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Week 24 - 2020. Trades review and trade set ups

Good day Trainee Traders,


Last week, we experienced some risk off sessions. As discussed on last week's post, I have anticipated that there will be some retracement/correction that will be going on.


On last week's set up:


AUD/NZD


We experienced a second rejection of the ascending trend line before reaching our Take Profit.


NZD/JPY


I have discussed that the price momentum were too fast and will be experiencing some pullback last week.

This is now a risk free trade and TP1 would be around 66.0


Trade Recap


AUD/CHF

Reason:

Break of head and shoulders pattern & support line


Trade Setup


AUD/CHF

Price has already formed a small double top pattern and now is being retested. Will look for short when the minor resistance area 0.65 is rejected.


AUD/JPY

Will be looking for a short when price reverses from the descending trend line. Overall, the risk on currency does not look promising.


EUR/USD

With the current risk off sentiment, will be expecting dollar to gain some ground here and EUR/USD is facing a slower momentum. Once the support area is retested with a clear rejection, we can look for a short position.


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

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