[Week 28 - 2022] Trades Recap and Trade Setups
Updated: Jan 20
US job reports last week added 372K new jobs in June with unemployment rate remain steady at 3.6% while it is projected that inflation will continue to increase. The key question now is whether the FEDs execute a soft landing or the US economy might risk itself falling into stagflation. The CPI and Core Retail Sales will be one of the key headline for next week.
Upcoming Economic Release:
Dollar Index (DXY)
The Dollar maintains its bullish momentum reaching pass 107.6 but closed back down on Friday. The Dollar now trades within a small range with 106.8 as a support level. A break of this support level may push price towards 106.396 region.
Spot Gold (XAU/USD)
As mentioned last week, a breakout of the 1787 support region may push price further down towards the 1725 support level and price is currently trading near the target. A breakout of the 1725 may push price further down towards the 1679 region which is also a key support area.
Soybean - Active Month Contract (Analysis 27-2)
Recap (Week 27 - Last Week) Take Profit - 1
Short at market reopening position reached Take Profit - 1 level where we announced to close / partial / risk free.
Trade Setups / Analysis
NZD/CAD (Analysis 28-1)
Long opportunity: Break and retest confirmation at 0.80492 region towards 0.81149 as Take Profit - 1.
Short opportunity: Break and retest confirmation at 0.79963 region towards 0.79475 as Take Profit - 1.
XAU/USD (Analysis 28-2)
Long opportunity: Break and retest confirmation at 1748.178 region towards 1771.509 as Take Profit - 1.
Short opportunity: Break and retest confirmation at 1732.624 region towards 1697.493 as Take Profit - 1.
Cheers to all our member who managed to pack some profits this trading week.
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