[Week 05 - 2022] Trades Recap and Trade Setups

Hey Traders,

Another volatile week as the US Dollar further strengthen while commodity currency such as the AUD fell to key support area. Gold had a strong fall as the dollar appreciate likely due to the market favoring the dollar as a stronger safe haven.

Upcoming Economic Release:

Credit: ForexFactory.com Time: +8 GMT

Dollar Index (DXY)

The dollar got to a new recent high breaking the 97.0 resistance. Expect a reversion to mean in momentum, meaning a likely consolidation period or a small correction.

Spot Gold (XAU/USD)

Gold slid but reached a minor support at 1782 level. Price is still respecting the ascending trend line so continue to maintain bullish bias unless it is breached.

Trade Recap

Corn - Front Month (Analysis 3-3)

Recap (Week 03 - 2 Weeks Ago) Take Profit - 2

Recap (Week 04 - Last Week) Take Profit - 3

Long position reached Take Profit - 3 level where we announced to close fully.

USD/CAD (Analysis 4-1)

Recap (Week 04 - Last Week) Take Profit - 2

Long position reached Take Profit - 2 where we announced to close / partial.

Trade Analysis / Setups

XAU/USD (Analysis 5-1)

Long opportunity: Break and retest confirmation at 1798.5 region towards 1828.5 as Take Profit - 1 level.

AUD/USD (Analysis 5-2)

Long opportunity: Break and retest confirmation at 0.7025 region towards 0.7093 as Take Profit - 1 level.

AUD/JPY (Analysis 5-3)

Long opportunity: Break and retest confirmation at 81.06 region towards 82.1 as Take Profit - 1 level.

Short opportunity: Break and retest confirmation at 80.492 region towards 78.85 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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