Technical My Tips

#economic_calendar These events may affect the market on 6 February.

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XAUUSD, 15-minute timeframe chart XAUUSD pulled back from the resistance level of 2,870.00 👉General outlook XAUUSD has been trading in a bullish trend for the last couple of hours. The pair rose to the resistance level of 2,870.00. 👉Possible scenario The best way to use this opportunity is to place a Sell order at 2,869.01. Set your stop loss at 2,878.20 above the previous high ($9.19 loss for 0.01 lot) and take profit at 2,859.81 ($9.20 profit for 0.01 lot). The risk-reward ratio for this order is 1:1. 👉Fundamental factors The U.S. ADP Employment Change report will be released in a few minutes and could affect this trade. Sign Up Now ➡️https://bit.ly/attocta Partner Code ➡️ 3788810

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BTCUSD and the crucial sideways channel 🚀 After last week's downtrend, BTC price has started to recover and consolidate within a sideways price channel with the Stochastic indicator in a reversal zone. The price channel is crucial, with the potential to either break upwards and reach higher price levels or break the lower side of the channel and fall towards levels that may hit $80,000. 📈 Pick a side: 1. Breaking the channel upwards and rising 2. Breaking the channel downwards and falling

EURUSD, 30-minute timeframe chart EURUSD retested the resistance level of 1.04300 👉Level explanation EURUSD has been trading in a bullish trend for the last couple of hours. The pair rose to the resistance level of 1.04300. 👉Possible scenario The best way to use this opportunity is to place a Sell order at 1.04275. Set your stop loss at 1.04517 above the previous high ($2.42 loss for 0.01 lot) and take profit at 1.04033 ($2.42 profit for 0.01 lot). The risk-reward ratio for this order is 1:1. 👉Fundamental factors The U.S. ADP Employment Change report will be released in a few hours and could affect this trade.

USDCAD, 1-hour timeframe chart USDCAD retested the support level of 1.42700 👉General outlook USDCAD has been under selling pressure within the last couple of hours. The pair dropped to the support level of 1.42700. 👉Possible scenario The best way to use this opportunity is to place a Buy order at 1.42793. Set your stop loss at 1.41732 below the previous low ($7.43 loss for 0.01 lot) and take profit at 1.43859 ($7.46 profit for 0.01 lot). The risk-reward ratio for this order is 1:1. 👉Fundamental factors The U.S. ADP Employment Change report will be released in a few hours and could affect this trade. Open Account In Exness For Forex Trading & P2P Transaction👇 Link: https://tlt.ink/exness

ISM Non-Manufacturing PMI (Non ISM PMI) 📈 🕗Today At 8:30PM (IST) 💥Don’t Miss the Opportunity💥 🍀BE READY WITH YOUR DEPOSIT 🔥

ADP Nonfarm Employment Change 📈 🕗Today At 6:45PM (IST) 💥Don’t Miss the Opportunity💥 🍀BE READY WITH DEPOSIT 🔥

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📊 Euro gains, but its prospects remain bleak The euro (EUR) gained 0.32% against the U.S. dollar (USD) on Tuesday as investors covered their bullish bets in the U.S. Dollar Index (DXY) in reaction to escalating trade tensions between the U.S. and China. 👉 Possible effects for traders Although U.S. President Donald Trump suspended his threat of steep tariffs on Mexico and Canada, the tariffs on China remained in place. Thus, the country hit back with its own tariffs on U.S. exports. Therefore, even as trade tensions eased in one place, they escalated in another, keeping investors on edge and contributing to market volatility. Yesterday's recovery in EURUSD was mostly the result of the weakness in the U.S. dollar. Overall, the long-term outlook for the eurozone economy remains murky as it may soon become the next target of Trump's tariffs. Furthermore, investors still expect the European Central Bank (ECB) to pursue a more dovish monetary policy than the Federal Reserve (Fed). Interest rate swaps market data currently implies about 75 basis points worth of rate cuts by the ECB by the end of 2024 compared to just 25 bps of cuts from the Fed. EURUSD was flat during the Asian and early European trading sessions. Today, traders should monitor any new developments around potential trade negations between the U.S. and China. Also, two U.S. macrocosmic reports will likely trigger more volatility: ADP Nonfarm Employment at 1:15 p.m. UTC and ISM Services at 3:00 p.m. UTC. Worse-than-expected results will likely push EURUSD up towards 1.04130. Conversely, better-than-expected figures may temporarily pause the rally and trigger a downward movement towards 1.03450. Sign Up Now ➡️https://bit.ly/attocta Partner Code ➡️ 3788810

📊 GBP traders await interest rate decision The British pound (GBP) gained 0.23% against the U.S. dollar (USD) on Tuesday as the greenback weakened following China's decision to impose import tariffs on U.S. goods. 👉 Possible effects for traders The escalation in the U.S.–China trade war is a long-term bearish factor for GBP as tariffs are expected to push up U.S. inflation, supporting the U.S. dollar by keeping U.S. interest rates higher for longer. 'We're still looking at these 10% tariffs on China and China's retaliation, which is going to add some risk premium back into the market. We'll see if there's any sort of negotiation on the back end that might tamp these down, as we saw with Mexico and Canada. But as it looks right now, the trade war with China is back up and running', said Helen Given, FX trader at Monex USA. GBPUSD was flat during the Asian and early European trading sessions. Traders should monitor any new developments around potential trade negations between the U.S. and China. Also, U.S. macrocosmic reports will likely trigger more volatility: ADP Nonfarm Employment at 1:15 p.m. UTC and ISM Services at 3:00 p.m. UTC. Worse-than-expected results will likely pull GDPUSD up towards 1.25200. Conversely, better-than-expected figures may temporarily pause the rally and trigger a drop towards 1.24250. Traders may refrain from initiating large positions in GBP pairs today ahead of the Bank of England's (BOE) interest rate decision, due at 12:00 p.m. UTC tomorrow. Traders expect the bank to cut its base rate by 25 basis points towards 4.5%. However, the most important will be the Monetary Policy Report and Monetary Policy Statement and officials' comments during the press conference. If the BOE downgrades its economic forecast and Governor Andrew Bailey hints at more rate cuts, GBPUSD will decline. If the statement includes better economic assessments and Bailey makes hawkish remarks, GBPUSD may rise significantly. Sign Up Now ➡️https://bit.ly/attocta Partner Code ➡️ 3788810