to measured profit taking began retracing towards the support level at 23.68. Overall trend remains in a strong uptrend, thus, if price were to show any bullish or reversal signal at this support, long position can be taken.


Long opportunity: Reversal confirmation at 23.68 support region towards 24.38 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: 86.7%

Wins: 26

Loss: 4

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