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Gtood day Traders,
Risk on continues to rally on from Trump's recovery and possible stimulus package. With stocks rally, the dollar struggles to keep it's momentum upwards.
Dollar Index
Expecting price to retrace towards 93.5 region before continuing further towards the downside. Will be observing instead of placing trades for this index.
XAU/USD (Spot Gold)
Look out for reversal confirmation to short at the descending trend line or horizontal resistance.
For long position look for break and retest confirmation of 1937 region, horizontal resistance/support.
Trade Recap
Corn Futures (Exclusive Trade)
This week
We reached TP4 region this week and broadcasted on our channel for our members to close / partial. TP5 region targetted at 401.5 region to close fully.
Soybean Futures (Exclusive Trade)
We entered long after reversal confirmation of trend line and horizontal support.
We reached TP3 level but announced the group to close fully at >TP2 level.
NZD/JPY (Analysis 40-3)
Reached TP1 level and announced to close / partial / risk free. However, trade would be closed out risk free for remaining open position.
USD/CAD (Exclusive Trade)
Reached TP1 level where we announced our members to close / partial / risk free. With TP2 target at 1.3043 region.
AUD/CHF (Analysis 40-6) Stopped Out
Trade got stopped out as it breaks below the trend line.
EUR/USD (Exclusive Trade) Stopped Out
False breakout back into the range. Stopped out as small risk trade due to the weak confirmation.
Trade Setups
GBP/USD
Look out for retest confirmation at horizontal support and trend line towards 1.3175 region. Enter smaller risk trade if only reversal at horizontal support.
NZD/CHF
Price has formed a reversal confirmation at the lower channel.
High risk trade: Long upon market opens.
Else: look for long with break and retest confirmation at 0.6071 region
Soybean Futures
To enter long with reversal confirmation at trend line with smaller risk.
Cheers to the member who managed to pack some profits this trading week.
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Stay safe out there and safe trading!