Daily Trading Analysis 13.04.2020

Technical & Fundamental analysis

Trading Analysis EUR/JPY Japanese medics reported a successful experiment in the fight against coronavirus. They were helped by the drug nelfinavir, which blocks the reproduction of SARS-CoV-2. The document says that the proven remedy for coronavirus infection has not yet been invented, so it is necessary to test existing drugs - mainly those commonly used to treat people with HIV. Following the use of nelfinavir, a decrease in the replicative activity of the causative agent COVID-19 has been observed. A total of nine drugs have been tested by Japanese physicians.  Our Analysis: Provided that the currency pair is traded below 118.57, follow the recommendations below: The timeframe: 30 min Recommendation: short position Entry point: 118.01 Take Profit 1: 117.16 Take Profit 2: 116.78 Alternative scenario: In case of broken-out of the level 118.57, follow the recommendations below: The timeframe: 30 min Recommendation: long position Entry point: 118.57 Take Profit 1: 119.22 Take Profit 2: 119.60 Learn More Trading Analysis of BTC/USD Equity markets caused the cryptocurrency market to crash in March, and Bitcoin was able to rally almost 100% from its lows. With another led lower in equity markets, the BTC/USD remains bearish. This cryptocurrency pair is predicted to retest its March lows as financial markets are positioned to resume their sell-off due to the global Covid-19 pandemic and the impact on economies. Our Analysis: Should price action for the BTC/USD remain inside the or breakdown below the 6,300 to 7,000 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 6,650 Take Profit Zone: 3,870 – 4,380 Stop Loss Level: 7,000 Alternative scenario: Should price action for the BTC/USD breakout above 7,000 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 7,200 Take Profit Zone: 7,930 – 8,225 Stop Loss Level: 7,000 Learn More Trading Analysis of GOLD/USD As a result of last week's trading, gold price reached its maximum since the end of 2012 amid the decline of the US dollar due to the actions of the U.S. Central Bank. As reported, the U.S. Federal Reserve on Thursday announced new lending programs and expanded existing ones in an effort to provide the economy with financial support of $2.3 trillion amid the coronavirus pandemic. Fed Chairman Jerome Powell said in a statement that the Fed is trying to "provide as much support and stability as we can" during the current crisis.  Our Analysis: Provided that the price is below 1669.90, please follow these recommendations: Time frame: 30 min Recommendation: long position Entry point: 1684.00 Take Profit 1: 1692.10 Take Profit 2: 1700.80 Alternative scenario:  In case of breakdown of the level 1669.90 and the consolidation of the price above this level, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1669.90 Take Profit 1: 1661.50 Take Profit 2: 1641.35 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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