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 September
2023-08-30 • Updated
Here we go again, my friends. It’s time to look critically into the future of what trading opportunities September might have in store for us. As always, it is essential to note that the views expressed here are mine and should not be considered financial advice without proper examination. That said, let’s dive in!
EURAUD - W1 Timeframe
From the Weekly timeframe point-of-view, EURAUD has made the initial pull-away from the pivot zone, forming a tweezer tops candlestick pattern (another indication of a likely reversal). In the same vein, we can see that the price is trading within a rising channel and has had its most recent touch on the resistance trendline, meaning we can expect to see the price slide as far as the trendline support of the same channel. The confluences for this sentiment include;
- Trendline resistance;
- RSI Divergence;
- Pivot zone on the weekly timeframe; and
- The ‘tweezer tops’ candlestick pattern.
GBPJPY - W1 Timeframe
GBPJPY had a pretty amazing bull run for a couple of weeks, but the riotous run is ending. We have seen the price give off an initial reaction from the weekly pivot, with a consolidation forming inside the wedge pattern. Based on this, I am looking forward to a break below the support trendline of the wedge for me to go short on GBPJPY.
GBPCAD - W1 Timeframe
GBPCAD, on the weekly timeframe, is presenting what is often referred to as an AMD (Accumulation-Manipulation-Distribution) pattern. Here, we’ve seen a bearish break of structure, with the price recently returning to the supply zone that initiated the breakout move. Considering the bearish array of the moving averages and the likelihood of the price breaking below the trendline support to form a double-top pattern, I am bearish on this pair.
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.
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...
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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.