[Week 51 - 2020] Trades Recap and Trade Setups

Hey Traders,

Risk on assets continues its flow in while the dollar continues it's descend as the festive season begins to kick in. Stimulus vote later on today, keep a lookout on the results.

Dollar Index (DXY)

Value of the dollar continues to decrease as the market continues the risk on mindset.

XAU/USD (Spot Gold)

Gold has rise pass 1860 where is back to the previous range (within the consolidation period).

Trade Recap

NZD/USD (Analysis 49-4)

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

EUR/USD (Analysis 50-2)

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

USD/CAD (Analysis 50-3)

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

Trade Setups / Analysis

GBP/USD (Analysis 51-1)

Price has broke out of the descending trend line where we can look for the final confirmation to long upon retest of the resistance now turned support level at 1.352 region.

Long position: Retest confirmation at 1.352 region towards 1.3623.

Short position: Break and retest confirmation of 1.3478 region towards 1.33975.

Cotton No.2 Futures (Analysis 51-2)

Long position: Reversal confirmation at 75.70 region towards recent high.

Soybean Futures (Analysis 51-3)

Long position: Reversal confirmation at 1197.5 region towards recent high.

The agricultural market is having a strong rise in prices as there are strikes ongoing within Argentina.

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Cheers to the member who managed to pack some profits this trading week. Despite the relatively slow market.

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