Daily Trading Analysis 20.03.2023

Technical & Fundamental analysis

Trading Analysis of USD/CAD USD/CAD reverses the early Asian session losses as it prints mild gains around 1.3735 during early Monday morning in Europe. In doing so, the Loonie pair defends the previous day’s recovery moves inside a one-week-old symmetrical triangle. Our Analysis: While the price is above 1.3640, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1.3733 Take Profit 1: 1.3800 Take Profit 2: 1.3900 Alternative scenario: If the level 1.3640 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1.3640 Take Profit 1: 1.3550 Take Profit 2: 1.3470 Learn More Trading Analysis of AUD/USD AUD/USD risk proximity took a leg higher in early Asian trading but retraced after hitting the 0.6730 mark. It is currently trading unchanged. In the early Asian hours, risk appetite expanded along with some high beta currencies on the back of coordinated efforts from major central banks on the liquidity crunch.  Our Analysis: Provided that the currency pair is below 0.6800, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 0.6680 Take Profit 1: 0.6550 Take Profit 2: 0.6400 Alternative scenario: In case the level 0.6800 is broken-out, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 0.6800 Take Profit 1: 0.6900 Take Profit 2: 0.7000 Learn More Fundamental Trading Analysis of Pfizer You are probably very familiar with the common judgment about Pfizer. It is quite depressing. The company is heavily dependent on its COVID-19 vaccine Comirnaty and its antiviral therapy Paxlovid. Sales of both drugs are expected to decline significantly this year. Our Analysis: While the price is below 43.00, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 40.11 Take Profit 1: 39.00 Take Profit 2: 37.00 Alternative scenario: If level 43.00 is broken-out, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 43.00 Take Profit 1: 44.00 Take Profit 2: 46.00 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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