What To Trade In March

The month of February saw markets make several instinctive moves as well as create opportunities for proper leveraging of fundamental releases. Despite being a leap-year, there wasn’t any real impact on price delivery in the course of the month. As we await the opportunities that lie ahead in the month of March, here are a few thoughts to consider.

GBPUSD - W1 Timeframe

GBPUSD is currently stalling in a consolidation move that could see prices shoot up to the resistance trendline, then followed by a proper bearish confirmation. This sentiment is sponsored by the confluence of the resistance trendline, supply zone, 200-period moving average resistance, and the Fibonacci retracement levels.

Analyst’s Expectations: 

Direction: Bearish

Target: 1.23078

Invalidation: 1.31568

EURCHF - W1 Timeframe

The overall trend on this weekly timeframe chart of EURCHF is clearly bearish, with a recent break below the previous low. Following this, I have plotted the Fibonacci retracement levels in order to identify my key areas for a reversal; the 76% and 88% being the prime levels I consider. The trendline resistance, supply zone, 50-period moving average, and the bearish array of the moving averages are my confluence for this sentiment.

Analyst’s Expectations: 

Direction: Bearish

Target: 0.93824

Invalidation: 0.96920

EURNZD - W1 Timeframe

EURNZD is currently retracing back to the previous high in a move that I consider to simply be a correction of the momentum that broke below the previous low. That said, I expect to see a completion of the correction move around the 76% and 88% Fibonacci levels. The confluence of resistance trendlines, supply zone, and the Fibonacci levels lend credence to my bearish sentiment in this case.

Analyst’s Expectations: 

Direction: Bearish

Target: 1.76090

Invalidation: 1.82956

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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