Last week, risk off assets prevails once again as indices struggles continues to break forward and Oil prices continues to slump despite better than expected data. Could these lead to a further fall as we seen earlier this year?
Price respected the upper channel trend line but is still trading within the range.
Would hold off position for long until 93.9 is seen broken and retested for confirmation.
Short position if price breaks the minor support at 92.7 which would likely be back within the descending channel.
XAU/USD (Spot Gold)
We reached TP1 level for the risky long trade. Announced to close or take partial as we identified TP2 to be at the upper trend line.
AUD/USD (Week 35 Analysis)
As discussed to look for short opportunity when the 0.7275 support is broken and retested and TP1 at the lower channel trend line. Announced to our channel to close / take partial.
USD/CAD (Exclusive Trade)
We looked for long opportunity when price breaks out of the descending trendline and break and retest of the resistance area. We reached TP1 and announced to the channel to close fully due to the steep momentum.
GBP/NZD (Exclusive Trade)
We identified weakening in price and looked for opportunity to short when the 1.9905 support was broken and retested. Several confluence formed and we reached TP3 level where we announced to our channel to close fully.
NZD/CHF (Exclusive Trade)
As price broke back to within the range, we looked for retest confirmation at 71.087 to short. Price reached our TP3 level where we announced to our group to close the trade fully due to the steep price movement.
We then identified a potential retracement of price and looked to long upon the break and retest confirmation at the 70.35 area where we then reached TP2 near 71.0 and announced the group to close fully.
NZD/CHF (Exclusive Trade)
We were looking to short when price breaks the support at 0.6126 where price will be below the ascending trend line as well. We reached TP3 level and aiming for TP4 level as identified.
Pound have been struggling this couple of week and is now trading in a range. Look to short when the support at 1.2785 breaks and retested. For long, look to enter when 1.30104 resistance break and retested.
Price is trading in a range for a couple of weeks now. Look to short when the support at 124.5 breaks and retested. For long, when the resistance at 126.75 breaks and retested.
Price has a steep decline and we can look to enter short when there are confirmations at the trend line area. For long opportunity, wait for price to break the resistance at 1.953 with retest confirmations.
Price has a strong break out of a key resistance now support at 958.5. For short, good to wait for more confluence when price breaks below the trendline, otherwise, only enter when price breaks the support area with retest confirmation at 958.5. Long opportunity when price reverses back from key support area at 958.5
Cheers to the member who managed to pack some profits this trading week.
Join our telegram channel at: https://t.me/traineetraders
Trade safe and stay safe traders!