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[Week 29 - 2022] Trades Recap and Trade Setups

Updated: Jan 20, 2023

Hey Traders


Last week CPI reported a higher than expected number, causing huge volatility in the market with a bearish sentiment. However the report of the retails sales managed to recover some of the steep decline in the market. On Friday, the UMich sentiment, which was the catalyst for the the increased rate hike in the previous FOMC, reported a higher number, showing lower inflation expectation which led to more risk on flow to equites.


Next week calendar lineup is fairly heavy with the NZD, GBP, CAD both reporting CPI numbers with the EUR monetary policy meeting and the US PMI. Equities is still weak and will need further support before we can determine a shift in sentiment.


Upcoming Economic Release:

Weekly Economic Calendar for Week 29
Credit: ForexFactory.com Time: +8 GMT

Dollar Index (DXY)

Dollar supportive at ascending trend line

The Dollar descended back towards the ascending trend line with the 50EMA catching up to price. Price can potentially fall back towards the 50EMA, but we maintain bullish bias if price continues to trade above the 50EMA.



Spot Gold (XAU/USD)

Gold extends losses towards key support level

Gold extend its decline closing off the week at the 1700 region. Price is now overextended and potentially due for a correction soon. A good position would be to long at the 1679 region which is also the key support area while a breakout of the 1748 region can signal more upside momentum towards the 50EMA.


Trade Recap


Sugar #11 - Active Month Contract (Exclusive Trade)

Sugar #11 Futures Analysis

Recap (Week 28 - Last Week) Take Profit - 1

Sugar #11 Futures reached Take Profit (1) level

Long at market reopening position reached Take Profit - 1 level where we announced to close / partial / risk free.



Soybean - Active Month Contract (Analysis 27-2)

Soybean Futures Analysis

Recap (Week 28 - Last Week) Take Profit - 2

Soybean Futures reached Take Profit (2) level

Short at market reopening position reached Take Profit - 2 level where we announced to close / partial / risk free.


Trade Analysis / Setups


EUR/USD (Analysis 29-1)

EURUSD Analysis

Long opportunity: Breakout confirmation at 1.01086 towards 1.01887 as Take Profit - 1 level.



EUR/JPY (Analysis 29-2)

EURJPY Analysis

Long opportunity: At market reopening as High Risk Trade towards 141.439 as Take Profit - 1 level.


 

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


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Stay safe out there and safe trading!

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