Daily Trading Analysis 07.08.2020

Technical & Fundamental analysis

Trading Analysis of AUD/USD The state of Victoria in Australia has declared a state of emergency because of the coronavirus - Melbourne has a strict curfew from 8pm. Our Analysis: Provided that the currency pair is traded below 0.7240 follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 0.7207 Take Profit 1: 0.7170 Take Profit 2: 0.7150 Alternative scenario: In case of breakout of the level 0.7240, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 0.7240 Take Profit 1: 0.7260 Take Profit 2: 0.7290 Learn More Trading Analysis of Facebook Facebook said Thursday it has removed one of the largest public groups dedicated to the network of conspiracy theories QAnon, after repeated violations of company policy. According to a Facebook spokesman, a group called Official Q / Qanon, with nearly 200,000 members, was removed after several separate messages were deleted for border crossing, bullying and harassment, hate speech and false information that could have been harmful. Our Analysis: Provided that the asset is traded above 260.40, follow the recommendations below: Time frame: H4 Recommendation: long position Entry point: 265.29 Take Profit 1: 273.40 Take Profit 2: 276.80 Alternative scenario: In case of breakdown of the level 260.40, follow the recommendations below: Time frame: H4 Recommendation: short position Entry point: 260.40 Take Profit 1: 254.40 Take Profit 2: 251.00 Learn More Fundamental Trading Analysis of USD/JPY  Japanese Household Spending for June increased by 13.0% monthly and decreased by 1.2% annualized. Economists predicted an increase of 7.5% and a decrease of 7.5% annualized. Forex traders can compare this to Japanese Household Spending for May, which decreased by 0.1% monthly and by 16.2% annualized. Japanese Average Cash Earnings for June decreased by 1.7% annualized, and Japanese Overall Wage Income decreased by 1.7% annualized. Forex traders can compare this to Japanese Average Cash Earnings for May, which decreased by 2.3% annualized and to Overall Wage Income, which decreased by 2.3% annualized. Our Analysis: Should price action for the USDJPY remain inside the or breakdown below the 105.350 to 106.000 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 105.550 Take Profit Zone: 104.150 – 104.650 Stop Loss Level: 106.450 Alternative scenario: Should price action for the USDJPY breakout above 106.000 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 106.450 Take Profit Zone: 107.200 – 107.500 Stop Loss Level: 106.000 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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