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 November
2023-11-08 • Updated
The end of the year is almost here, and with it often comes the rush to wrap things up in a tidy fashion as order books get closed and ledgers balanced. This knowledge is usually a call to caution for retail traders as they may sometimes get caught in the sharp movements that often occur. Here, you will find a few of my best trades for the month of November.
EURCHF - W1 Timeframe
EURCHF has already begun a reaction to the supply zone as marked in the chart above. Considering the additional confirmation from the trendline resistance, and the bearish array of the moving averages, I believe we should see a more pronounced decline as the month goes on.
EURGBP - D1 Timeframe
EURGBP has been etrading around a major pivot for the past couple of weeks. Currently, we see price trading within a supply zone that overlaps with the pivot zone as shown in the charts; which means we can expect EURGBP to slide further lower from this zone, towards the 100-period moving average.
GBPCAD - W1 Timeframe
GBPCAD seems to be creating a sort of head-and-shoulders pattern, having broken the neckline at the previous low. The current price action, as far as I’m concerned, is simply an attempt to retest the supply zone before dropping to create a new lower low. This sentiment is backed up by other confluences such as the 76% of the Fibonacci level, and the trendline resistance as seen in the chart.
The trading of CFDs comes at a risk. 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...
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.