[Week 16 - 2020] Trades Recap and Trade Setups

Good day Trainee Traders,

Market is taking in any good news they can find for reason to buy. Indices continue to surge up and maintaining in the 50% retracement region. This week will be see a retracement or a possible continuation of the bear market? Dollar continues to struggle due to the indecision of the market due to the COVID-19.

Trade Recap

EUR/JPY

Reasons:

Resistance Reversal

Break of trendline as support turned resistance with retest.

Trade Setup

EUR/AUD

Lying at one support level struggling to break below. If price do have a break below, we could potentially see more downside. However, I am having a bullish bias for this one still.

XAU/USD - GOLD

Price has formed a new high last week but price action seem to struggle to continue higher as it pushed too high. We are likely to get some retracement or possibly a reversal? Only time and price will tell.

That is all for this week post. Trade safe but most importantly stay safe all!

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