[Week 23 - 2022] Trades Recap and Trade Setups

Hey Traders,

Market was trading in range throughout the week with no clear direction. The dollar gained some strength but lost it later in the week. Stock indices also traded in range, losing off the week with a small decline after last week strong reversal. Next weeks economic calendar will be heavy as there will be RBA and ECB rate release with the US CPI in focus. Any indication of a strong rate increase or rise in inflation may cause a risk off sentiment.

Upcoming Economic Release:

Credit: ForexFactory.com Time: +8 GMT

Dollar Index (DXY)

The United States Dollar Index trades in consolidation between 101.677 and 102.354. Any breakout confirmation of either side may indicate the next direction of the Dollar.

Spot Gold (XAU/USD)

Gold extends its gain after reversing from the 1832 support region. Price remain in corrective zone unless the 1832 support region is broken, which will indicate possibility of more downside pressure.

Trade Recap

CAD/JPY (Exclusive Trade)

Recap (Week 22 - Last Week) Stopped

High risk short at market position got stopped.

Copper - Jul Contract (Analysis 21-1)

Recap (Week 22 - Last Week) Take Profit - 1

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

Trade Analysis / Setups

AUD/JPY (Analysis 23-1)

Short opportunity: Breakout confirmation at 94.109 support region towards 93.101 as Take Profit - 1 level.

GBP/JPY (Analysis 23-2)

Short opportunity: Break and retest confirmation at 163.078 support region towards 162.097 as Take Profit - 1.

NZD/CAD (Analysis 23-3)

Long opportunity: Break and retest confirmation at 0.82546 resistance region towards 0.83515 as Take Profit - 1 level.

Short opportunity: Break and retest confirmation at 0.81888 support region towards 0.81203 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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