Daily Trading Analysis 31.08.2020

Technical & Fundamental analysis

Trading Analysis of GOLD/USD The Federal Reserve on Thursday unveiled a new strategy aimed at restoring full employment in the U.S. and accelerating inflation in a situation where, according to the U.S. central bank, "downside risks for employment and inflation have increased," resulting in the price of gold on Friday rose by more than 1%. Our Analysis: Provided that the price is above 1960.00 please follow these recommendations: Time frame: 30 min Recommendation: long position Entry point: 1970.60 Take Profit 1: 1977.00 Take Profit 2: 1984.00   Alternative scenario: In case of breakdown of the level 1960.00 follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1960.00 Take Profit 1: 1947.00 Take Profit 2: 1935.00 Learn More Trading Analysis of USD/CAD According to Statistics Canada, in the second quarter, the country's economy suffered the sharpest recession in the history of observation due to the COVID-19 pandemic. According to the agency, the real gross domestic product fell 38.7 percent year on year in three months. Economists at Refinitiv expected an even greater 39.6 percent year-over-year decline.  Our Analysis: Provided that the currency pair is traded below 1.3125, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.3086 Take Profit 1: 1.3045 Take Profit 2: 1.3015 Alternative scenario: In case of breakout of the level 1.3125, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.3125 Take Profit 1: 1.3160 Take Profit 2: 1.3190 Learn More Fundamental Trading Analysis of AUD/NZD Australian TD Securities Inflation for August increased by 0.1% monthly. Forex traders can compare this to Australian TD Securities Inflation for July, which increased by 0.9% monthly. Australian Inventories for the second quarter decreased by 3.0% quarterly, and Australian Company Operating Profits increased by 15.0% quarterly. Economists predicted a decrease of 1.0% and 7.5%. Forex traders can compare this to Australian Inventories for the first quarter, which decreased by 1.2% quarterly and to Australian Company Operating Profits, which increased by 1.1% quarterly. Company Pre-Tax Profits for the second quarter increased by 6.3% quarterly. Forex traders can compare this to Company Pre-Tax Profits for the first quarter, which decreased by 16.2% quarterly. Our Analysis: Should price action for the AUD/NZD remain inside the or breakdown below the 1.0900 to 1.0965 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.0920 Take Profit Zone: 1.0690 – 1.0725 Stop Loss Level: 1.1000 Alternative scenario: Should price action for the AUD/NZD breakout above 1.0965 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.1000 Take Profit Zone: 1.1080 – 1.1100 Stop Loss Level: 1.0965 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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