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 October
2023-10-02 • Updated
Welcome to October, the tenth month of 2023. For this installment of What to Trade, I have handpicked a few of my favorite trade ideas for the month. Let’s go over a few of them.
EURAUD - W1 Timeframe
The weekly timeframe of EURAUD presents an interesting scenario: we see a compression of the price within the rising channel pattern and the price currently resting on the support trendline of the channel. Considering also that the 50-period moving average has crossed above the 100 and 200-period moving averages, indicating a shift in bias, I will be on on the lookout for opportunities to buy EURAUD this month.
EURNZD - D1 Timeframe
EURNZD has reached the 200-day moving average (a potential area of support) on the daily timeframe, and seems to already be reacting to the demand zone presented on the chart. Considering the bullish array of the moving averages, I am inclined to trade in favor of the bullish sentiment.
AUDCHF - W1 Timeframe
AUDCHF on the weekly timeframe is currently at a pivot zone and could very well be returning to the previous low area. From the chart we see that the moving averages are still poised in a descending array, which signifies that the overall trend is bearish. It should be noted also that the RSI is overbought on the Daily timferame.
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 trade ideas and prompt market updates on the Telegram channel.
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.