Daily Trading Analysis 02.05.2023

Technical & Fundamental analysis

Trading Analysis of NZD/USD NZD/USD faces further side-lined trade – UOB Group. Our Analysis: While the price is above 0.6130, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 0.6195 Take Profit 1: 0.6290 Take Profit 2: 0.6385 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: 0.6070 Take Profit 2: 0.6000 Learn More Trading Analysis of EUR/USD EUR/USD has resumed its upside journey towards the psychological resistance of 1.1000 in the early European session. The major currency pair is showing resilience after recovery as the US Dollar Index (DXY) has retreated from 102.10. Our Analysis: While the price is below 1.0750, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1.0989 Take Profit 1: 1.1100 Take Profit 2: 1.1200 Alternative scenario: If the level 1.0750 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1.0750 Take Profit 1: 1.0700 Take Profit 2: 1.0650 Learn More Fundamental Trading Analysis of 3M 3M, a diversified technology company that operates in a cyclical industry, recently reported its first-quarter results. Our Analysis: As long as the price is below 107.00, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 105.69 Take Profit 1: 102.50 Take Profit 2: 100.00 Alternative scenario: If the 107.00 level is broken-out, follow the recommendations below:      Time frame: D1 Recommendation: long position Entry point: 107.00 Take Profit 1: 110.00 Take Profit 2: 112.00 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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