[Week 19 - 2020] Trades Recap and Trade Setups

Good day Trainee Traders,

We are seeing some recovery in the USOIL futures and the stock indices (recovering from last week's red). The dollar remains in a range and did not fall further as what I was expecting last week. However, we are seeing lower high from last week's high.

DXY

Trade Recap

AUD/JPY

Reasons:

Reversal of resistance

Reversal of double top neckline resistance

USD/CHF

Last week we analysed that we will be looking to long with more confirmation and was a spot on analysis as price reverses from neckline resistance turned support.

Trade Setup

EUR/NZD

Price is consolidating at the support region. We may see more further downside. However, I am expecting price to retrace to the 0.38 retracement region which is also a previous support & resistance. However if the support line break, I will be looking for a sell position.

AUD/NZD

We are seeing a slow price momentum with the ascending trendline broken. Will look for a short position, when the support line breaks which will also form a head and shoulders pattern.

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

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