[Week 44 - 2020] Trades Recap and Trade Setups

Hey Traders,

Last week, market sentiments remains risk off as the US election progresses and the high spike in cases in US and Europe region. Though risk on assets / currency shows some recovery, it is important to note common strategy to hedge or close position to avoid weekend holding costs. Expect volatility in the coming week as the US election progresses throughout next week.

Dollar Index

Price did not break the 92.0 region and traded back up to within the range. Expecting the dollar to remain steady within this range or towards the 95.0 region if market sentiments remains cautious / risk off.

XAU/USD (Spot Gold)

Prior week Analysis

Reached Take Profit-2 level where we announced to close / partial.

Expecting short term bearish on gold if the market sentiments remains sour as gold would be classified as a risk on asset now. (against the dollar)

Trade Recap

NZD/CAD (Analysis 43-2)

We reached Take Profit-4 level and announced to close / partial.

EUR/CHF (Analysis 42-5)

We passed Take Profit-1 level and announced to close / partial / risk free.

Bitcoin (Exclusive Trade)

We reached Take Profit - 1 level and announced to close / partial / risk free.

WTI Crude (Exclusive Trade)

We reached Take Profit-4 level and announced to close fully.

USD/JPY (Analysis 43-3)

We reached Take Profit 1 level but we announced to close fully near the region.

NZD/USD (Exclusive Trade)

We passed Take Profit 1 region and announced to close / partial / risk free.

We took a long at market towards 0.6659 (Take Profit-1 level) and announced to close / partial / risk free.

EUR/USD (Exclusive Trade)

We reached Take Profit-1 level and announced to close / partial / risk free.

Trade Setups

Sugar #11 Futures

Long opportunity: Break and retest confirmation at 14.4 region towards 15.0.

Short opportunity: Break and retest confirmation at 14.15 region towards 13.8.

EUR/JPY

Long opportunity:

Break and retest confirmation at 122.485 region towards 123.02.

Short opportunity: Reversal confirmation at 122.22 region towards 121.50.

GBP/CAD

Long opportunity: Break and retest confirmation at 1.7278 region towards 1.73236 & 1.735 region

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**Take note of daylight saving change in US region and markets.

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

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