Daily Trading Analysis 17.08.2023

Technical & Fundamental analysis

Trading Analysis of GBP/CAD Yesterday’s inflation data from the UK has lifted sterling but put UK-focussed stocks on the back foot. While headline inflation numbers may look better, the resilience of core CPI means the BoE may have to work harder to fight inflation, risking a bigger downturn in the UK economy. Our Analysis: While the price is above 1.7000, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1.7217 Take Profit 1: 1.7300 Take Profit 2: 1.7400 Alternative scenario: If level 1.7000 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1.7000 Take profit 1: 1.6900 Take Profit 2: 1.6800 Learn More Trading Analysis of EUR/CAD Any additional interest-rate increases by the European Central Bank won’t be big, according to Governing Council member Martins Kazaks, who’s undecided on what’s needed when officials meet next month. Our Analysis: As long as the price is above 1.4500 follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1.4711 Take Profit 1: 1.4800 Take Profit 2: 1.4900 Alternative scenario: If the level of 1.4500 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1.4500 Take profit 1: 1.4400 Take Profit 2: 1.4300 Learn More Fundamental Trading Analysis of Ethereum Following an extended period of discouraging conditions in the realm of cryptocurrency, there has been a gradual resurgence in prices witnessed throughout the current year. Our Analysis: As long as the price is above 1740.00, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1797.52 Take Profit 1: 1920.00 Take Profit 2: 2020.00 Alternative scenario: If the level of 1740.00 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1740.00 Take Profit 1: 1650.00 Take Profit 2: 1575.00 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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