In the early hours of Tuesday, the US Dollar faces challenges in maintaining its strength against major currencies, with the US Dollar Index struggling to surpass the 104.00 mark. Investors are eagerly anticipating the release of key economic data, including January Durable Goods Orders and the Conference Board's Consumer Confidence Index for February. Additionally, the economic calendar includes reports...
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.
In the early hours of Tuesday, the US Dollar faces challenges in maintaining its strength against major currencies, with the US Dollar Index struggling to surpass the 104.00 mark. Investors are eagerly anticipating the release of key economic data, including January Durable Goods Orders and the Conference Board's Consumer Confidence Index for February. Additionally, the economic calendar includes...
Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.
After creating record highs, Wall Street's main indexes opened on Wednesday and began to edge lower, reflecting cautious sentiment among investors. They're eagerly awaiting crucial inflation data that could impact the U.S. Federal Reserve's interest rate decisions. The upcoming release of the personal consumption expenditures (PCE) price index is expected...
The month of February saw markets make several instinctive moves as well as create opportunities for proper leveraging of fundamental releases. Despite being a leap-year, there wasn’t any real impact on price delivery in the course of the month. As we await the opportunities that lie ahead in the month of March, here are a few thoughts to consider.
USD/CHF saw a rebound after declining for two days straight, climbing towards the important psychological level of 0.8800 during Wednesday's early Asian trading session. There's some pressure on the Swiss Franc (CHF) as traders await the Swiss ZEW Survey – Expectations report scheduled for later today. Moreover, investors are keeping...