A1 Trading Company

August 3, 2020

Weekly Trade Setups 8/3/2020

Frank Cabibi
EURShort bias
USDLong bias
GBPShort bias
AUDNeutral bias
CADShort bias
JPYShort bias
NZDShort bias
CHFLong bias
US30Short bias
MetalsLong bias

EUR/USD

Technicals show resistance on EU on the 1H chart. Prices became overbought over the passed couple of months and starting to come down. Price bounced right off 200 H moving average but is touching resistance. Resistance now lies at 1.17431. With an overall short bias this week on the Euro, we're looking for more short setups on new and/or future resistance levels.

EU on the 1D chart showing prices coming off highs after 14-Day RSI hit 81. Seeing support in the 1.14000s. We have short sentiment until 1.14 with possible short entries at 1.17400s.

USD/CAD

1D chart of UC stuck in consolidation zone between 1.33247 and 1.34980. We have expectations that the USD will be in more demand this week after showing signs of economic growth. If UC can break resistance, we will look to catch the breakout above 1.34980 and look to close at the 38.2% fib retracement level (red resistance line) where resistance lies as well (around 1.38364). We will probably wait for a breakout above resistance before entering so the market picks a direction first.

GBP/USD

GU on the 1D chart finally retracing back after hitting a 14-Day RSI of 81. Price also ran into some resistance in the 1.32000s before coming down a considerable amount. We are sticking to a short bias until price comes down to around 1.28000s where lies some key support.

AUD/CHF

On 4H chart, price bounces off 200 4H moving average and resistance at 0.65500s. We will probably see some more consolidation on Aussie pairs as gold follows. With a long bias on CHF, we are thinking that resistance will hold and look for a break below 0.65123 to the downside on AUD/CHF.

NZD/JPY

US30

Falling trend line on the 4H has shown some respect for that resistance level. Good market news brought prices up today, but there are now signs that the market is short-term overbought. Looking at a short set ups around 26800s. Possible TP around 200 4H moving average.

XAU/USD

Gold price broke out of its wedge on the 1H chart. We have long term bias on gold with near-term short sentiment. Looking for buy entries around 200 H moving average and where prices broke the 3-year high at 1918.


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Please note that this email is my personal opinion only. I am not a licensed financial advisor, and any information shared or discussed is not to be construed as investment advice. Trading and investing involves a degree of risk, and is not suitable to all investors. Please consult with your financial advisor before making any sort of investment decisions.

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