Daily Trading Analysis 28.08.2020

Technical & Fundamental analysis

Trading Analysis of EUR/USD Fed Chairman Jerome Powell announced a major policy shift on Thursday concerning "targeting average inflation. It means that the central bank will be more inclined to allow inflation to exceed the standard target of 2 percent before raising interest rates. In addition to changing inflation, the Fed has changed its approach to employment to focus on people with low incomes. Our Analysis: Provided that the currency pair is traded above 1.1835, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.1874 Take Profit 1: 1.1900 Take Profit 2: 1.1920 Alternative scenario: In case of breakdown of the level 1.1835, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.1835 Take Profit 1: 1.1810 Take Profit 2: 1.1790 Learn More Trading Analysis of USD/JPY According to NHK reports, Japanese Prime Minister Shinzo Abe plans to resign due to health reasons. It is also reported by Kyodo News and Asahi Shimbun. Now the markets are waiting for Abe's press conference, during which he can formally confirm the news of his resignation Our Analysis: Provided that the currency pair is traded below 106.95 follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 106.22 Take Profit 1: 105.90 Take Profit 2: 105.55 Alternative scenario: In case of breakout of the level 1106.95, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 106.95 Take Profit 1: 107.05 Take Profit 2: 107.30 Learn More Fundamental Trading Analysis of USD/CAD US Personal Income for July is predicted to decrease by 0.2% monthly, and Personal Spending to increase by 1.5% monthly. Forex traders can compare this to Personal Income for June, which decreased by 1.1% monthly and to Personal Spending, which increased by 5.6% monthly. The PCE Core Deflator for July is predicted to increase by 0.5% monthly and by 1.2% annualized. Forex traders can compare this to the PCE Core Deflator for June, which increased by 0.2% monthly and by 0.9% annualized. Our Analysis: Should price action for the USD/CAD remain inside the or breakdown below the 1.3315 to 1.3160 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.3090 Take Profit Zone: 1.2780 – 1.2840 Stop Loss Level: 1.3210 Alternative scenario: Should price action for the USD/CAD breakout above 1.3160 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.3210 Take Profit Zone: 1.3360 – 1.3400 Stop Loss Level: 1.3160 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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