Daily Trading Analysis 05.08.2020

Technical & Fundamental analysis

Trading Analysis of USD/JPY USD/JPY got under pressure at the beginning of the North American session on the back of falling yields of the treasuries. The USA today published quite good data on production orders and ISM New York activity index. A separate report showed the growth of the economic optimism index IBD/TIPP rose to 46.8 from 44. However, the lack of progress in negotiations on a new coronavirus aid package is putting pressure on the market sentiment. At the moment, the yield of 10-year Trader's Markets is trading at 6.8%, while the yield of 5-year Trader's Markets has dropped by 9%. Our Analysis: Provided that the currency pair is traded below 105.85, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 105.56 Take Profit 1: 105.45 Take Profit 2: 105.25 Alternative scenario: In case of breakout of the level 105.85, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 105.85 Take Profit 1: 106.20 Take Profit 2: 106.45 Learn More Trading Analysis of GOLD/USD The cost of one troy ounce of gold for the first time in history has exceeded $2000. Thus, the value of this precious metal has updated the historical maximum. Our Analysis: Provided that the price is above 2007.00, please follow these recommendations: Time frame: 30 min Recommendation: long position Entry point: 2021.03 Take Profit 1: 2031.00 Take Profit 2: 2042.00 Alternative scenario: In case of breakdown of the level 2007.00 and the consolidation of the price below this level, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 2007.00 Take Profit 1: 2000.00 Take Profit 2: 1993.00 Learn More Fundamental Trading Analysis of NZD/USD The New Zealand Unemployment Rate for the second quarter was reported at 4.0%. Economists predicted an Unemployment Rate of 5.8%. Forex traders can compare this to the Unemployment Rate for the first quarter, reported at 4.2%. The Unemployment Change for the second quarter decreased by 0.4%. Economists predicted a decrease of 2.0%. Forex traders can compare this to the Unemployment Change for the first quarter, which increased by 0.7% quarterly. The Participation Rate for the second quarter was reported at 69.7%.  Our Analysis: Should price action for the NZD/USD remain inside the or breakout above the 0.6580 to 0.6680 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 0.6635 Take Profit Zone: 0.6790 – 0.6850 Stop Loss Level: 0.6530 Alternative scenario: Should price action for the NZD/USD breakdown below 0.6580 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 0.6530 Take Profit Zone: 0.6370 – 0.6450 Stop Loss Level: 0.6580 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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