Daily Trading Analysis 12.08.2020

Technical & Fundamental analysis

Trading Analysis of USD/JPY The USDJPY trades at 106.68 and keeps moving in a strong growth and upward channel. USD/JPY is moving above the upper boundary of Ichimoku Kinko Hyo Cloud. It indicates that there is a bullish trend. Our Analysis: Provided that the currency pair is traded above 106.40 follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 106.70 Take Profit 1: 106.90 Take Profit 2: 107.10 Alternative scenario: In case of breakdown of the level 106.40, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 106.40 Take Profit 1: 106.25 Take Profit 2: 105.95 Learn More Trading Analysis of GBP/USD British Prime Minister B. Johnson stated that the second wave of coronavirus must be avoided: The schools must be reopened; We want to see economic recovery, but it's a long way from there; We knew the situation was complicated (commentary on the labor market report). Our Analysis: Provided that the currency pair is traded below 1.3060, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.3020 Take Profit 1: 1.3010 Take Profit 2: 1.2985 Alternative scenario: In case of breakout of the level 1.3060, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.3060 Take Profit 1: 1.3080 Take Profit 2: 1.3100 Learn More Fundamental Trading Analysis of BTC/USD Bitcoin was rejected by the 12,000 psychological resistance level and is now at the beginning of a corrective phase. The BTC/USD has formed a visible correlation with gold, which dropped below the 2,000 level. Positive developments continue to flare up, like software company MicroStrategy and its allocation of $250 million into Bitcoin as part of its capital allocation strategy. It turned the US-based competitor of IBM and Oracle into a Bitcoin-play, which could further boost is NASDAQ-listed shares. Our Analysis: Should price action for the BTC/USD remain inside the or breakdown below the 11,075 to 11,385 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 11,230 Take Profit Zone: 9,835 – 10,000 Stop Loss Level: 11,500 Alternative scenario: Should price action for the BTC/USD breakout above 11,385 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 11,500 Take Profit Zone: 11,910 – 12,045 Stop Loss Level: 11,385 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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