Daily Trading Analysis 04.06.2020

Technical & Fundamental analysis

Trading Analysis EUR/AUD The Australian Trade Balance for April was reported at A$8,800M. Economists predicted a figure of A$7,500M. Forex traders can compare this to the Australian Trade Balance for March, which was reported at A$10,602M. Australian Retail Sales for April decreased by 17.7% monthly. Economists predicted a decrease of 17.9% monthly. Forex traders can compare this to Australian Retail Sales for March, which increased by 8.5% monthly. Eurozone Retail Sales for April are predicted to decrease by 15.0% monthly and by 22.3% annualized. Forex traders can compare this to Eurozone Retail Sales for March, which decreased by 11.2% monthly and by 9.2% annualized. The ECB is predicted to keep its Interest Rate at 0.00%, its Deposit Facility Rate at -0.50%, and its Marginal Lending Facility Rate at 0.25%; this would equal no change in the ECB rate policy from the previous meeting. Our Analysis: Should price action for the EUR/AUD remain inside the or breakout above the 1.6030 to 1.6315 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.6260 Take Profit Zone: 1.7735 – 1.7940 Stop Loss Level: 1.5970 Alternative scenario: Should price action for the EUR/AUD breakdown below 1.6030 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.5970 Take Profit Zone: 1.5800 – 1.5895 Stop Loss Level: 1.6030 Learn More Trading Analysis of EUR/USD In today's Asian trading, the euro has moved downwards against the US dollar in anticipation of the European Central Bank (ECB) meeting. Many economists believe that ECB chairman Christine Lagarde at a meeting on Thursday will announce the expansion of the Pandemic Emergency Purchase Programme (PEPP) bonds worth 750 billion euros, launched in March. As noted by Bloomberg, analysts expect to increase the volume of the program by € 500 billion. Thus, the volume of all asset buyback programs this year will reach a record of €1.6 trillion. Our Analysis: Provided that the currency pair is traded below 1.1230, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.1201 Take Profit 1: 1.1180 Take Profit 2: 1.1160 Alternative scenario: In case of breakout of the level 1.1230, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.1230 Take Profit 1: 1.1260 Take Profit 2: 1.1280 Learn More Trading Analysis of NZD/USD The NZD/USD is trading at 0.6420 and keeps moving within the growth and upward channel. The pair is traded above the upper boundary of the Ichimoku Kinko Hyo Indicator Cloud. This indicates that there is a bullish trend for the pair. Our Analysis: Provided that the currency pair is traded above 0.6387 follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 0.6419 Take Profit 1: 0.6484 Take Profit 2: 0.6176 Alternative scenario: In case of breakdown of the level 0.6387 follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 0.6387 Take Profit 1: 0.6350 Take Profit 2: 0.6329 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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