2024-01-10 • Updated
Just a few hours ago, Andrew Bailey, the governor of the BoE gave a speech regarding his testimony, along with Deputy Governor Sarah Breeden, on the Financial Stability Report before the Treasury Select Committee, in London. The speech reflects the commitment of the BoE to continue its projection towards the target inflation rate. Although the speech didn’t yield much market volatility at the time of writing, here are my trade ideas based on the price data.
GBPUSD at the moment is approaching a rally-base-drop supply zone which aligns with the 88% of the Fibonacci retracement tool. I expect to see a short bearish move as a result of this. After the trendline might have been broken and retested, I can then look forward to a more average-term bearish entry.
Analyst’s Expectations:
Direction: Bearish
Target: 1.26640
Invalidation: 1.28276
GBPAUD has reacted a few times from the overall supply zone on the 4-hour timeframe. Considering the bearish array of the moving averages, I am tempted to align my analysis in favour of a bearish outcome. However, since there is a trendline support hindering further bearish momentum at the moment, I will wait patiently for the break and retest of the trendline before position for a proper sell entry - it’s safer that way.
Analyst’s Expectations:
Direction: Bearish
Target: 1.89097
Invalidation: 1.90529
GBPJPY recently broke below a trendline support as seen on the chart of the Daily timeframe price action shown above. Comparing the current price action with the Fibonacci retracement levels, I want to assume that the current bullish momentum is a an attempt for price to retest the trendline before dropping further. Based on this, I will watch to see how price reacts from the highlighed supply zone, or the 76% of the Fibonacci before positioning for a sell entry.
Analyst’s Expectations:
Direction: Bearish
Target: 183.559
Invalidation: 185.845
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.
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
|
