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[Week 45 - 2021] Trades Recap and Trade Setups

Updated: Mar 28, 2023

Hey Traders,


November euphoria was showing through out the week with a better than expected Non-farm payroll report and with most US Indices breaking new high and most notably the Russell, which rose over 6% last week. Gold also climbed with the yield falling, increasing over $50 last week.


Upcoming Economic Release:

Weekly Economic Calendar for Week 45
Credit: ForexFactory.com Time: +8GMT

Dollar Index (DXY)

Dollar trades around key resistance level

The dollar consolidates around the key resistance level at 94.65, attempting to breakout of the resistance. However if price were to fall below 93.67 region, price can potentially head towards the next support level at 93.04.



Spot Gold (XAU/USD)

Gold overextends above resistance level

Benefitting from the fall in yield throughout the week. Gold rebound from the support level at 1760 region and ending off the week with an increment of over $50 from the recent low at 1760 and on track to reach 1830 region.


Gold trading towards descending trend line

The 1830 region is also the region of the descending trend line which is the key level traders should look out for.


Trade Recap


Spot Gold (Exclusive Trade)

XAUUSD Analysis

Recap (Week 44 - Last Week) Take Profit - 4

XAUUSD reached Take Profit (4) level

Long at market position reached Take Profit - 4 level where we announced to close fully.



Trade Analysis / Setups


GBP/USD (Analysis 45-1)

GBPUSD Analysis

Long opportunity: Break and retest confirmation at 1.35074 region towards 1.3558 as Take Profit - 1 level.



GBP/JPY (Analysis 45-2)

GBPJPY Analysis

Long opportunity: Breakout confirmation at descending trend line towards 154.66 as Take Profit - 1 level.



NZD/CAD (Analysis 45-3)

NZDCAD Analysis

Long opportunity: Break and retest confirmation at 0.88837 region towards 0.8949 as Take Profit - 1 level.


Short opportunity: Break and retest confirmation at 0.88235 region towards 0.87778 as Take Profit - 1 level.



Cotton No.2 - Front month (Analysis 45-4)

Cotton #2 Futures Analysis

Long opportunity: Break out confirmation at descending trend line towards 119.52 as Take Profit - 1 level.



Soybean Oil - Front month (Analysis 45-5)

Long opportunity: Break and retest confirmation at 59.65 region towards 61.44 as Take Profit -1 level.


Short opportunity: Break and retest confirmation at 59.01 region towards 57.27 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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