Daily Trading Analysis 02.01.2023

Technical & Fundamental analysis

Trading Analysis of USD/CAD USD/CAD takes a U-turn from the intraday low while picking up bids to 1.3560 amid the holiday-thinned trading session on Monday. In doing so, the Loonie pair bounces off the convergence of the 200-SMA and an upward-sloping support line from the last Wednesday. Our Analysis: While the price is below 1.3500, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1.3546 Take Profit 1: 1.3750 Take Profit 2: 1.3850 Alternative scenario: If the level 1.3500 is broken-out, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1.3500 Take Profit 1: 1.3385 Take Profit 2: 1.3300 Learn More Trading Analysis of AUD/USD AUD/USD settled the last trading session of CY2022 on a promising note after the US Dollar Index (DXY) faced immense pressure. Our Analysis: Provided that the currency pair is above 0.6600, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 0.6800 Take Profit 1: 0.6900 Take Profit 2: 0.7000 Alternative scenario: In case of a broken-down of the level 0.6600, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 0.6600 Take Profit 1: 0.6500 Take Profit 2: 0.6380 Learn More Fundamental Trading Analysis of IBM While tech stocks have generally had a bad time in 2022, IBM's centennial company has brought investors some pretty good results. Our Analysis: As long as the price is below 143.00, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 140.66 Take Profit 1: 137.00  Take Profit 2: 133.00 Alternative scenario: If the level of 143.00 is broken-out, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 143.00 Take Profit 1: 146.00 Take Profit 2: 150.00 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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