Gold prices bounced back on Wednesday, reaching $2,173.60 after briefly dipping to $2,150.00. Traders speculate that the US Federal Reserve (Fed) might reduce borrowing costs, but a recent report showing higher-than-expected inflation in the US could delay such actions. Despite signs of a cooling labor market, the US economy remains robust, with inflation
What to Trade in June
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!
AUDJPY - Daily Timeframe
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 - Daily Timeframe
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
EURGBP - H4 Timeframe
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
GBPCHF - Daily Timeframe
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
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.
You can access more of such trade ideas and prompt market updates on the telegram channel.
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