Daily Trading Analysis 05.05.2020

Technical & Fundamental analysis

Trading Analysis GOLD/USD Gold is being traded at the level of 1705 and continues to move within the framework of correction and formation of the "Triangle" model. XAU/USD quotes are moving inside the boundary of Ichimoku Kinko Hyo Cloud. It indicates the presence of a sideways trend in Gold. Within the Gold price forecast for May 5, 2020. An attempt to drop the prices of the precious metal and a test of the lower boundary of the Ichimoku Kinko Hyo Cloud near the level of 1698 are expected. Our Analysis: Provided that the price is below 1706.00, please follow these recommendations: Time frame: 30 min Recommendation: short position Entry point: 1698.35 Take Profit 1: 1690.00 Take Profit 2: 1684.00 Alternative scenario: In case of breakout of the level 1706.00 and the consolidation of the price above this level, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1706.00 Take Profit 1: 1710.00 Take Profit 2: 1715.00 Learn More Trading Analysis of USD/SGD Singapore Retail Sales for March decreased by 1.3% monthly and by 13.3% annualized. Forex traders can compare this to Singapore Retail Sales for February, which decreased by 8.4% monthly and 8.4% annualized. The US Trade Balance for March is predicted at -$44.0B. Forex traders can compare this to the US Trade Balance for February, which was reported at -$39.9B. The US Final Markit Services PMI for April is predicted at 27.0, and the US Final Markit Composite PMI is predicted at 27.4. Forex traders can compare this to the US Markit Services PMI for March, which was reported at 39.8 and to the US Markit Composite PMI, which was reported at 40.9. The US ISM Non-Manufacturing PMI for April is predicted at 36.8. Forex traders can compare this to the US ISM Non-Manufacturing PMI for March, which was reported at 52.5. Our Analysis: Should price action for the USD/SGD remain inside the or breakdown below the 1.4100 to 1.4190 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.4120 Take Profit Zone: 1.3680 – 1.3785 Stop Loss Level: 1.4230 Alternative scenario: Should price action for the USD/SGD breakout above 1.4190 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.4230 Take Profit Zone: 1.4400 – 1.4490 Stop Loss Level: 1.4190 Learn More Trading Analysis of NZD/USD S&P Global Ratings in its latest report confirmed the AA rating for New Zealand and maintained a positive outlook, citing strong fundamentals. The fiscal position should strengthen after the coronavirus pandemics are contained. Experts estimate that New Zealand's economy will shrink by 2.4% in 2020, then will grow by 1.7% in 2021 and by 4.4% in 2022. It is believed that New Zealand's economy is in recession, and the fiscal position of the government is significantly weakening. Our Analysis: Provided that the currency pair is traded above 0.6014, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 0.6094 Take Profit 1: 0.6128 Take Profit 2: 0.6160 Alternative scenario: In case of breakdown of the level 0. 6014 follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 0.6014 Take Profit 1: 0.5960 Take Profit 2: 0.5928 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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