[Week 49 - 2020] Trades Recap and Trade Setups

Hey Traders,

The markets are always changing depending on the information / situation of the world economy. Non-farm payroll results were lower than expected where usually risk on would be negatively affected. However, with the situation with COVID, this worse than expected number could signal more fiscal stimulus to tackle the situation, causing risk on assets to continue it's rise. Be adaptive to the market.

Dollar Index (DXY)

As mentioned last week as we identified a break in the dollar index. Price continues its journey downwards while meeting a minor support. If we see price breaks below 90.7 we could potentially see price head towards 90.0.

XAU/USD (Spot Gold)

Price has now retraces back to the support turned resistance area where we could look for a short with reversal confirmation. Based on Analysis 47-1.

Trade Recap

USD/CAD (Analysis 46-2)

Recap on Week 47:

Recap on Week 48: (This Week)

Short position reached Take Profit-2 level (recent low) where we announced to close fully.

AUD/NZD (Analysis 46-1)

Recap on Week 47: (Last Week)

Recap on Week 48:

Short position reached Take Profit - 2 level where we announced to close / partial.

NZD/CAD (Analysis 48-3)

Short position reached Take Profit - 1 level where we announced to close / partial / risk free.

Corn Futures (Exclusive Trade)

Recap on Week 45:

Recap on Week 48 (This Week):

Long position reached Take Profit - 3 level where we announced to close / partial.

GBP/JPY (Exclusive Trade - Stopped)

Short position got stopped out as price continues to head bullish.

Trade Setup / Analysis

EUR/JPY (Analysis 49-1)

Short opportunity: Break and retest confirmation at support (126.3 area) towards 125.05.

AUD/CAD (Analysis 49-2)

Short opportunity: Retest confirmation at resistance (0.95115 area) towards 0.9445.

AUD/NZD (Analysis 49-3)

Long opportunity: Break and retest confirmation at 1.0559 region towards 1.0625. Short opportunity (High risk): Breakout confirmation of ascending trend line towards 1.0475.

NZD/USD (Analysis 49-4)

Long opportunity: Break and retest confirmation at 0.706 region towards 0.7152

Short opportunity: Break and retest confrimation at 0.7012 region towards 0.6945.

CAD/JPY (Analysis 49-5)

Short opportunity: Reversal confirmation at descending trend line which also breaks the minor ascending trend line before entering.

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

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