Daily Trading Analysis 10.01.2023

Technical & Fundamental analysis

Trading Analysis of NZD/USD The NZD/USD pair has corrected to near 0.6370 after sensing selling pressure near the round-level resistance of 0.6400 in the Asian session. The Kiwi asset is likely to remain on the tenterhooks as investors are awaiting the speech from Federal Reserve (Fed) chair Jerome Powell for fresh impetus. Our Analysis: While the price is above 0.6130, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 0.6365 Take Profit 1: 0.6565 Take Profit 2: 0.6800 Alternative scenario: If the level 0.6130 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 0.6130 Take Profit 1: 0.5850 Take Profit 2: 0.5630 Learn More Trading Analysis of EUR/USD EUR/USD dribbles between 1.0720 and 1.0745 so far during early Tuesday as traders await more clues to extend the latest north-run. Our Analysis: While the price is above 1.0600, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1.0729 Take Profit 1: 1.0800 Take Profit 2: 1.0900 Alternative scenario: If the level 1.0600 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1.0600 Take Profit 1: 1.0465 Take Profit 2: 1.0370 Learn More Fundamental Trading Analysis of Bank of America Investors are still optimistic about the more positive market and economic conditions in 2023. Our Analysis: As long as the price is above 31.50, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 33.88 Take Profit 1: 35.50 Take Profit 2: 38.00 Alternative scenario: If the level of 31.50 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 31.50  Take Profit 1: 30.00 Take Profit 2: 28.00 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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