Daily Trading Analysis 05.06.2020

Technical & Fundamental analysis

Trading Analysis USD/CAD The US NFP Report for May is predicted to show 8,000K job losses and an unemployment rate of 19.8%. Forex traders can compare this to the US NFP Report for April, which showed 20,537K job additions and an unemployment rate of 14.7%. Private Payrolls for May are predicted to show 7,500K job losses and Manufacturing Payrolls 440K job losses. Forex traders can compare this to Private Payrolls for April, which showed 19,557K job losses and to Manufacturing Payrolls, which showed 1,330K job losses. The Average Work Week for May is predicted at 34.3 hours. Forex traders can compare this to the Average Work Week for April, which was reported at 34.2 hours. Average Hourly Earnings for May are predicted to increase by 1.0% monthly and by 8.5% annualized. Forex traders can compare this to Average Hourly Earnings for April, which increased by 4.7% monthly and by 7.9% annualized. The Labor Force Participation Rate for May is predicted at 60.3%. Forex traders can compare this to the Labor Force Participation Rate for April, which was reported at 60.2%. Our Analysis: Should price action for the USD/CAD remain inside the or breakdown below the 1.3400 to 1.3500 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.3465 Take Profit Zone: 1.3100 – 1.3200 Stop Loss Level: 1.3585 Alternative scenario: Should price action for the USD/CAD breakout above 1.3500 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.3585 Take Profit Zone: 1.3740 – 1.3820 Stop Loss Level: 1.3500 Learn More Trading Analysis of AUD/NZD Australia's economy has entered a recession phase. According to the Australian Bureau of Statistics (ABS), Australia's GDP fell by 0.3% in the first three months of the year, the first time in 29 years. Household consumption fell 1.1% in the quarter, the first decline since December 2008 and the sharpest in 34 years. The economy has grown by only 1.4 per cent in the last 12 months, the weakest figure since September 2009. Our Analysis: Provided that the currency pair is traded below 1.0770, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.0742 Take Profit 1: 1.0710 Take Profit 2: 1.0690 Alternative scenario: In case of breakout of the level 1.0770, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.0770 Take Profit 1: 1.0800 Take Profit 2: 1.0810 Learn More Trading Analysis of GOLD/USD Gold trades at 1714 and continues to move within the framework of the decrease. GOLD/USD quotes are moving below the lower boundary of Ichimoku Kinko Hyo Cloud. This indicates a bearish trend. Our Analysis: Provided that the price is above 1705.00, please follow these recommendations: Time frame: 30 min Recommendation: long position Entry point: 1709.60 Take Profit 1: 1722.00 Take Profit 2: 1732.00 Alternative scenario: In case of breakdown of the level 1705.00 and the consolidation of the price above this level, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1705.00 Take Profit 1: 1696.00 Take Profit 2: 1687.00 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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