Daily Trading Analysis 31.01.2023

Technical & Fundamental analysis

Trading Analysis of NZD/USD The NZD/USD pair has printed a fresh weekly low at 0.6440 in the Asian session as investors' risk-taking ability has faded dramatically. The Kiwi asset has been dumped by the market participants as the US Dollar Index (DXY) is advancing vertically.  Our Analysis: While the price is above 0.6130, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 0.6450 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 slides to a one-week low while taking offers around 1.0830 during the early hours of Tuesday morning in Europe. In doing so, the major currency pair declines for the fourth consecutive day while reversing late Monday’s corrective bounce off 1.0838. Also keeping the EUR/USD bears hopeful are the bearish MACD signals and the clear downside break of the three-week-old support line, not to forget sustained trading below the 200-Hour Moving Average (HMA). Our Analysis: While the price is above 1.0700, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1.0841 Take Profit 1: 1.1000 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 Johnson & Johnson After plunging more than 19% last year, the S&P 500 Index is off to a good start in 2023. Our Analysis: As long as the price is below 167.00, follow the recommendations below Time frame: D1 Recommendation: short position Entry point: 161.93 Take Profit 1: 159.00 Take Profit 2: 150.00 Alternative scenario: If the level of 167.00 is broken-out, follow the recommendations below:     Time frame: D1 Recommendation: long position Entry point: 167.00 Take Profit 1: 170.00 Take-profit 2: 175.00 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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