Technical Analysis (XAUUSD)

The Forex trading technical analysis for the price of gold (5th of February) reveals it was around 1794.5 USD/Ounce early today. Under 1-hour-chart technical analysis, the candlestick plummeted as predicted yesterday (4th), the slump has once been over 40 USD. It is currently standing above the 5-day and 10-day MA after reaching the bottom, so it is likely to rebound.

Currently, the short-swing upper resistance level lies between 1808.0~1810.0. The current support level lies between 1786.0~1788.0. Investors who wish to go long could consider buying between 1794.0~1796.0 in the short-term and setting the stop loss below 1790.5.

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

Technical Analysis (EURUSD):

The price of EUR/USD (5th of February) was around 1.19638 early today. Under 1-hour-chart technical analysis, the candlestick dropped sharply again as predicted yesterday (4th), it also hit another swing low again. The candlestick is currently fluctuating at the bottom. The bands are contracting, so it is likely to rebound.

Currently, the short-swing upper resistance level lies between 1.20000~1.20100. The current support level lies between 1.19400~1.19500. Investors who wish to go long could consider buying between 1.19650~1.19750 in the short-term and setting the stop loss below 1.19550.

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

Technical Analysis (GBPUSD):

The price of GBP/USD (5th of February) was around 1.36655 early today. Under 1-hour-chart technical analysis, the candlestick plummeted again as predicted yesterday (4th), it then made a retaliatory rebound after reaching the bottom. The candlestick is currently pulling back from the higher resistance level, so it is likely to continue dropping.

Currently, the short-swing upper resistance level lies between 1.36900~1.37000. The current support level lies between 1.36200~1.36300. Investors who wish to sell short could consider selling between 1.36700~1.36800 in the short-term and setting the stop loss above 1.36900.

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

Technical Analysis (AUDUSD):

The price of AUD/USD (5th of February) was around 0.76002 early today. Under 1-hour-chart technical analysis, the candlestick continued declining as predicted yesterday (4th), it is currently lying between the middle and lower Bollinger Bands. The bands are facing downwards, so it is likely to continue declining.

Currently, the short-swing upper resistance level lies between 0.76400~0.76500. The current support level lies between 0.75600~0.75700. Investors who wish to sell short could consider selling between 0.75950~0.76000 in the short-term and setting the stop loss above 0.76080.

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

Technical Analysis (USOUSD):

The price of USO/USD (5th of February) was around 56.42 this morning. Under 1-hour-chart technical analysis, the candlestick continued surging as predicted yesterday (4th), it is currently lying between the middle and upper Bollinger Bands. The bands continue facing upwards and expanding, so it is likely to rise again after a pullback.

Currently, the short-swing upper resistance level lies between 57.00~57.10. The current support level lies between 55.90~56.00. Investors who wish to go long could consider buying between 56.55~56.60 in the short-term and setting the stop loss below 56.40.

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

Technical Analysis (Nas100):

The NASDAQ (5th of February) was around 13569.2 this morning. Under 1-hour-chart technical analysis, the candlestick rose again after making a small retracement yesterday (4th), it also hit a new high. The candlestick is currently lying between the middle and upper Bollinger Bands. The bands are facing upwards, so it is likely to rebound again after a pullback.

Currently, the short-swing upper resistance level lies between 13680.0~13700.0. The current support level lies between 13400.0~13420.0. Investors who wish to go long could consider buying between 13550.0~13570.0 in the short-term and setting the stop loss below 13510.0.

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

Economic Calendar (05th of February)

(Source: uk.investing.com)

 TimeCurrencyDataImportance
1.15:45EURFrench Trade Balance (Dec)
2.16:30GBPHalifax House Prices Index (MoM) (Jan)★★
3.21:30USDUnemployment Rate (Jan)★★★
4.21:30USDNonfarm Payrolls (Jan)★★★
5.21:30USDTrade Balance (Dec)★★
6.21:30CADEmployment Change (Jan)★★★

(Importance: maximum three stars ★★★)

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