[Week 06 - 2022] Trades Recap and Trade Setups

Hey Traders,

We warned that the dollar will face some weakness this week and the dollar did in fact gave up all the gains it had the previous week. Commodities prices continue to rise (especially oil and grains) and S&P500 reverses from the support we identified and closed the week higher.

Upcoming Economic Release:

Credit: ForexFactory.com Time: +8 GMT

Dollar Index (DXY)

The dollar fell back to within the range just like we identified in last week post as the momentum was at extreme level and we expected some retracement.

Spot Gold (XAU/USD)

Gold had a volatile week as prices fell but quickly recovered. Price is trading with in the range of 1790 to 1810 but is still trading above the ascending trend line so emphasis more on long. A break of the 1810 resistance region may signal price towards the 1828 target.

S&P500 Futures

The S&P500 failed to push through the 4280 support line that we identified and reverses and managed to stay above the 200SMA last week but failed to break through the 4545 resistance. A breakout of the resistance will improve the bullish bias and signal the continuation of the bull run.

Trade Recap

AUD/JPY (Analysis 5-3)

Recap (Week 05 - Last Week) Take Profit - 1

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

Trade Analysis / Setups

GBP/USD (Analysis 6-1)

Long opportunity: Break and retest confirmation at 1.3546 region towards 1.36462 as Take Profit - 1 level.

Short opportunity: Break and retest confirmation at 1.35075 region towards 1.34407 as Take Profit - 1 level.

GBP/JPY (Analysis 6-2)

Long opportunity: Reversal confirmation at ascending trendline towards 156.513 as Take Profit - 1 level.

Short opportunity: Break and retest confirmation at 154.958 region towards 154.065 as Take Profit - 1 level.

Corn Futures - Front Month (Analysis 6-3)

Long opportunity: Break out confirmation at 623 region towards 639.75 as Take Profit - 1 level.

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

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