Daily Trading Analysis 04.08.2020

Technical & Fundamental analysis

Trading Analysis of USD/CAD The USD/CAD currency pair is trading at 1.3392 and keeps moving within the bullish correction and descending channel. The pair is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates that there is a downtrend in the USD/CAD. Our Analysis: Provided that the currency pair is traded below 1.3420 follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.3385 Take Profit 1: 1.3370 Take Profit 2: 1.3350 Alternative scenario: In case of breakout of the level 1.3420, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.3420 Take Profit 1: 1.3450 Take Profit 2: 1.3480 Learn More Trading Analysis of Pfizer The U.S. government recently signed an agreement with Pfizer and BioNTech to order 100 million doses of pilot vaccine. At $19.50 per dose, this is approximately $1.95 billion from vaccine sales. Our Analysis: Provided that the asset is traded above 38.20, follow the recommendations below: Time frame: H4 Recommendation: long position Entry point: 38.30 Take Profit 1: 39.00 Take Profit 2: 39.95 Alternative scenario: In case of breakdown of the level 38.20, follow the recommendations below: Time frame: H4 Recommendation: short position Entry point: 38.20 Take Profit 1: 36.80 Take Profit 2: 36.00 Learn More Fundamental Trading Analysis of AUD/USD The Australian Trade Balance for June was reported at A$8,202M. Economists predicted a figure of A$8.800M. Forex traders can compare this to the Australian Trade Balance for May, reported at A$8,025M. Exports for June increased by 3.0% monthly, and imports increased by 1.0%. Forex traders can compare this to exports for May, which decreased by 4.0% and, and to imports, which decreased by 6.0%. Our Analysis: Should price action for the AUD/USD remain inside the or breakout above the 0.7075 to 0.7155 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 0.7130 Take Profit Zone: 0.7355 – 0.7395 Stop Loss Level: 0.7030 Alternative scenario: Should price action for the AUD/USD breakdown below 0.7075 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 0.7030 Take Profit Zone: 0.6875 – 0.6920 Stop Loss Level: 0.7075 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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