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Best Instruments to Trade This Week

Best Instruments to Trade This Week

Information is not investment advice

This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.

GBPAUD

photo_2023-02-06_17-27-27.jpg

After price initially broke below the low marked with the horizontal arrow, we see price create a possible retracement move up towards the Moving Average array. At the top of the previous high we also see a rally-base-drop supply zone and the 200-Period moving average acting as confluences in support of a bearish reaction from the marked supply.

Analysts’ Expectations: 

Direction: Bearish

Target: 1.73020

Invalidation: 1.76390

EURCAD

photo_2023-02-06_17-27-23.jpg

EURCAD is currently in an interesting zone. Price can be seen seemingly trying to decide whether to go a bit lower, to tap into the demand order block, or to simply react from the current area of support. Either way, there is a high probability that the price would go bullish anytime from now.

Analysts’ Expectations: 

Direction: Bullish

Target: 1.45625

Invalidation: 1.44050

NZDUSD

photo_2023-02-06_17-27-11.jpg

If you check NZDUSD on the Daily timeframe, you will notice that the 50-period Moving Average has already crossed above the 200-Day MA (Moving Average). When you correlate that with the chart above, you will see why I have chosen this particular setup for the week. After the break above, the high marked by the horizontal arrow, price comfortably established a bullish trend. This is why I am positive that price would provide us ample trading opportunities from the drop-base-rally demand order block.

Analysts’ Expectations: 

Direction: Bullish

Target: 0.68370

Invalidation: 0.61080

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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How Will BoJ Meeting Affect the Yen

Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus

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