Daily Trading Analysis 06.02.2023

Technical & Fundamental analysis

Trading Analysis of USD/CAD The Canadian Dollar weakened against the US Dollar on Friday and ended its run of weekly gains as the following charts will show.  Our Analysis: While the price is below 1.3500, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1.3403 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 AUD/USD has attempted a firmer recovery after dropping to near the round-level support of 0.6900 in the early European session. The Aussie asset has scaled to near 0.6950 despite escalating tensions between the United States and China after the balloon event.  Our Analysis: Provided that the currency pair is above 0.6860, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 0.6932 Take Profit 1: 0.7200 Take Profit 2: 0.7300 Alternative scenario: In case the level 0.6860 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 0.6860 Take Profit 1: 0.6715 Take Profit 2: 0.6630 Learn More Fundamental Trading Analysis of Bitcoin Last year was characterized by a tightening of monetary policy as higher interest rates were introduced to combat rising inflation. Our Analysis: As long as the price is above 18300.00, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 22748.00 Take Profit 1: 25200.00 Take Profit 2: 27000.00 Alternative scenario: If the 18300.00 level is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 18300.00 Take Profit 1: 15600.00 Take Profit 2: 13000.00 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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