[Week 20 - 2020] Trades Recap and Trade Setups

Good day Trainee Traders,

Last week, we have seen a further recovery for the USOIL futures however, the stock indices are still struggling to breakout of either side (trading sideways) between the 0.68 and 0.5 Fibonacci retracement area. 0.5 area is also one of the key support area. The US dollar is also trading within the range and a breakout could happen soon.

S&P 500

DXY

Trade Recap

AUD/JPY

Reason:

Rejection of Fibonacci retracement resistance

EURNZD

Last week we talked about going long for EURNZD as due to several factors and that it has dipped too strongly.

Spot on analysis!

Trade Setup

NZDCHF

Reason:

Break of double top neckline

Awaiting for bearish candle stick confirmation after retest of either area as indicated.

GBPJPY

Reasons:

Break of double top neckline

Awaiting retest and bearish candle stick confirmation for price to fall towards 0.6 retracement area

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

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