Daily Trading Analysis 18.05.2020

Technical & Fundamental analysis

Trading Analysis SGD/JPY  The Preliminary Japanese GDP for the first quarter decreased by 0.9% quarterly and by 3.4% annualized. Economists predicted a decrease of 1.2% and 4.6% annualized. Forex traders can compare this to the Japanese GDP for the fourth quarter, which decreased by 1.9% quarterly and by 7.3% annualized. Preliminary Private Consumption for the first quarter decreased by 0.7% quarterly, and Preliminary Business Spending decreased by 0.5% quarterly. Economists predicted a decrease of 1.6% and 1.5%. Forex traders can compare this to Private Consumption for the fourth quarter, which decreased by 2.9% quarterly and to Business Spending, which decreased by 4.8% quarterly. Our Analysis: Should price action for the SGD/JPY remain inside the or breakdown below the 74.850 to 75.450 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 75.100 Take Profit Zone: 73.100 – 73.750 Stop Loss Level: 75.550 Alternative scenario: Should price action for the SGD/JPY breakout above 75.450 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 75.550 Take Profit Zone: 76.000 – 76.550 Stop Loss Level: 75.100 Learn More Trading Analysis of EUR/USD  "April figures do not allow us to hope for the best," said the German Ministry of Economy, commenting on the GDP decline for the 1st quarter. Published data reflected a decline of 2.2%, according to forecasts, but the figure is better than the average for European countries. The EUR/USD currency pair remains above 1.08. Our Analysis: Provided that the currency pair is traded above 1.0805, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.0817 Take Profit 1: 1.0835 Take Profit 2: 1.0850 Alternative scenario: In case of breakdown of the level 1.0805, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1. 0805 Take Profit 1: 1.0790 Take Profit 2: 1.0775 Learn More Trading Analysis of GOLD/USD Gold rose in price for the fourth consecutive session and updated to a maximum in more than three weeks amid worsening trade friction between the U.S. and China, adding to fears that the global economic recovery will be longer than previously expected. Our Analysis: Provided that the price is above 1749.00, please follow these recommendations: Time frame: 30 min Recommendation: long position Entry point: 1763.29 Take Profit 1: 1768.00 Take Profit 2: 1780.00 Alternative scenario: In case of breakdown of the level 1749.00 and the consolidation of the price above this level, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1749.00 Take Profit 1: 1738.00 Take Profit 2: 1726.00 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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