Daily Trading Analysis 02.04.2020

Technical & Fundamental analysis

Trading Analysis USD/CAD USD/CAD currency pair proportionally depends on quotations for oil reference marks. As black gold showed one of the most serious declines in the commodity market due to the collapse of the OPEC deal, accordingly the Canadian dollar reacted to it rising to its historical highs - 1.4660. Our Analysis: Provided that the currency pair is traded below 1.4210, follow the recommendations below: The timeframe: 30 min Recommendation: short position Entry point: 1.4100 Take Profit 1: 1.4060 Take Profit 2: 1.4005 Alternative scenario: In case of breakdown of the level 1.4210, follow the recommendations below: The timeframe: 30 min Recommendation: long position Entry point: 1.4210 Take Profit 1: 1.4270 Take Profit 2: 1.4330 Learn More Trading Analysis of AUD/USD On Friday this week Australia is expected to publish economic data on the Retail Sales volume. Past data showed deterioration of consumer sentiment -0.3%, this time the consensus forecast is 0.4%. Our Analysis: Provided that the currency pair is traded below 0.6115, follow the recommendations below: The timeframe: 30 min Recommendation: short position Entry point: 0.6090 Take Profit 1: 0.6045 Take Profit 2: 0.6020 Alternative scenario:  In case of breakdown of the level 0.6115, follow the recommendations below: The timeframe: 30 min Recommendation: long position Entry point: 0.6115 Take Profit 1: 0.6135 Take Profit 2: 0.6160 Learn More Trading Analysis of CHF/JPY The Japanese Monetary Base for March increased by 2.8% annualized, and the Monetary Base end of Period was reported at ¥509.8T. Forex traders can compare this to the Japanese Monetary Base for February, which increased by 3.6% annualized and to the Monetary Base end of Period, which was reported at ¥515.9T. Our Analysis: Should price action for the CHF/JPY remain inside the or breakout above the 110.500 to 111.200 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 110.900 Take Profit Zone: 113.300 – 114.000 Stop Loss Level: 110.000 Alternative scenario: Should price action for the CHF/JPY breakdown below 110.500 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 110.000 Take Profit Zone: 107.900 – 108.800 Stop Loss Level: 110.500 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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