Daily Trading Analysis 02.06.2020

Technical & Fundamental analysis

Trading Analysis USD/JPY According to the comments of the rating agency experts, Moody's Investors Service: Coronavirus is the biggest shock for Japan since the world financial crisis; In 2020, Japan's GDP may decline by 6.5%; In 2021, a 2.7% recovery is projected. Our Analysis: Provided that the currency pair is traded above 107.50, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 107.65 Take Profit 1: 107.90 Take Profit 2: 108.10 Alternative scenario: In case of breakdown of the level 107.50, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 107.50 Take Profit 1: 107.35 Take Profit 2: 107.15 Learn More Trading Analysis of GOLD/USD Gold trades at 1739 and continues to move within the growth framework. GOLD/USD quotes are moving above the upper boundary of Ichimoku Kinko Hyo Cloud. This indicates a bullish trend. Our Analysis: Provided that the price is above 1732.00, please follow these recommendations: Time frame: 30 min Recommendation: long position Entry point: 1736.60 Take Profit 1: 1744.00 Take Profit 2: 1750.00 Alternative scenario: In case of breakdown of the level 1732.00 and the consolidation of the price above this level, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1732.00 Take Profit 1: 1727.00 Take Profit 2: 1722.00 Learn More Trading Analysis of GBP/AUD Australian Inventories for the first quarter decreased by 1.2% quarterly, and Australian Company Operating Profits increased by 1.1% quarterly. Economists predicted a decrease of 0.7% and 3.5%. Forex traders can compare this to Australian Inventories for the fourth quarter, which increased by 0.3% quarterly and to Australian Company Operating Profits, which decreased by 3.5% quarterly. Company Pre-Tax Profits for the first quarter decreased by 16.2% quarterly. Forex traders can compare this to Company Pre-Tax Profits for the fourth quarter, which decreased by 0.6% quarterly. The RBA left interest rates unchanged at 0.25%. Economists predicted no change in interest rates. Forex traders can compare this to the previous RBA Interest Rate Decision, where interest rates were left unchanged at 0.25%. Our Analysis: Should price action for the GBP/AUD remain inside the or breakout above the 1.8300 to 1.8400 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.8350 Take Profit Zone: 1.9515 – 1.9670 Stop Loss Level: 1.8275 Alternative scenario: Should price action for the GBP/AUD breakdown below 1.8300 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.8275 Take Profit Zone: 1.8025 – 1.8075 Stop Loss Level: 1.8350 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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