Daily Trading Analysis 03.10.2022

Technical & Fundamental analysis

Trading Analysis of USD/CAD The USD/CAD pair kicks off the new week on a weaker note and reverses a part of Friday's positive move to its highest level since May 2020. Crude oil prices rise nearly 3% amid reports that OPEC+ will consider an output cut of more than 1 million bpd - the biggest since the COVID-19 pandemic - at its meeting on October 5 to support the market. Our Analysis: While the price is above 1.3600, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1.3768 Take Profit 1: 1.3900 Take Profit 2: 1.4100 Alternative scenario: If the level 1.3600 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1.3600 Take Profit 1: 1.3500 Take Profit 2: 1.3300 Learn More Trading Analysis of AUD/USD The sharp drop in AUD to a low of 0.6390 came as a surprise. The decline appears to be overdone and AUD is unlikely to weaken further. For today, AUD is more likely to trade between 0.6380 and 0.6480. Our Analysis: Provided that the currency pair is below 0.6700, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 0.6430 Take Profit 1: 0.6300 Take Profit 2: 0.6200 Alternative scenario: In case of a broken-out of the level 0.6700, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 0.6700 Take Profit 1: 0.6900 Take Profit 2: 0.7000 Learn More Fundamental Trading Analysis of Amazon In April 2020, Amazon's market value exceeded Apple's for a time. Back then, these two tech behemoths were worth around $1.2 trillion. Our Analysis: As long as price is below 125.00, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 112.86 Take Profit 1: 105.00 Take Profit 2: 95.00 Alternative scenario: If the level of 125.00 is broken-down, follow the recommendations below:  Time frame: D1 Recommendation: long position Entry point: 125.00 Take Profit 1: 136.00 Take Profit 2: 145.00 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.

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