Daily Trading Analysis 24.04.2020

Technical & Fundamental analysis

Trading Analysis USD/MXN The Mexican Economic Activity IGAE for February is predicted to decrease by 0.90% annualized. Forex traders can compare this to the Mexican Economic Activity IGAE for January, which decreased by 0.81% annualized. US Preliminary Durable Goods Orders for March are predicted to decrease by 12.0% monthly, and Durables Excluding Transportation are predicted to decrease by 5.8% monthly. Forex traders can compare this to US Durable Goods Orders for February, which increased by 1.2% monthly and to Durables Excluding Transportation, which decreased by 0.6% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for March are predicted to decrease by 6.0% monthly, and Capital Goods Shipments Non-Defense Excluding Aircraft are predicted to decrease by 7.0% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for February, which decreased by 0.9% monthly and to Capital Goods Shipments Non-Defense Excluding Aircraft, which decreased by 0.8% monthly. Our Analysis: Should price action for the USD/MXN remain inside the or breakdown below the 24.3090 to 25.0360 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 24.7800 Take Profit Zone: 20.5400 – 21.0830 Stop Loss Level: 25.1800 Alternative scenario: Should price action for the USD/MXN breakout above 25.0360 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 25.1800 Take Profit Zone: 25.7650 – 26.0000 Stop Loss Level: 25.0360 Learn More Trading Analysis of Facebook  Over the past few months, the stock has been a great success, with share prices reaching a 52-week high of $224.20, Facebook shares are in the upside zone. This does not mean that the shares of the technology giant cannot fall as the pandemic is spreading and Facebook will report its first quarter results. But in the long run, Facebook shares are a great buying opportunity at current price levels.  Our Analysis: Provided that the asset is traded above 181.80, follow the recommendations below: Time frame: H4 Recommendation: long position Entry point: 185.17 Take Profit 1: 190.40 Take Profit 2: 192.60 Alternative scenario: In case of breakdown of the level 181.80, follow the recommendations below: The timeframe: H4 Recommendation: short position Entry point: 181.80 Take Profit 1: 178.20 Take Profit 2: 176.00 Learn More Trading Analysis of USD/CAD On the daily chart USD/CAD is traded above the major SMAs, which indicates the overall bullish bias of the pair. However, the pair is consolidating after the strong growth in March. Rising oil prices and falling USD stimulate the CAD.  Our Analysis: Provided that the currency pair is traded below 1.4095, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.4069 Take Profit 1: 1.4040 Take Profit 2: 1.3995 Alternative scenario:  In case of breakout of the level 1.4095, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.4095 Take Profit 1: 1.4125 Take Profit 2: 1.4155 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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