[Week 27 - 2023] Trades Recap and Trade Setups

Hey Traders,

The market shrugged off Powell's hawkish speech as they patiently await for the PCE price index which indeed turned out favourably for the bulls as the report came out lesser than expected. Market has expected this time that the FEDs will hike another 25 basis points this time. If there is not, expect huge volatility depending on the FEDs decision. Other than the FOMC meeting, the calendar is packed with other news release, expect volatility.

Upcoming Economic Release:

Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

Previous week loss were all recovered as the S&P500 trades back to recent high, led by technology stocks once again. The index looks to trade towards the 4550 region but if price were to break below the 4375 minor support region, we can potentially see more downside.

Dollar Index (DXY)

The United States Dollar Index faced pressure as it approached the resistance at 103.3 region. The index short term trend remains bullish as it trades above the ascending trend line. However, if price were to break below the 102.275 support, we can potentially see the dollar dip towards the recent low region.

Spot Gold

Gold retraces back towards the 4 hour period - 50 exponential moving average (EMA). A reversal from the 1912 support region can potentially push price towards the next resistance level at 1938 region while falling below the said support level can push price towards the 1885 region.

Trade Recap

AUD/USD (Analysis 25-1)

Recap (Week 26 - Last Week) Take Profit - 5

High risk short at market position reached Take Profit - 5 level where we announced to close fully.

Corn - July Futures (Exclusive Trade)

Recap (Week 26 - Last Week) Take Profit - 1

High risk short at market position reached Take Profit - 1 level where we announced to close / partial / risk free.

Trade Analysis / Setups

Corn - September Futures (Analysis 27-1)

Analysis: Corn experienced a sharp decline supported by the recent higher than expected stock report. However, price is overextended and is supported by the recent low support level.

Long opportunity: Long at market reopening as High Risk trade towards 505.25 as Take Profit - 1 level.

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

​Year 2023 Market Order Signal Accuracy

Accuracy: 85.18%

Win: 23

Loss: 4

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