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Trade Ideas to Follow This Week
Information is not investment advice
EUR/USD surged after Powell’s speech on Friday. At the moment, it is trading around the key resistance of 1.18. Led by European countries' CPI and GDP reports during this week the EUR might get stronger and push the pair higher. If it breaks through the way to 1.182 and 1.185 will be open. Otherwise, we might see a pullback down to 1.177 and 1.175.
Oil demonstrated the best week since the beginning of the Covid-19 pandemic. It also opened with a big gap on the Monday trading session but managed to close it shortly. It played out all the bearish divergences and at the moment there are no signs of the upcoming pullback. The upcoming OPEC+ decision about supply reduction might push it even higher. $72.5, $73.2, $74.1, and $75 are the main targets.
Alibaba is still under pressure from the Chinese government, but concerns get easier as time pass. During last week Alibaba has been trading sideways and by the end of the week closed at the same price level as opened at the beginning. This week might define the middle-term trend for Alibaba stock price.
The RSI “swing rejection” pattern may occur on the 4H chart. As soon as 4H RSI closes above 42.86 (on condition it doesn’t drop below 30) this pattern will be proved. In this case, the targets will be $182 and $200.
The bearish divergence occurred on Bitcoin daily chart.
The asset has formed the support line. If the price closes below this support, it will be a bearish sign for Bitcoin. In this case, it will drop to $46 900, $46 000, and $44 500, which are the main support levels for now.
$49 300 - $49 500 is a massive resistance range at the moment. If the price comes there, it will be a good opportunity to open a short trade.
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
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