What to Trade in October

Welcome to October, the tenth month of 2023. For this installment of What to Trade, I have handpicked a few of my favorite trade ideas for the month. Let’s go over a few of them.

EURAUD - W1 Timeframe

The weekly timeframe of EURAUD presents an interesting scenario: we see a compression of the price within the rising channel pattern and the price currently resting on the support trendline of the channel. Considering also that the 50-period moving average has crossed above the 100 and 200-period moving averages, indicating a shift in bias, I will be on on the lookout for opportunities to buy EURAUD this month.

Analyst’s Expectations: 

Direction: Bullish

Target: 1.67521

Invalidation: 1.62399

EURNZD - D1 Timeframe

EURNZD has reached the 200-day moving average (a potential area of support) on the daily timeframe, and seems to already be reacting to the demand zone presented on the chart. Considering the bullish array of the moving averages, I am inclined to trade in favor of the bullish sentiment.

Analyst’s Expectations: 

Direction: Bullish

Target: 1.79984

Invalidation: 1.3908

AUDCHF - W1 Timeframe

AUDCHF on the weekly timeframe is currently at a pivot zone and could very well be returning to the previous low area. From the chart we see that the moving averages are still poised in a descending array, which signifies that the overall trend is bearish. It should be noted also that the RSI is overbought on the Daily timferame.

Analyst’s Expectations: 

Direction: Bearish

Target: 0.57828

Invalidation: 0.59131

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.

TRY TRADING NOW

You can access more trade ideas and prompt market updates on the Telegram channel.

Author: Adetola-Freeman Ogunkunle

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