Technical Analysis (XAUUSD)

The Forex Trading Technical Analysis for the price of gold (4th of February) reveals it was around 1833.4 USD/Ounce early today. Under 1-hour-chart technical analysis, the candlestick continued dropping yesterday (3rd), it is currently lying between the middle and lower Bollinger Bands. The bands are facing downwards and expanding, so it is likely to decline again after rebounding to the resistance level.

Currently, the short-swing upper resistance level lies between 1835.0~1838.0. The current support level lies between 1818.0~1820.0. Investors who wish to sell short could consider selling between 1827.0~1830.0 in the short-term and setting the stop loss above1835.5.

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

Technical Analysis (EURUSD):

The price of EUR/USD (4th of February) was around 1.20325 early today. Under 1-hour-chart technical analysis, the candlestick declined again as predicted yesterday (3rd), it also dropped below the swing low point. The candlestick is currently lying between the middle and lower Bollinger Bands. The bands continue facing downwards, so it is likely to decline again after rebounding to the resistance level.

Currently, the short-swing upper resistance level lies between 1.20500~1.20600. The current support level lies between 1.19900~1.20000. Investors who wish to sell short could consider selling between 1.20300~1.20350 in the short-term and setting the stop loss above 1.20450.

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

Technical Analysis (GBPUSD):

The price of GBP/USD (4th of February) was around 1.36434 early today. Under 1-hour-chart technical analysis, the candlestick dropped sharply as predicted yesterday (3rd), it is currently lying between the middle and lower Bollinger Bands. The bands are facing downwards and expanding, so it is likely to continue dropping.

Currently, the short-swing upper resistance level lies between 1.36500~1.36600. The current support level lies between 1.36000~1.36100. Investors who wish to sell short could consider selling between 1.36350~1.36400 in the short-term and setting the stop loss above 1.36500.

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

Technical Analysis (AUDUSD):

The price of AUD/USD (4th of February) was around 0.76183 early today. Under 1-hour-chart technical analysis, the candlestick rebounded as predicted yesterday (3rd), it is currently fluctuating around the middle Bollinger Band. The bands continue facing downwards, so it is likely to continue falling.

Currently, the short-swing upper resistance level lies between 0.76500~0.76600. The current support level lies between 0.75800~0.75900. Investors who wish to sell short could consider selling between 0.76250~0.76300 in the short-term and setting the stop loss above 0.76380.

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

Technical Analysis (USOUSD):

The price of USO/USD (4th of February) was around 55.93 this morning. Under 1-hour-chart technical analysis, the candlestick continued surging yesterday (3rd), it is currently lying between the middle and upper Bollinger Bands. The bands continue facing upwards, so it is likely to rise again after a pullback.

Currently, the short-swing upper resistance level lies between 56.30~56.40. The current support level lies between 54.80~54.90. Investors who wish to go long could consider buying between 55.80~55.90 in the short-term and setting the stop loss below 55.65.

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

Technical Analysis (Nas100):

The NASDAQ (4th of February) was around 13451.9 this morning. Under 1-hour-chart technical analysis, the candlestick pulled back sharply as predicted yesterday (3rd), it is currently lying between the middle and lower Bollinger Bands. The bands are facing downwards, so it is likely to decline sharply again after rebounding to the resistance level.

Currently, the short-swing upper resistance level lies between 13480.0~13500.0. The current support level lies between 13280.0~13300.0. Investors who wish to sell short could consider selling between 13400.0~13440.0 in the short-term and setting the stop loss above 13470.0.

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

Economic Calendar (04th of February)

(Source: uk.investing.com)

 TimeCurrencyDataImportance
1.07:45CHFSECO Consumer Climate (Q1)★★
2.11:00EURRetail Sales (MoM) (Dec)★★
3.13:00GBPBoE Interest Rate Decision (Feb)★★★
4.13:00GBPBoE QE Total (Feb)★★
5.13:30USDChallengers Job Cuts (Jan)
6.14:30USDInitial Jobless Claims★★★
7.16:00USDFactory Orders (MoM) (Dec)★★
8.16:30USDNatural Gas Storage

(Importance: maximum three stars ★★★)

The views or opinions as expressed in the above article represent the personal views or opinions of the author and do not represent those of IV Markets Limited (“IV Markets”). IV Markets has no obligation to independently check or verify the author of the article and the information provided in the article. Accordingly, IV MARKETS does not take responsibility for such article.

This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. IV Markets is not authorized to provide investment advice. No opinion given in the material constitutes a recommendation by IV Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

Trading with IV Markets can result in losses that exceed your deposits. Consumers should ensure they understand the risk and seek independent financial advice if necessary.

IV Markets is designed for clients to trade in the forex market, it is regulated by the Seychelles Financial Authority (FSA), license number: SD049.