Current trading ideas as of 07/10/2023

Hello. In general, all the moods and expectations last week came true. Let's look below at what to pay attention to when trading on the Forex market 07/10/2023


On EUR pair SUD gave a good upward momentum. I'm still set to continue growing here, breaking through the level of 1.1000 and updating local highs at 1.10952. In the statistics of transactions, the predominance of sellers, which also encourages growth. If at the beginning of the week we roll back to the area of ​​1.0899 or a little lower, I will look for new purchases.


GBPUSD has a similar picture, made a run to past highs and rested. I would like to see the move up. If we roll back to the area of ​​1.2777 or 1.2758, I will watch new purchases there with targets at the upper border of FVG 1.3000.


The situation is more complicated on USDCAD. As I wrote last week, if we go to the 1.3311 area, then we can look for sales, with the expectation of a downward movement to 1.3048. Price jumped higher to a small FVG on the weekly chart that I didn't notice, and there's also a 50% zone of the past move. They gave a reaction to all this and formed the Rails pattern. I think that you can look for sales on the breakdown of the level of 1.3254 and wait for the continuation of the downward movement.


And the USDJPY pair. We gave a good downward impulse and it looks like a short correction will not do here. The general mood is for the continuation of the fall. And I would set the first correction targets around 140.50-140.10. If at the beginning of the week we roll back to the area of ​​143.12 or 143.50, I will look for sales there with these goals.

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