Daily Trading Analysis 27.07.2020

Technical & Fundamental analysis

Trading Analysis of USD/CAD The announcement by Bank of Canada CEO Tiff MackLem that interest rates will remain low for at least another two years may trigger a wave of speculative demand in the country's hottest markets. Economists, realtors, and mortgage brokers warn about it. The Canadian government hopes that a series of stimulating measures and extremely low-interest rates will increase the growth of lending and investment in real estate. It should help offset the economic blow from the Coronavirus pandemic and the sharp drop in oil. Our Analysis: Provided that the currency pair is traded below 1.3410 follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.3396 Take Profit 1: 1.3350 Take Profit 2: 1.3335 Alternative scenario: In case of breakout of the level 1.3410, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.3410 Take Profit 1: 1.3435 Take Profit 2: 1.3460 Learn More Trading Analysis of Pfizer Pfizer reported early positive results for a potential coronavirus vaccine that it is studying in partnership with BioNTech in a Phase 1/2 trial in Germany. Pfizer is working with BioNTech on four potential vaccines through a program called BNT162, which includes one of the most advanced candidates, BNT162b1. Our Analysis: Provided that the asset is traded above 36.95, follow the recommendations below: Time frame: H4 Recommendation: long position Entry point: 37.25 Take Profit 1: 38.45 Take Profit 2: 39.30 Alternative scenario: In case of breakdown of the level 36.95, follow the recommendations below: Time frame: H4 Recommendation: short position Entry point: 36.95 Take Profit 1: 36.30 Take Profit 2: 35.25 Learn More Fundamental Trading Analysis of EUR/JPY The Japanese All Industry Activity Index for May decreased by 3.5% monthly. Forex traders can compare this to the Japanese All Industry Activity Index for April, which decreased by 7.6% monthly. The Final Japanese Leading Index for May was reported at 78.4, and the Final Japanese Coincident Index was reported at 73.4. Forex traders can compare this to the previous Japanese Leading Index for May, reported at 77.7 and to the previous Japanese Coincident Index, reported at 80.1. Our Analysis: Should price action for the EURJPY remain inside the or breakdown below the 123.000 to 123.850 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 123.400 Take Profit Zone: 117.750 – 118.500 Stop Loss Level: 124.400 Alternative scenario: Should price action for the EURJPY breakout above 123.850 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 124.400 Take Profit Zone: 125.200 – 125.600 Stop Loss Level: 123.850 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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