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[Week 50 - 2023] Trades Recap and Trade Setups

Hey Traders,

Risk on flow continues to dominate the market despite the recovery of the United States Dollar, forming a new high for 2023. Friday's job report release reminds the market that the labour market remains tight, which could lead to the FEDs holding on to rate higher, but market remains unfazed.

Keep an eye out next week as the calendar is packed with impactful event. FOMC will be the key highlight, hopefully giving guidance as we move towards 2024.

Upcoming Economic Release:

Weekly Economic Calendar for Week 50
Credit: Time: +8 GMT

S&P500 Futures

S&P500 closed higher for 6 consecutive weeks

The S&P500 index closed the week higher, forming a new high for the year 2023. By closing the week with gains, the index experienced a 6th weekly streak and can be seen as extended and is due for a retracement or consolidation.

Dollar Index (DXY)

Dollar attempts to regain lost strength

The United States Dollar Index attempts to trade towards the key resistance region at 104.34. Successfully breaking out of the resistance range can potentially push the Dollar higher. However, falling below the 103.12 region can bring more weakness to the Dollar.

Spot Gold

Potential reversal for Gold

Gold broke out of the range momentarily as the week began but move was quickly eliminated and with more downside. Referencing the above weekly chart, we can see resistance on the top of the range is respected and remain strong. With addition to the recent bearish engulfing candlestick formation, we can potentially see more down side for Gold.

Trade Recap (Public Channel)

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Trade Analysis / Setups

AUD/USD (Analysis 50-1)

AUDUSD Analysis

Analysis: Price has shown weakness as it trades at horizontal and trend line resistance. Short position can be considered if price experience a break and retest of minor support at 0.65194.

Short opportunity: Break and retest confirmation at 0.65194 region towards 0.63661 as Take Profit - 1 level.


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

2023 Alumni Channel Accuracy Accuracy: 100% Wins: 3 Loss: 0

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Stay safe out there and safe trading!

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