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[Week 18 - 2022] Trades Recap and Trade Setups

Updated: Jan 20, 2023

Hey Traders,


China PMI for April showed signs of economy contractions. With the US also facing tightening, risk off environment may continue on. With the shortage of commodity / food around the world especially due to the impact of the war between Ukraine and Russia, there are concerns that the increase of rates may not actually help with the rise of inflation. As mentioned last week, we may see slower growth in the world economy as well.


Upcoming Economic Release:

Weekly Economic Calendar for Week 18
Credit: ForexFactory.com Time: +8 GMT


S&P500 Futures

S&P500 extend losses back to recent low

The index fell back to the 4140 support region. Unlike the previously time, momentum this time is stronger. If the 4140 support does not hold, we can expect price to fall towards the 4030 region next.


Dollar Index (DXY)

Dollar finds support at minor support level
Dollar trades towards key resistance level

Dollar continue to march towards the upside with only a minor setback at the end of the week. The Dollar is now at the resistance zone and upcoming FOMC release will be crucial in giving us hints on the next course of direction for the dollar. Will it once again be a buy the rumor and sell the news kind of scenario again?



Spot Gold (XAU/USD)

Gold reverses from resistance level towards support region

Gold continues its decline, impacted by the strength in the dollar but is now consolidating between the 1880 and 1915 region. A break out of the 1915 region can potentially push price towards the 1928 or the 1940 region while a break of the 1880 support can potentially push price towards 1850.


Trade Recap

Dollar Index (Analysis 12-1)

Dollar Index Analysis

Recap (Week 16 - 2 Weeks Ago) Take Profit - 3

Dollar Index reached Take Profit (3) level

Recap (Week 17 - Last Week) Take Profit - 5

Dollar Index reached Take Profit (5) level

Long position reached Take Profit - 5 level where we announced to close / partial.



Trade Analysis / Setups


EUR/JPY (Analysis 18-1)

EURJPY Analysis

Long opportunity: Long at market reopen towards 137.862 as Take Profit - 1 level to either close, partial or risk free.


NZD/CAD (Analysis 18-2)

NZDCAD Analysis

Long opportunity: When price reaches 0.83285 and set buy limit at 0.83032 with Take Profit - 1 level at 0.83649 to either close, partial or risk free.


WTI Crude - Active Month (Analysis 18-3)

WTI Futures Analysis

Long opportunity: Reversal confirmation at 104.13 region towards 107.85 as Take Profit - 1 level to either close, partial or risk free.


 

Cheers to all our member who managed to pack some profits this trading week.


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Stay safe out there and safe trading!

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