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Hey Traders,
What an election this year is as Trump continues his 'tantrum'. Risk on assets continues its path this week while we see the dollar slide but still trading within the range.
Dollar Index (DXY)
Bias is still towards the downside but will await for breakout confirmation before entering any trades.
Spot Gold (XAU/USD)
We took a long as price retraces back after rejection from support. However, we got stopped out as price returns back to the support region.
Trade Recap
NZD/USD (Analysis 45-1)
We reached Take Profit-1 region and announced to take profit / partial / reduce risk.
AUD/NZD (Analysis 45-3)
We reached Take Profit - 2 level at recent low where we announced to close fully.
Bitcoin (Exclusive Trade)
We reached Take Profit-1 level at recent high where we announced to close / partial / reduce risk.
Corn Futures (Exclusive Trade)
We reached Take Profit-2 level at recent high where we then announced to close / partial / risk free.
NZD/CAD (Exclusive Trade)
We took a long at market level and reached Take Profit-3 level at recent high where we announced to close fully.
GBP/JPY (Exclusive Trade) Stopped
EUR/USD (Exclusive Trade) Stopped
We took a few loss this week but still came out profitable with a big win from NZD/CAD. Hence, it is important for traders to practice sound risk management and do not enter trades that do not fit their risk profile.
Trade Setup
AUD/NZD (Analysis 46-1)
Price is at key support region where we can look for reversal or break out confirmation.
Short potential: Break and retest of 1.05855 region towards 1.04925.
USD/CAD (Analysis 46-2)
Price has started to consolidate sideways with a double top formation forming.
Short potential: Break and retest of 1.3113 region towards 1.29825.
GBP/USD (Analysis 46-3)
Short potential: Break and retest confirmation at 1.3172 region towards recent low at 1.3113.
EUR/NZD (Analysis 46-4)
Price is consolidating after reaching previous channel's lower trend line. Overall trend is still brearish.
Short potential: Break and retest confirmation at 1.7255 region towards 1.71615
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Cheers to the 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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