[Week 43 - 2021] Trades Recap and Trade Setups

Hey Traders,

Market enjoyed the euphoria throughout the week as risk on assets continue the rise. However, on Friday, Fed Chair Powell instead of maintaining his stance that inflation will be transitory, shifted more towards "inflation will last longer than expected". This risk off tone pushed back S&P500 indices off from the week's high along with the Yen crosses.

Upcoming Economic Release:

Credit: ForexFactory.com Time: +8GMT

Dollar Index (DXY)

Through the week, the dollar was unable to push back towards the high at 94.5 region. and fell back towards the support region at 93.6 while forming a consolidation period. The dollar seem to be at the peak but a break out confirmation at 93.6 region would confirm the bearish momentum and could potentially lead the dollar towards 93.04 region.

Spot Gold (XAU/USD)

Gold reverses and continued it's bullish momentum despite getting rejected at the descending trend line two weeks ago.

Trade Recap

Soybean Futures (Exclusive Trade)

Recap (Week 41 - 2 Weeks Ago) Take Profit - 1

Recap (Week 42 - Last Week) Take Profit - 2

Long at market position reached Take Profit 2 level where we announced to close / partial.

AUD/NZD (Analysis 42-3)

Recap (Week 42 - Last Week) Stopped

Long at market position stopped out.

Trade Analysis / Setups

AUD/JPY (Analysis 43-1)

Long opportunity: Reversal confirmation at 84.25 region towards 85.45 as Take Profit - 1 level.

Short opportunity: Break and retest confirmation at 84.25 region towards 83.28 as Take Profit - 1 level.

NZD/CAD (Analysis 43-2)

Long opportunity: Reversal confirmation at 0.878 region towards 0.8836 as Take Profit - 1 level.

Gold (Analysis 43-3)

Long opportunity: Breakout confirmation at 1794.72 region towards 1812.27 as Take Profit - 1 level.

Short opportunity: Break and retest confirmation at 1780.3 region towards 1765.75 as Take Profit - 1 level.

Copper Futures (Analysis 43-4)

Long opportunity: Breakout confirmation of descending trend line towards 4.749 or; break and retest confirmation at 4.5935 region towards 4.749 as Take Profit - 1 level.

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