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[Week 37 - 2021] Trades Recap and Trade Setups

Updated: Apr 4, 2023

Hey Traders,


Last week, the market were risk off due to the potential of tapering as FEDs member believe rates should rise in the near future. In addition, to the possibility of cycle impacting the stock market as September has been historically bad for stocks.


Upcoming Economic Release:

Weekly Economic Calendar for Week 37
Credit: ForexFactory.com Time: +8GMT


S&P500

S&P500 dip towards 4hour 50 EMA

As we explained on Week 35, price of the stock indices are overextended and could see a potential mean reversion. Last week, prices began to fall and expected to fall to the ascending trend line, supported by the 200 EMA on the 4 hours time frame which we closed the week at.



Dollar Index (DXY)

Dollar breaks above minor descending trend line

The dollar weakened but found support at the 92.4 region but saw reversal, breaking the descending trend line, looking to test the 92.795 resistance.



Spot Gold

Gold trades in consolidation

Gold fell sharply as the market sees the increased chances of tapering. Price is trading between the 1785 to 1800 region. Any breakout confirmation of the consolidation could signal the next potential move of Gold.



Trade Recap


Sugar No.11 (Analysis 36-3)

Sugar #11 Futures Analysis

Recap (Week 36 - Last Week) Take Profit - 1

Sugar #11 Futures reached Take Profit (1) level

Short position reached Take Profit - 1 level where we announced to close / partial / risk free.



Trade Analysis / Setups


AUD/USD (Analysis 37-1)

AUDUSD Analysis

Long opportunity: Await for reversal confirmation, to long when descending trend line is broken out of, towards 0.74700.



USD/CAD (Analysis 37-2)

USDCAD Analysis

Long position: Reversal confirmation at 1.26600 region towards 1.27273.



WTI Futures (Analysis 37-3)

Long opportunity: Break and retest confirmation at 69.88 region towards 71.96.

Short opportunity: Break and retest confirmation at 67.87 region towards 65.62.



 

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


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Stay safe out there and safe trading!

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