Daily Trading Analysis 06.05.2021

Technical & Fundamental analysis

Trading Analysis of USD/JPY Bank of Japan (BOJ) spokesman Haruhiko Kuroda said that the central bank could achieve the 2% inflation target by patiently continuing strong monetary policy easing, speaking at a press conference after the monetary policy meeting. Our Analysis: Provided that the currency pair is traded below 109.45, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 109.34 Take Profit 1: 109.15 Take Profit 2: 109.00 Alternative scenario: In case of breakout of the level 109.45, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 109.45 Take Profit 1: 109.55 Take Profit 2: 109.70 Learn More Trading Analysis of Dow Jones 30 Index The U.S. stock index Dow Jones Industrial Average rose to a new record high in trading on Wednesday amid waning worries about a possible increase in U.S. interest rates. At the same time, shares of technology companies continued to decline for the fourth session in a row.  Our Analysis: Provided that the index is traded above 34080.00, follow the recommendations below: Time frame: H4 Recommendation: long position Entry point: 34240.00 Take Profit 1: 34380.00 Take Profit 2: 34500.00 Alternative scenario: In case of breakdown of the level 34080.00, follow the recommendations below: Time frame: H4 Recommendation: short position Entry point: 34080.00   Take Profit 1: 33940.00 Take Profit 2: 33800.00 Learn More Fundamental Trading Analysis of Facebook  FAANG investors were over the moon in the current earnings season. While it may be too prosaic to say that investors should only hold these stocks, it seems that the benefits of the major tech company platforms have only been amplified and strengthened by the coronavirus pandemic. Attracting a more active audience, and now that the situation is getting better, these tech giants' earnings are on the rise. Our Analysis: While the price is above 309.00, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 323.44 Take Profit 1: 349.00 Take Profit 2: 359.00 Alternative scenario: If the level 309.00 is broken-down, follow the recommendations below. Time frame: D1 Recommendation: short position Entry point: 309.00  Take Profit 1: 292.00 Take Profit 2: 282.00 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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