Daily Trading Analysis 24.10.2022

Technical & Fundamental analysis

Trading Analysis of USD/CAD The USD/CAD pair sensed buying interest after dropping to near the round-level support of 1.3600 in early Tokyo. The loonie bulls have retreated after the US dollar index (DXY) defended the intervention rumors of the Bank of Japan (BOJ) recovered its entire intraday losses. The asset has extended its gains to near 1.3680. Our Analysis: While the price is above 1.3600, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1.3697 Take Profit 1: 1.3980 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 AUD/USD pair struggles to find acceptance above the 0.6400 mark and retreats from over a two-week high touched earlier this Monday. Our Analysis: Provided that the currency pair is below 0.6520, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 0.6329 Take Profit 1: 0.6100 Take Profit 2: 0.6000 Alternative scenario: In case of a broken-out of the level 0.6520, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 0.6520 Take Profit 1: 0.6680 Take Profit 2: 0.6900 Learn More Fundamental Trading Analysis of Citigroup Major multinational bank Citigroup generally reported solid Q3 financial results as it was boosted by higher interest rates and continued to make progress on its multi-year transformation plan. Our Analysis: As long as price is below 48.00, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 44.14 Take Profit 1: 39.91 Take Profit 2: 35.00 Alternative scenario: If the level of 48.00 is broken-out, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 48.00 Take Profit 1: 51.00 Take Profit 2: 54.00 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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