Technical Analysis (XAUUSD)

The Forex trading technical analysis for the price of gold (2nd of February) reveals that it was around 1860.2 USD/Ounce early today. Under 1-hour-chart technical analysis, the candlestick rebounded sharply after a pullback as predicted yesterday (1st), it is currently lying above the middle Bollinger Band. The bands are facing upwards, so it is likely to continue rebounding.

Currently, the short-swing upper resistance level lies between 1874.0~1876.0. The current support level lies between 1854.0~1856.0. Investors who wish to go long could consider buying between 1860.0~1862.0 in the short-term and setting the stop loss below 1856.0.

Forex Trading Market Analysis for Gold
Forex Trading Market Analysis for Gold

Technical Analysis (EURUSD):

The price of EUR/USD (2nd of February) was around 1.20612 early today. Under 1-hour-chart technical analysis, the candlestick plummeted as predicted yesterday (1st), it is currently fluctuating around the middle Bollinger Band after reaching the bottom. The bands continue to face downwards, so it is likely to decline again after rebounding to the resistance level.

Currently, the short-swing upper resistance level lies between 1.21100~1.21200. The current support level lies between 1.20500~1.20600. Investors who wish to sell short could consider selling between 1.20950~1.21000 in the short-term and setting the stop loss above 1.21100.

Forex Trading Technical Analysis for EURUSD
Forex Trading Technical Analysis for EURUSD

Technical Analysis (GBPUSD):

The price of GBP/USD (2nd of February) was around 1.36654 early today. Under 1-hour-chart technical analysis, the candlestick plummeted sharply yesterday (1st) and it is currently rebounding after reaching the bottom. The candlestick is currently lying between the middle and upper Bollinger Bands. The bands are facing upwards, so it is likely to continue rebounding.

Currently, the short-swing upper resistance level lies between 1.37300~1.37400. The current support level lies between 1.36700~1.36800. Investors who wish to go long could consider buying between 1.36900~1.37000 in the short-term and setting the stop loss below 1.36800.

Forex Trading Technical Analysis for GBPUSD
Forex Trading Technical Analysis for GBPUSD

Technical Analysis (AUDUSD):

The price of AUD/USD (2nd of February) was around 0.76249 early today. Under 1-hour-chart technical analysis, the candlestick rebounded after touching the bottom yesterday (1st), it is currently fluctuating above the middle Bollinger Band. Please be reminded that the candlestick is close to the resistance level of the descending channel, so it is likely to decline again after rebounding to the resistance level.

Currently, the short-swing upper resistance level lies between 0.76800~0.76900. The current support level lies between 0.76200~0.76300. Investors who wish to sell short could consider selling between 0.76600~0.76650 in the short-term and setting the stop loss above 0.76750.

Forex Trading Technical Analysis for AUDUSD
Forex Trading Technical Analysis for AUDUSD

Technical Analysis (USOUSD):

The price of USO/USD (2nd of February) was around 53.44 this morning. Under 1-hour-chart technical analysis, the candlestick skyrocketed after a pullback yesterday (1st), it also broke out the swing high and it is currently fluctuating above the middle Bollinger Band. It is expected to pull back from high, so it is likely to decline again after rebounding to the resistance level.

Currently, the short-swing upper resistance level lies between 54.30~54.40. The current support level lies between 53.50~53.60. Investors who wish to sell short could consider selling between 54.00~54.10 in the short-term and setting the stop loss above 54.25.

Forex Trading Technical Analysis for US Oil
Forex Trading Technical Analysis for US Oil

Technical Analysis (Nas100):

The NASDAQ (2nd of February) was around 13254.5 this morning. Under 1-hour-chart technical analysis, the candlestick rebounded sharply after reaching the bottom yesterday (1st). The candlestick is currently fluctuating above the middle Bollinger Band. The bands are contracting, so it is likely to go down after rebounding to the resistance level again.

Currently, the short-swing upper resistance level lies between 13450.0~13480.0. The current support level lies between 13100.0~13130.0. Investors who wish to sell short could consider selling between 13360.0~13380.0 in the short-term and setting the stop loss above 13410.0.

Forex Trading Market Analysis for NASDAQ
Forex Trading Market Analysis for NASDAQ

Economic Calendar (02nd of February)

(Source: uk.investing.com)

 TimeCurrencyDataImportance
1.11:30AUDRBA Rate Statement★★★
2.11:30AUDRBA Interest Rate Decision (Jan)★★★
3.15:00GBPNationwide HPI (MoM) (Jan)★★
4.15:45EURFrench CPI (MoM) (Jan)★★
5.18:00EURGDP (YoY) (Q4)★★

(Importance: maximum three stars ★★★)

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