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Week 6 - 2020. Trades review and trade set ups

Happy weekend TTs,


The corona-virus seem to be escalating and the rest of the countries are raising their awareness. Non-farm payroll report has been better than expected. Now let me dive down into the trade recap for this week.


NZDCAD

Entered short for the NZDCAD pair as bearish signal is too strong to skip this trade.

Reason: Head and shoulders pattern. Price reversed to test previous neckline and got rejected. Retested previous resistance turned support.


EURUSD

Very similar to NZDCAD!

Reason: Head and shoulders pattern. Price reversed to test previous neckline and got rejected. Retested previous resistance turned support.


GBPJPY

Has been trading in the range for the longest period ever! I am getting impatient! However during last week, the GBP has signs of weakening.



Reasons: False breakout of trend line (bearish) Weakening of the pound


Trade Setup


AUDUSD

Reaching the key support level of the recent swing low and we will be observing of confirmation to the either side during this upcoming week.


NZDCAD

Price has potentially slid to the next support point. However if price managed to retrace and test the new resistance level with candlestick bearish signal, I will go short OR enter long if there is confirmation at the next support level with candle stick confirmation.

Happy and safe trading!


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