Daily Trading Analysis 06.08.2020

Technical & Fundamental analysis

Trading Analysis of EUR/USD A massive sell-off of the American currency continues, the rate of which is declining against a wide range of assets, holding positions only with oil. Against this backdrop, Gold surpassed the price of $2,000 per troy ounce for the first time in history, Nasdaq100 closed on Tuesday at historic highs, Dow Jones 30 added 0.6%, and S&P 500 rose 0.4%. There are reasons for that: the Fed representatives started talking about the need to expand the support through new quantitative easing, which supported the positive tone. Our Analysis: Provided that the currency pair is traded above 1.1855, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.1880 Take Profit 1: 1.1920 Take Profit 2: 1.1940 Alternative scenario: In case of breakdown of the level 1.1855, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.1855 Take Profit 1: 1.1830 Take Profit 2: 1.1800 Learn More Trading Analysis of USD/CHF The USD/CHF currency pair trades at 0.9072 and keeps moving within the decline and descending channel. The pair trades below the lower boundary of the Ichimoku Kinko Hyo Indicator Cloud. It indicates a bearish trend for the asset. Our Analysis: Provided that the currency pair is traded below 0.9100, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 0.9085 Take Profit 1: 0.9045 Take Profit 2: 0.9025 Alternative scenario: In case of breakout of the level 0.9100, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 0.9100 Take Profit 1: 0.9130 Take Profit 2: 0.9160 Learn More Fundamental Trading Analysis of GBP/USD The Bank of England decided to keep interest rates unchanged at 0.10% and lowered the Asset Purchase Target to £725B. Economists predicted no change. Forex traders can compare this to the previous Bank of England meeting where the UK central bank decided to keep interest rates unchanged at 0.10%, and the Asset Purchase Target idle at £745B. The UK Construction PMI for July is predicted at 57.0. Forex traders can compare this to the UK Construction PMI for June, reported at 55.3. Our Analysis: Should price action for the GBP/USD remain inside the or breakout above the 1.3100 to 1.3200 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.3165 Take Profit Zone: 1.3420 – 1.3515 Stop Loss Level: 1.3055 Alternative scenario: Should price action for the GBP/USD breakdown below 1.3100 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.3055 Take Profit Zone: 1.2815 – 1.2900 Stop Loss Level: 1.3100 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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