Daily Trading Analysis 19.05.2020

Technical & Fundamental analysis

Trading Analysis GBP/USD The UK Employment Change for the tri-monthly period ending in March was reported at 211K, and the ILO Unemployment Rate was reported at 3.9%. Economists predicted a reading of 50K and 4.4%. Forex traders can compare this to the UK Employment Change for February, which was reported at 172K and to the ILO Unemployment Rate, which was reported at 4.0%. Average Weekly Earnings for the tri-monthly period ending in March increased by 2.4% annualized, and Average Weekly Earnings Excluding Bonuses increased by 2.7% annualized. Economists predicted an increase of 2.6% and 2.6%. Forex traders can compare this to Average Weekly Earnings for February, which increased by 2.8% and to Average Weekly Earnings Excluding Bonuses, which increased by 2.9%. The UK Jobless Claims Change for April was reported at 856.5K. Economists predicted a figure of 676.5K. Forex traders can compare this to the UK Jobless Claims Change for March, which was reported at 12.1K. Our Analysis: Should price action for the GBP/USD remain inside the or breakout above the 1.2180 to 1.2280 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.2230 Take Profit Zone: 1.2645 – 1.2730 Stop Loss Level: 1.2100 Alternative scenario: Should price action for the GBP/USD breakdown below 1.2180 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.2100 Take Profit Zone: 1.1715 – 1.1775 Stop Loss Level: 1.2180 Learn More Trading Analysis of USD/CHF The USD/CHF currency pair is trading at 0.9716 and keeps moving within the growth frame. The pair is traded inside the Ichimoku Kinko Hyo Indicator Cloud. This indicates that there is a bullish trend for the USD/CHF pair. Our Analysis: Provided that the currency pair is traded above 0.9705, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 0.9722 Take Profit 1: 0.9735 Take Profit 2: 0.9745 Alternative scenario: In case of breakdown of the level 0.9705, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 0.9705 Take Profit 1: 0.9695 Take Profit 2: 0.9675 Learn More Trading Analysis of GBP/USD The British newspaper Sunday Times wrote that the British government is preparing for a tough Brexit. A high-ranking source at the British Prime Minister's residence said "We're ready to go out." At the same time, on Thursday, David Frost, the chief negotiator for UK exit from the EU, told the Cabinet that this time Brussels "made it clear that we will not extend" the transition period after December 31 - according to EU law, this decision should be taken in June. The Cabinet, as well as other departments that worked on a solution to the crisis caused by the COVID-19 pandemic, are now back to prepare for Brexit. Our Analysis: Provided that the currency pair is traded below 1.2220, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.2203 Take Profit 1: 1.2170 Take Profit 2: 1.2145 Alternative scenario: In case of breakout of the level 1.2220, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.2220 Take Profit 1: 1.2240 Take Profit 2: 1.2270 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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