Tuesday, August 8, 2023

Daily Trading Analysis 08.08.2023

Trading Analysis of NZD/USD

NZD/USD keeps the red below 0.6100 on stronger USD, and reacts little to Chinese trade data.







Our Analysis:


While the price is above 0.6120, follow the recommendations below:

  • Time frame: D1
  • Recommendation: short position
  • Entry point: 0.6069
  • Take Profit 1: 0.6050
  • Take Profit 2: 0.6000


Alternative scenario:


If level 0.6120 is broken-out, follow the recommendations below:

  • Time frame: D1
  • Recommendation: long position
  • Entry point: 0.6120
  • Take Profit 1: 0.6250
  • Take Profit 2: 0.6340
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Trading Analysis of EUR/USD

EUR/USD struggles to regain the 1.1000 barrier, EU/US inflation data eyed.







Our Analysis:


While the price is below 1.1100, follow the recommendations below:

  • Time frame: D1
  • Recommendation: short position
  • Entry point: 1.0990
  • Take Profit 1: 1.0900
  • Take Profit 2: 1.0800


Alternative scenario:


If level 1.1100 is broken-out, follow the recommendations below:

  • Time frame: D1
  • Recommendation: long position
  • Entry point: 1.1100
  • Take Profit 1: 1.1150
  • Take Profit 2: 1.1250
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Fundamental Trading

Analysis of 3M

Being a constituent of the Dow Jones Industrial Average and boasting a long history of dividend increases, 3M garners significant attention from a diverse range of investors.



Our Analysis:


As long as the price is above 102.00, follow the recommendations below:

  • Time frame: D1
  • Recommendation: long position
  • Entry point: 105.00
  • Take Profit 1: 107.50
  • Take Profit 2: 109.00


Alternative scenario:


If the 102.00 level is broken-down, follow the recommendations below:   

  • Time frame: D1
  • Recommendation: short position
  • Entry point: 102.00
  • Take Profit 1: 100.00
  • Take Profit 2: 98.00
Learn More
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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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