The EUR/USD pair is making gains, approaching multi-month highs around 1.0960, driven by a weakened USD and Christine Lagarde's somewhat hawkish remarks before the European Parliament. Minor housing data from the U.S., specifically New Home Sales for October, came in below expectations but didn't significantly impact the pair. Lagarde, President of the...
What To Trade In August?
2023-08-02 • Updated
As is the custom, every new month in the financial market often presents long-term, swing trading opportunities for traders like you and me. Even better, FBS is usually there to provide insights into the expected trading opportunities through such analytical pieces as this. So, keep reading, and let’s review a few of these trade ideas together.
GBPJPY - D1 Timeframe
As I mentioned in a recent article, GBPJPY, after having broken out of a consolidation channel, returned for a retest of the turncoat trendline, which it had initially broken below. As a result, I expect a reaction from the supply zone to confirm my bearish sentiment and present me with reliable entry criteria. The rejection from that supply zone is the final piece of the puzzle I would be waiting for.
GBPAUD - D1 Timeframe
GBPAUD is retesting a major supply zone extending to the monthly timeframe. The initial movement had been rejected from the supply zone and trendline resistance earlier, so I expect to see a further drop from the same zone. Although the market is yet to present a proper break of structure, the price would nonetheless reach for the trendline support and the demand zone below it.
GBPUSD - D1 Timeframe
GBPUSD recently broke out of a consolidation channel and has completed a retest of the said trendline. Looking at the current price action, the break of structure, and the trendline retest, I expect to see a continuation of the downward movement. The rejection from the trendline is expected to push prices further down toward the demand zone between the 50 and 100 period moving averages.
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
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Canada's forthcoming Consumer Price Index (CPI) data, set for release on Tuesday, is projected to show a year-on-year decline in inflation to 3.2% for October from the previous 3.8%. This potential inflation dip might offer leeway for the Bank of Canada (BoC) to maintain its overnight rate target at 5.0% in the...
Speculation persists regarding the Bank of Japan's potential departure from negative interest rates, yet the USD/JPY maintains its position within a 150–152 range for seven consecutive sessions. Caution is warranted due to a weaker-than-expected Q3 GDP, a slump in imports, and...
Bitcoin's price remains stagnant despite the Fed's slightly less hawkish tone. In contrast, Bitcoin has outperformed other assets, doubling in price from $16K to nearly $38K this year. Improved fundamentals, including the resolution of Binance concerns...
Hey folks, it’s a wrap to yet another month in the 2023 calendar, and I’m guessing you know what that means - time for another episode in the “What To Trade” series. For December, I will be mapping out trade more cautiously as the market volatility often drops
Gold prices, reaching the highest since May 5, are consolidating as traders await the US PCE Price Index, a key inflation indicator. The upcoming data could impact the Fed's policy, influencing the demand for the US Dollar and providing direction for gold. The Greenback sees some repositioning, recovering modestly ahead of the data risk.