Daily Trading Analysis 24.07.2023

Technical & Fundamental analysis

Trading Analysis of USD/CAD USD/CAD retreats towards 1.3200 as Oil price edge higher, US Dollar softens amid pre-Fed anxiety. Our Analysis: While the price is below 1.3475, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1.3219 Take Profit 1: 1.3075 Take Profit 2: 1.2900 Alternative scenario: If level 1.3475 is broken-out, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1.3475 Take Profit 1: 1.3670 Take Profit 2: 1.3800 Learn More Trading Analysis of AUD/USD AUD/USD bounces off the immediate support line towards 0.6750 ahead of the US PMI. Our Analysis: Provided that the currency pair is above 0.6700, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 0.6732 Take Profit 1: 0.6900 Take Profit 2: 0.7000 Alternative scenario: In case level 0.6700 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 0.6700 Take Profit 1: 0.6550 Take Profit 2: 0.6400 Learn More Fundamental Trading Analysis of IBM On July 19, IBM released its second-quarter earnings report. Our Analysis: As long as the price is above 136.00, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 138.71 Take Profit 1: 140.00  Take Profit 2: 143.00 Alternative scenario: If the level of 136.00 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 136.00 Take Profit 1: 133.00 Take Profit 2: 131.00 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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