top of page
Search

[Week 48 - 2023] Trades Recap and Trade Setups

Hey Traders,


Most stock indexes closed higher, locking in gains for 4th straight week. This sharp upside movement in stock is largely due to the market optimism on a rate cute soon. Any descrepancies or deviation from the current market outlook can lead to a sharp decline in price. Although the US market had a short trading week, the Dollar attempt to recover some ground but was retraced mostly at the end of the week.


Upcoming Economic Release:

Weekly Economic Calendar for Week 48
Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

S&P500 index looks to trade towards recent high

The S&P500 index trades above the 4550 resistance region and looks to trade towards the recent high at 4630. Price remains strong and looks to continue trading higher unless the 4370 support region is breached.



Dollar Index (DXY)

Dollar attempts to trade higher but to no avail

The United States Dollar Index recovered some ground earlier on the week but move was quickly erase. Price action remains week but if price is to trade above 104.34, we can potentially see more upside move. However, falling past below the 103.21 could spell indicate more weakness for the Dollar, possibly towards 101.5 region.



Spot Gold

Gold looks to trade towards recent high

Gold holds onto the bullish momentum and trades back towards the recent high. A breakout of the 2005 resistance region can potentially push price higher. However, if price were to fall below the 1990 region, price can look to trade towards the 1960 region.



Trade Recap


No Updates



Trade Analysis / Setups


NZD/CAD (Analysis 48-1)

NZDCAD Analysis

Analysis: Price has experience a good upside run for a few weeks now. Risk to reward to long may not be as attractive as a potential retracement. However, as price is not extended, we will need price to experience a break and retest confirmation before attempting to short.


Short opportunity: Break and retest confirmation at 0.82439 region towards 0.81853 as Take Profit - 1 level.



 

2023 Market Order Signal Accuracy Accuracy: 90.2% Wins: 37 Loss: 4

Join our telegram channel at: https://t.me/traineetraders


Stay safe out there and safe trading!

22 views0 comments
bottom of page