Daily Trading Analysis 24.09.2020

Technical & Fundamental analysis

Trading Analysis of AUD/USD Australia, a winner of the pandemic, faced a recession. The economic downturn began in Australia after 28 years of continuous growth, Australian Finance Minister Josh Friedenberg said, CNBC reports. The head of the department noted that the recession was caused mainly by restrictive measures against coronavirus. Earlier, the country was called one of the winners of the pandemic. Our Analysis: Provided that the currency pair is traded below 0.7080 follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 0.7039 Take Profit 1: 0.7010 Take Profit 2: 0.6985 Alternative scenario: In case of breakout of the level 0.7080 follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 0.7080 Take Profit 1: 0.7115 Take Profit 2: 0.7135 Learn More Trading Analysis of Dow Jones 30 Index The U.S. stock market ended the trading environment with a drop in the negative dynamics of the oil and gas, technology, and raw materials sectors. At the time of closing on the New York Stock Exchange, Dow Jones fell by 1.92%, reaching a monthly low. Our Analysis: Provided that the index is traded below 27460.00, follow the recommendations below: Time frame: H4 Recommendation: short position Entry point: 26760.00 Take Profit 1: 26600.00 Take Profit 2: 25600.00 Alternative scenario: In case of breakdown of the level 27460.00, follow the recommendations below: Time frame: H4 Recommendation: long position Entry point: 27460.00 Take Profit 1: 27735.00 Take Profit 2: 28000.00 Learn More Fundamental Trading Analysis of Verizon  The US telecommunications giant has always been one of the most interesting stocks for those looking for long-term investment. Right now, taking into account the launch of the 5G that is gaining momentum. As the company is one of the fifth-generation technology beneficiaries, investors might be willing to watch the VZ stocks more carefully. Our Analysis: Provided that the company is traded above 58.70, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 59.93 Take Profit 1: 61.60 Take Profit 2: 62.20 Alternative scenario: In case of breakdown of the level 58.70, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 58.70 Take Profit 1: 57.70 Take Profit 2: 57.10 Learn More Fundamental Trading Analysis of NZD/USD The New Zealand Trade Balance for August was reported at -NZ$353M monthly and at NZ$1,340M 12-month year-to-date. Forex traders can compare this to the New Zealand Trade Balance for July, reported at NZ$447M monthly and at NZ$50M 12-month year-to-date. Exports for August were reported at NZ$4.41B and Imports at NZ$4.76B. Forex traders can compare this to Exports for July, reported at NZ$5.04B, and to Imports, reported at NZ$4.59B. Our Analysis: Should price action for the NZD/USD remain inside the or breakout above the 0.6500 to 0.6550 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 0.6525 Take Profit Zone: 0.6645 – 0.6670 Stop Loss Level: 0.6465 Alternative scenario: Should price action for the NZD/USD breakdown below 0.6500 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 0.6465 Take Profit Zone: 0.6290 – 0.6380 Stop Loss Level: 0.6500 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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