ONLINE FOREX BROKER
2023-05-24 • Updated
Hey guys, this is the last full trading week in May, and many forward-looking individuals like myself are already preparing themselves to seize whatever opportunities June may have in store. On this note, I will review a few commodities that have satisfied my quest for swing-trading opportunities in the coming month. Follow me!
The daily timeframe of AUDJPY already gave an initial reaction from the combined resistance from the supply zone, the resistance trendline, and the 200-Day moving average. Looking at how the moving averages are also clearly arrayed in descending order, it is safe to expect a good amount of bearish volatility on AUDJPY soon.
Analyst’s Expectations:
Direction: Bearish
Target: 88.899
Invalidation: 92.373
CADJPY, as shown in the attached chart, is currently trading within a rising channel, with an initial rejection from the confluence of the resistance trendline of the channel and the pivot zone. It is essential to mention that the pivot zone also doubles as a drop-base-drop supply zone. Fair warning, though, be wary of the 200-period moving average as it is still undecided whether or not it would act as a support.
Analyst’s Expectations:
Direction: Bearish
Target: 100.636
Invalidation: 102.985
On the monthly timeframe, EURGBP is currently resting on the 50-period moving average, which suggests the possibility of a bullish reaction. In line with that, we see the price reacting to the support trendline on the daily timeframe, as attached above, just a few pips below the 200-Day moving average. However, the good thing about this is that traders can easily use an oscillating indicator to determine whether or not to take an entry from this point.
Analyst’s Expectations:
Direction: Bullish
Target: 0.87873
Invalidation: 0.86519
Looking at the order of arrangement of the moving averages, I'm sure you would already be able to guess my sentiment on GBPCHF - Bearish. The 200-period moving average has also greatly resisted the bullish price action. The resistance trendline's confluence serves as the final hint to figuring out the analysis.
Analyst’s Expectations:
Direction: Bearish
Target: 1.10813
Invalidation: 1.12280
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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The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.
Here's the scoop: The Bank of England (BOE) is set to accelerate the pace at which it shrinks its balance sheet, according to one of its deputy governors. Currently, the BOE is unwinding about £20 billion of quantitative easing every three months. The goal is to reduce the stock by around £80 billion per year through active sales and maturing assets.
It seems like the Canadian consumer has a firm grip on their wallet, which is no surprise given the current economic climate. Inflation in April crept up from 4.3% to 4.4%, adding to the financial woes.
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
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