[Week 41 - 2023] Trades Recap and Trade Setups

Hey Traders,

Even though on Friday, the job reports came out stronger than expected, the broad US market indexes closed mostly higher for the week (except for the Dow), recovering some of the losses it experienced in the seasonally weak September.

Will price continue to trade upwards from here? We will need to see how it turns out this week, especially with the CPI scheduled to be release along with the unexpected conflict happening in the Middle East. With a stronger labour market, if the CPI numbers goes above the expected number, expect market sentiment to worsen.

Upcoming Economic Release:

Credit: ForexFactory.com Time: +8 GMT

S&P500 Futures

The S&P500 continued to experience downside pressure throughout the week until the release of the NFP report where it recovered some of the losses. Price still trades below the 4370 region, giving a more neutral bias for equities.

Dollar Index (DXY)

The United States Dollar Index traded towards the 107.155 but fell short, likely heading towards the 105.425 support region. As now of, the Dollar is experiencing a much needed retracement as it has experienced a long streak of upside movement. However, trading below the 107.155 will put the dollar more towards a neutral view.

Spot Gold

Gold traded lower throughout the trading week but managed to recover some of the loss on Friday, reversing from the support level at 1810 region. Price remains weak, but as price is extended towards the downside, we can likely see a retracement or consolidation in the short term before the next big move.

Trade Recap

WTI - Front Month (Analysis 36-1) - First position

WTI - Front Month (Analysis 38-1) - Second position

Recap (Week 40 - Last Week) Take Profit - 1 (Position 1) / Take Profit - 4 (Position 2)

We closed both position at 84.60 fully where Position 1 reached Take Profit level - 1 and Position 2 reached Take Profit - 4 level.

Trade Analysis / Setups

AUD/USD (Analysis 41-1)

Analysis: Price broke out of the support region but managed to trade back within the range between 0.63629 and 0.65141. With this, price can potentially trade back to within the range.

Long opportunity: Break and retest at 0.63629 region towards 0.65141 as Take Profit - 1 level.

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​2023 Market Signal Accuracy

Accuracy: 89.18%

Wins: 33

Loss: 4

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