What To Trade In January

Hey friends, as we prepare for the new month, and the new year, here are some of my anticipated trade ideas for January. Do note, however, that these are long-term views and would therefore require patience as they unfold.

EURUSD - W1 Timeframe

EURUSD on the Weekly timeframe has reached a supply zone, and price could begin to fall from that region. In addition to the supply zone, there are also other confluences present, including; the 200-period moving average resistance, the Fibonacci retracement level, Quassimodo reversal pattern, and a resistance trendline.

Analyst’s Expectations: 

Direction: Bearish

Target: 1.08659

Invalidation: 1.11551

GBPUSD - D1 Timeframe

In the case of GBPUSD, price has not yet reached the supply zone. It is my expectation, however, that price would make a quick bounce away from the supply zone as soon as it reaches it. Another possible scenario is that price could begin to decline any time from now, provided that we get to see a change in the market structure (ChoCh).

Analyst’s Expectations: 

Direction: Bearish

Target: 1.09328

Invalidation: 1.11535

USDCHF - W1 Timeframe

The weekly timeframe of USDCHF presents us with an interesting scenario as we see price trading within the demand zone. Within this demand zone, I will be waiting patiently for a clear reversal pattern before I take a long position, however, I am certain the overall sentiment is bullish since price has not created a new lower high yet in recent times.

Analyst’s Expectations: 

Direction: Bearish

Target: 0.85041

Invalidation: 0.82790

CONCLUSION

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.

TRY TRADING NOW

You can access more of such trade ideas and prompt market updates on the telegram channel.

Author: Adetola-Freeman Ogunkunle

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