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[Week 23 - 2020] Trades Recap and Trade Setups

Updated: Sep 20

Good day Trainee Traders,


Market remains strongly risk on last week as we see the NASDAQ reenters the all time high. Good long for AUDJPY pair again this week as well as USOil as discussed last week.


NASDAQ

What a strong V-shape recovery. In my opinion, I feel that the market is overly optimistic right now and will be preparing to hedge some position as I am expecting others to do the same as well. Trade Recap


USD/CAD


Last week, I have talked about shorting the USDCAD as I am expecting more upside for the USOil as well. However, there was not a retest of the resistance region, so once the support level was broken, I immediately entered a short.



Trade Setup


NZD/JPY

Has a strong momentum to the upside which i see as too strong of a movement and we have approached one of the key resistance area. will be looking to short this pair once we have a bearish candlestick confirmation.


AUD/NZD

Price is now lying at the ascending trend line region. If reversal can be seen, I will be looking for a long position. However, I am having a bearish bias so once the trend line is broken, I will be looking to short once the trend line has been retested.


CAD/CHF

This pair is now experiencing an upside movement. Will be entering a long position at the value point of the previous high which will coincide with the 50-EMA or price rejection of the ascending trend line.


That is all for this week! Stay safe and trade safe!


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