Daily Trading Analysis 13.07.2020

Technical & Fundamental analysis

Trading Analysis of USD/JPY According to WHO, there was a record increase in confirmed COVID-19 cases worldwide over the past weekend. During the day the number of cases increased by 230 370 people. This result broke the previous anti-record set on July 10 (228,102). Maximum growth was registered in the USA, Brazil, India and South Africa. The total number of infected in the world today has approached the mark of 13 million. In 7 months, the coronavirus has already killed more than 566 thousand people. Our Analysis: Provided that the currency pair is traded below 106.95, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 106.90 Take Profit 1: 106.70 Take Profit 2: 106.50 Alternative scenario: In case of breakout of the level 106.95, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 106.95 Take Profit 1: 107.10 Take Profit 2: 107.25 Learn More Trading Analysis of GOLD/USD Gold closed the trading week close to 1806 and continued its movement within the growth and upward channel. The asset trades above the upper boundary of the Ichimoku Kinko Hyo Cloud which indicates a bullish trend. Our Analysis: Provided that the price is above 1799.00, please follow these recommendations: Time frame: 30 min Recommendation: long position Entry point: 1807.00 Take Profit 1: 1815.00 Take Profit 2: 1818.00 Alternative scenario: In case of breakdown of the level 1799.00 and the consolidation of the price below this level, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1799.00 Take Profit 1: 1793.00 Take Profit 2: 1788.00 Learn More Fundamental Trading Analysis of ETH/USD Unique Ethereum addresses surged from 208,392 in January to 542,458 in July, up 160.3%. At the same time, Bitcoin registered an increase from 585,047 to 832,751, up 42.3%. While the growth in Ethereum usage is powered by the rise in DeFi applications, it does not accurately reflect the growth in users.  Our Analysis: Should price action for the ETH/USD remain inside the or breakdown below the 235.00 to 248.00 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 241.50 Take Profit Zone: 152.25 – 162.00 Stop Loss Level: 261.00 Alternative scenario: Should price action for the ETH/USD breakout above 248.00 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 261.00 Take Profit Zone: 282.00 – 298.00 Stop Loss Level: 248.00 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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