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First trades in 2023

  

As markets are also still digesting the Christmas feast and New year celebrations, we like to slowly approach a few different setups, which might be fruitful during the first days of trading in the new year. In general times during the first days might be tougher, due to increased uncertainty and volatility in markets. In this case, though, this could also work in our favor, since we like to trade markets from a rather shorter-term approach.

EURUSD

The currency pair was not able to gear up further momentum and seemingly the recent “Pinbar” candle on the weekly chart from the second week of December did indeed cause some major resistance. In particular with the Nonfarm payrolls news event this Friday we might see an increased amount of volatility and hence make use of this market currently.

EURUSD on the weekly chart: the market looks saturated and might break the 50- moving average

Technical analysis:

Should the US Dollar gear up momentum the 50- moving average, which is where the market is currently finding some support on the weekly chart could be broken and leading to some further bearish price action. The blue line would be our entry area and we have two targets on the lower end in sight, which could be reached quite fast, should the US Dollar is gaining steam. Since the Dollar has been softer towards the end of 2022, we might see the Greenback gearing up steam in particular during the first weeks in this new year.

Trade idea:

We like to sell the currency pair at 1.0495 (sell stop).


⛔️Stop loss: 1.0715
🎯profit 1: 1.0340
🎯profit 2: 1.0070

USOUSD

It has been rather quit in the oil market recently and the uptrend from the first six months in 2022 have changed towards a negative trend, which had eradicated nearly all gains prior. However, the month of December had caused the market to stall and with the initial touch of the 50- moving average on the monthly chart could be set for some further positive momentum. The war in the Ukraine could be one topic to still influence prices further. Yet some fresh Dollar strength would counteract to those moves, helping oil prices heading lower.

Oil (USOUSD) on the monthly chart – the 50- moving average has successfully been tested

So should the oil market run further to the upside, we could see that last weeks’ Pinbar candle help supporting the positive momentum to push the market higher again.

Trade idea:

We like to buy this market at 81.15 (buy stop), as we expect the uptrend will be resumed.

⛔️Stop loss: 73.75
🎯profit 1: 88.00
🎯profit 2: 102.50

USDJPY

Last but not least we like to take a look at the USDJPY currency pair. This market was not an easy trade throughout last year but might give us now an interesting trading opportunity. Fueled by some potentially action by the BoJ (Bank of Japan) the Japanese Yen has recently started some strong moves. However, the market currently sits on an important support level, as it can be seen on the weekly chart.

USDJPY: the resistance level from April 2022 might now act as an important support area

The zone, where we currently trade right on top could hence help the market towards some higher levels, in particular should we observe some further strength in the US Dollar. Also shorter- term trends off the daily chart or 4h charts suggest that in the next days, the uptrend might be resumed for now.

Trade idea:

We like to buy this market at 131.50 (buy stop), as we expect the uptrend will be resumed soon.

⛔️Stop loss: 129.50
🎯profit 1: 134.40
🎯profit 2: 138.70


Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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