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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:
S&P500 Futures
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)
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 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
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Trade Analysis / Setups
NZD/CAD (Analysis 48-1)
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 |
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