Daily Trading Analysis 03.04.2020

Technical & Fundamental analysis

Trading Analysis USD/JPY USD/JPY forecast for April 3, 2020 suggests an attempt to test the resistance level near the area 109.35. Where to expect the upward trend to continue with a potential target near 112.25. The pair's downfall option will be canceled by a strong downfall and a break-down of 107.00.  Our Analysis: Provided that the currency pair is traded above 107.70, follow the recommendations below: The timeframe: 30 min Recommendation: long position Entry point: 107.80 Take Profit 1: 108.25 Take Profit 2: 108.50 Alternative scenario: In case of breakdown of the level 107.70, follow the recommendations below: The timeframe: 30 min Recommendation: short position Entry point: 107.70 Take Profit 1: 107.40 Take Profit 2: 107.00 Learn More Trading Analysis of GBP/USD The Final UK Markit/CIPS Services PMI for March is predicted at 34.8, and the Final UK Markit/CIPS Composite PMI is predicted at 36.0. Forex traders can compare this to the previous UK Markit/CIPS Services PMI for March, which was reported at 35.7 and to the previous UK Markit/CIPS Composite PMI, which was reported at 37.1. Our Analysis: Should price action for the GBP/USD remain inside the or breakout above the 1.2240 to 1.2485 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.2330 Take Profit Zone: 1.3070 – 1.3200 Stop Loss Level: 1.2130 Alternative scenario:  Should price action for the GBP/USD breakdown below 1.2240 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.2130 Take Profit Zone: 1.1790 – 1.1945 Stop Loss Level: 1.2240 Learn More Trading Analysis of Chevron  Chevron Corporation (NYSE: CVX), one of the world's leading energy companies, will hold a quarterly revenue conference on Friday, May 1, 2020. Chevron Corporation is one of the world's leading integrated energy companies. The company explores, extracts and transports crude oil and natural gas; purifies, sells and distributes transportation fuels and lubricants; produces and sells petroleum products and additives; generates energy; and develops and implements technologies that add value to all aspects of the company's business. Our Analysis: Provided that the asset is traded above 66.50, follow the recommendations below: The timeframe: H4 Recommendation: long position Entry point: 75.00 Take Profit 1: 81.50 Take Profit 2: 90.00 Alternative scenario: In case of breakdown of the level 66.50, follow the recommendations below: The timeframe: H4 Recommendation: short position Entry point: 66.50 Take Profit 1: 60.00 Take Profit 2: 52.50 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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