[Week 20 - 2021] Trades Recap and Trade Setups

Hey Traders,

Risk off could be seen lurking in as indices fell from the high and commodities at support levels. However indices manage to recover some ground, recovering on Friday. USD was higher earlier on the week but fell from the weak retail sales.

Key Economic Release to look out for next week are the Australia's unemployment rate and the EU region PMI release.

Dollar Index (DXY)

The Dollar bounces off support from 90.06 region but fail to continue its climb higher and ended the week to minor support at 90.3 region.

Spot Gold (XAU/USD)

Gold dipped but got supported from Fibonacci Retracement and the 50 Exponential Moving average and closed the weak higher as well. Price is reaching the major descending trend line as shown in the chart above where we will be keeping a lookout for if there would be a breakout or reversal.

Trade Recap

GBP/JPY (Analysis 17-2)

Recap (Week 17 - 3 Weeks Ago) Take Profit - 2 level

Recap (Week 19 - Last Week) Take Profit - 4 level

Long position reached Take Profit - 4 level where we announced to close fully.

Trade Analysis / Setups

GBP/NZD (Analysis 20-1)

Long opportunity: Break out confirmation at descending trend line towards 1.96045.

EUR/GBP (Analysis 20-2)

Long opportunity: Break and retest confirmation at 0.86225 region towards 0.8676.

Soybean Futures (Analysis 20-3)

Short opportunity: Break and retest confirmation at 1574.25 region towards 1537.

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

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