So far, the year 2023 has been eventful across several financial markets. As we step into March, it’s time to prepare for the benefits the markets have in store. In this article, I will look into a few interesting, promising setups.
GBPAUD
The Daily timeframe of GBPAUD presents an entry from the rally-base-drop supply zone at the highlighted area. This entry naturally coincides with the 88% of the Fibonacci retracement tool and therefore grants an added confluence to our bearish sentiment.
Analysts’ Expectations:
- Direction: Bearish
- Target: 1.76525
- Invalidation: 1.90100
EURAUD
EURAUD is another lovely setup on the weekly timeframe. Here we see price trading within a supply zone, a resistance trendline, and the 200-period moving average serve as the additional confluences that help solidify the bearish sentiment. Not to forget, the supply zone also matches 88% of the Fibonacci retracement tool.
Analysts’ Expectations:
- Direction: Bearish
- Target: 1.51700
- Invalidation: 1.62000
CHFJPY
From a weekly point-of-view, the bearish sentiment is solid and clear. The price chart shows the price action reacting to the supply zone created by the previous market structure break. As a result of the trendline resistance and the 88% Fibonacci retracement level, it is safe to consider this another beautiful trading opportunity.
Analysts’ Expectations:
- Direction: Bearish
- Target: 142.6
- Invalidation: 148
USDCAD
USDCAD is the final setup to consider in this piece. The 50-Day moving average has recently crossed below the 100-Day moving average, suggesting the possibility of lower prices. There is also a confluence of the trendline resistance and the supply zone, solidifying the bearish sentiment alongside the 88% Fibonacci retracement level.
Analysts’ Expectations:
- Direction: Bearish
- Target: 1.33855
- Invalidation: 1.36600
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.
