Daily Trading Analysis 17.01.2023

Technical & Fundamental analysis

Trading Analysis of NZD/USD In the opinion of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, extra gains in NZD/USD appear on the cards in the near term. 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 The Euro had a great second week of the year. Economists at Société Générale expect EUR/USD to test the 1.10 level on disappointing US data this week. Our Analysis: While the price is above 1.0700, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1.0813 Take Profit 1: 1.0900 Take Profit 2: 1.1100 Alternative scenario: If the level 1.0700 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1.0700 Take Profit 1: 1.0600 Take Profit 2: 1.0500 Learn More Fundamental Trading Analysis of Home Depot Home Depot was undoubtedly one of the big winners of the coronavirus pandemic era, as people who spent more time at home quickly switched to renovation projects. Our Analysis: As long as the price is above 315.00, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 331.70 Take Profit 1: 339.00 Take Profit 2: 347.00 Alternative scenario: If the level of 315.00 is broken-down, follow the recommendations below:      Time frame: D1 Recommendation: short position Entry point: 315.00 Take Profit 1: 309.00 Take Profit 2: 302.00 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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