Daily Trading Analysis 09.01.2023

Technical & Fundamental analysis

Trading Analysis of USD/CAD USD/CAD bears occupy the driver’s seat as the Loonie pair slides to the lowest levels in a month heading into Monday’s European session. In doing so, the quote takes clues from the market’s upbeat sentiment, as well as firmer prices of Canada’s main export item WTI crude oil. Our Analysis: While the price is below 1.3500, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1.3402 Take Profit 1: 1.3300 Take Profit 2: 1.3225 Alternative scenario: If the level 1.3500 is broken-out, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1.3500 Take Profit 1: 1.3570 Take Profit 2: 1.3650 Learn More Trading Analysis of AUD/USD The AUD/USD pair is displaying a sideways auction around the immediate hurdle of 0.6930 in the Asian session. The Aussie asset is expected to continue its upside journey amid sheer volatility in the US Dollar Index (DXY). Our Analysis: Provided that the currency pair is above 0.6800, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 0.6936 Take Profit 1: 0.7000 Take Profit 2: 0.7100 Alternative scenario: In case the level 0.6800 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 0.6800 Take Profit 1: 0.6720 Take Profit 2: 0.6650 Learn More Fundamental Trading Analysis of Ethereum To say that last year was a tough one for the cryptocurrency industry would be an understatement, as the entire market lost about 64% of its value in 2022. Our Analysis: As long as the price is above 1200.00, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1305.70 Take Profit 1: 1400.00 Take Profit 2: 1500.00 Alternative scenario: If the level of 1200.00 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1200.00 Take Profit 1: 1080.00 Take Profit 2: 990.00 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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