[Week 15 - 2020] Trades Recap and Trade Setups

Good day Trainee Traders,

Happy Easter everybody. Last week the indices has managed to stay above the 50% Fibonacci Retracement area which is a good sign (bullish) however it is now near one of the key resistance. Lots of bank and analyst suspect that the bear market is not over as they compare to the 2008 crisis. In my opinion, comparing historical price is important however we do need to react to the current market situation.

Trade Recap

AUD/USD

As FEDs pump in more money, the dollar is struggling to hold its value = resulting in the increase of equites.

Reason: Previous high as resistance turned support.

Price breaks out of consolidation period (rectangle)

Trend line reversal

Trade Setup

NZD/USD

Price currently in consolidation period . Waiting for a breakout

GBP/JPY

A longer term trade...I am bullish on the GBP as I am expecting more recovery from the recent free fall. We are now at one of the major resistance area. If we managed to break and stay above it will be a bullish sign.

That is all for this week. Trade safe!

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