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Hey Traders,
The economic calendar was light last week, allowing the United States Dollar to retrace some of the weakness it experienced on the prior week. UK CPI came in lower than expected, further improving risk on sentiment. However the yield inversion remains a strong concern to some market participants.
Expect increased volatility in the upcoming week as the economic calendar is packed with Europe and US PMI , FOMC and US PCE.
Upcoming Economic Release:
S&P500 Futures
Equities continued to approach higher but momentum seem to be slowing as the week printed a small green bodied candlestick. Price is still trading at the key resistance region with the RSI still at the higher region but not overbought. As mentioned previously, long position holder should remain cautious as upside momentum remains limited.
Dollar Index (DXY)
As mentioned in our previous post, the confluence of supports acted strongly and price reverse back towards resistance (previous support) at 100.69. If price manage to stay above 100.69, it can potentially push towards 101.575 region. However, if the recent low and confluence of supports does not hold, the United States Dollar can potentially head towards 97.78.
Spot Gold
Gold traded higher earlier the week but retraced most of the move as it met with key resistance level at the 1980 region. Gold found support at the 4-hour 50 exponential moving average (EMA) and minor support at the 1960 region. If the support does not hold, Gold can trade back towards the low of the range at 1938 region.
Trade Recap
Corn - September Futures (Analysis 27-1)
Recap (Week 28 - Last Week) Take Profit - 4
High risk long at market position reach Take Profit - 4 level where we announced to close fully.
Sugar #11 - July Futures (Analysis 26-1) and Exclusive Trade
Recap (Week 28 - Last Week) Second position Take Profit - 2 / First position Take Profit - 1
High risk second position reached Take Profit - 2 and high risk first position reached Take Profit - 1 level where we announced to close both position fully.
Trade Analysis / Setups
Soybean - August Futures (Analysis 30-1)
Analysis: Price experienced a sharp decline after reversing from key descending trend line. If price were to fall to the next level of support, potential long position can be considered in anticipation of a minor retracement.
Long opportunity: Reversal confirmation at 0.81396 support region towards 0.82002 as Take Profit - 1 level.
Cheers to all our member who managed to pack some profits this trading week.
Year 2023 Market Order Signal Accuracy Accuracy: 86.7% Wins: 26 Loss: 4 |
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Stay safe out there and safe trading!
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