2023-03-02 • Updated
So far, the year 2023 has been eventful across several financial markets. As we step into March, it's time to prepare for the benefits the markets have in store. In this article, I will look into a few interesting, promising setups.
The Daily timeframe of GBPAUD presents an entry from the rally-base-drop supply zone at the highlighted area. This entry naturally coincides with the 88% of the Fibonacci retracement tool and therefore grants an added confluence to our bearish sentiment.
Analysts’ Expectations:
Direction: Bearish
Target: 1.76525
Invalidation: 1.90100
EURAUD is another lovely setup on the weekly timeframe. Here we see price trading within a supply zone, a resistance trendline, and the 200-period moving average serve as the additional confluences that help solidify the bearish sentiment. Not to forget, the supply zone also matches 88% of the Fibonacci retracement tool.
Analysts’ Expectations:
Direction: Bearish
Target: 1.51700
Invalidation: 1.62000
From a weekly point-of-view, the bearish sentiment is solid and clear. The price chart shows the price action reacting to the supply zone created by the previous market structure break. As a result of the trendline resistance and the 88% Fibonacci retracement level, it is safe to consider this another beautiful trading opportunity.
Analysts’ Expectations:
Direction: Bearish
Target: 142.6
Invalidation: 148
USDCAD is the final setup to consider in this piece. The 50-Day moving average has recently crossed below the 100-Day moving average, suggesting the possibility of lower prices. There is also a confluence of the trendline resistance and the supply zone, solidifying the bearish sentiment alongside the 88% Fibonacci retracement level.
Analysts’ Expectations:
Direction: Bearish
Target: 1.33855
Invalidation: 1.36600
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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