Daily Trading Analysis 02.02.2021

Technical & Fundamental analysis

Trading Analysis of USD/CAD Canada: manufacturing PMI fell to a six-month low in January: Manufacturing PMI 54.4, pre. 57.9 (record high); New Orders Component 53.6 vs. 57.2; Employment component 51.3 vs. 55.8; Future production component 60.2 vs. 64.1. Our Analysis: Provided that the currency pair is traded above 1.2810, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.2832 Take Profit 1: 1.2860 Take Profit 2: 1.2875 Alternative scenario: In case of breakdown of the level 1.2810, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.2810 Take Profit 1: 1.2785 Take Profit 2: 1.2760 Learn More Trading Analysis of GOLD/USD Gold futures prices fell during Asian trading on Tuesday. At COMEX, a division of the New York Mercantile Exchange, gold futures with delivery in April are trading at $1,858.70 per troy ounce, down 0.28% at the time of writing. The session minimum was a mark of $/troy ounce. Gold had found support at $1.835.60 and resistance at $1.878.90. Our Analysis: Provided that the price is above 1850.00, follow these recommendations: Time frame: 30 min Recommendation: long position Entry point: 1856.00 Take Profit 1: 1867.00 Take Profit 2: 1875.00  Alternative scenario: In case of breakdown of the level 1850.00, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1850.00 Take Profit 1: 1841.00 Take Profit 2: 1833.00 Learn More Fundamental Trading Analysis of 3M  With markets demonstrating strong growth since April 2020, it is pretty tempting to assume that the economic recovery has already been turned around in stock prices. Following this argument means that with any disappointment in the economy, there is a risk of declining stock prices. It may well be the case for most of the market, but not all companies have been created equal. In the case of 3M, the stock still looks like a fairly attractive asset, and there is potential for improved sales and earnings in 2021. And here's why. Our Analysis: Provided that the price is below 177.00, follow these recommendations: Time frame: D1 Recommendation: short position Entry point: 174.00 Take Profit 1: 170.00 Take Profit 2: 161.00  Alternative scenario: In case of breakout of the level 177.00, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 177.00 Take Profit 1: 187.00 Take Profit 2: 200.00 Learn More ‌ ‌ ‌ Risk Warning: Forex and CFD trading carry a high degree of risk. As such they may not be suitable for all investors. Investors should ensure they fully understand the risks associated with CFD trading before deciding to trade. Investors may choose to seek independent advice and should not risk more than they are prepared to lose.

PaxForex | London, London, E16AN United Kingdom Unsubscribe edwardlorilla1986.paxforex@blogger.com About our service provider Sent by info@paxforex.org