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[Week 38 - 2022] Trades Recap and Trade Setups

Updated: 5 days ago

Hey Traders,


Market risk off sentiment came back after the the release of the anticipated CPI report. Report came higher than what was expected and threw the market back into risk off sentiment, pushing the Dollar higher with the indices closing off the week in the red.


On the separate note, the USDA-WASDE reported lower numbers for the month. Both grains supply and production fell short, especially soybean numbers.


Upcoming Economic Release:

Weekly Economic Calendar for Week 38
Credit: ForexFactory.com Time: +8 GMT

Dollar Index (DXY)

USD maintaining its strength across major currencies

The United States Dollar slipped towards the key short term support at 108.191 and reversed towards near the recent high due to the increase in CPI. Maintain bullish stance in the Dollar.

Spot Gold (XAU/USD)

Gold at key support region (long term)

Gold against the Dollar (XAUUSD) closed the week at the key support region. This is also supported by the weekly 200 simple moving average. Any signal of reversal in the lower time frame can pose a good opportunity to go long. However with the strong dollar, Gold may continue to fall in price. If the 200 simple moving average (SMA) does not hold, the gold will enter the bearish market.


Gold extended fall in price (short term)

The retracement in move back towards the key support, now resistance can be seen as due the extension in price fall and price is moving back towards the mean level at 50 exponential moving average (EMA). If price managed to move back towards the 1700 level (will be above 50 EMA) and remain for a notable period, it will provide the potential signal to go long.


Trade Recap

Soybean - Active Month Contract (Analysis 36-2)

Soybean long at market reopening

Recap (Week 36 - Last Week) Take Profit - 2

Soybean reaching Take Profit - 2

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



Trade Analysis / Setups

USD/JPY (Analysis 38-1)

USDJPY analysis

Long opportunity: Reversal confirmation at 141.982 support region towards 144.971 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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