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...
Markets React to US PPI Ahead of WEF Meetings
2024-01-12 • Updated
The World Economic Forum (WEF) scheduled for next week in Davos will address critical geopolitical issues, including talks to end conflicts in Gaza, Ukraine, and Africa. U.S. Secretary of State Antony Blinken, French President Emmanuel Macron, and key Middle East leaders are expected to attend. The economic challenges, such as shifting interest rate policies and rising debt, will also be discussed. The event will include closed-door sessions led by the CEOs of Barclays and Manulife Financial Corp to address global economic concerns. The focus of this year's WEF will involve high-level diplomatic discussions on conflicts in the Middle East, Ukraine, and Africa, with an emphasis on bringing together key stakeholders to address these challenges.
GBPUSD - H4 Timeframe
Here we see the price action on GBPUSD being largely bullish. I think this is because price needs to reach the major supply zone before finally dropping properly. There is also a head-and-shoulder pattern being formed; which solidifies my confidence in the bullish sentiment for the time being.
Analyst’s Expectations:
Direction: Bullish
Target: 1.28006
Invalidation: 1.27451
EURUSD - H1 Timeframe
EURUSD seems to be following the same path as we saw from GBPUSD above, The price action is currently bullish as a result of the rejection from the trendline support. I expect to see the price action rising much higher towards the supply zone as indicated on the chart.
Analyst’s Expectations:
Direction: Bullish
Target: 1.10232
Invalidation: 1.109348
USDJPY - H1 Timeframe
On the hourly timeframe of USDJPY, I have a similar see price currently inching towards the demand zone. This particular scenario is quite beautiful, seeing how it presents a myriad of confirmations. As seen, the trendline support, demand zone, Fibonacci levels, and even the 200-period moving average are all in favour of bullish sentiment.
Analyst’s Expectations:
Direction: Bullish
Target: 145.250
Invalidation: 143.363
CONCLUSION
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.
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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...