Daily Trading Analysis 01.09.2020

Technical & Fundamental analysis

Trading Analysis of Nasdaq 100 Nasdaq-listed analytical software provider MicroStrategy bought 21,454 BTCs (~$250 million at the exchange rate at the time of the deal), becoming the first public company to invest part of its capital in bitcoin.  Our Analysis: Provided that the currency pair is traded below 12270.00, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 12110.00 Take Profit 1: 12000.00 Take Profit 2: 11840.00 Alternative scenario: In case of breakout of the level 12270.00, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 12270.00 Take Profit 1: 12440.00 Take Profit 2: 12500.00 Learn More Trading Analysis of AUD/USD Australian authorities intend to make coronavirus vaccination mandatory. As AFP reports, it was announced by Prime Minister Scott Morrison. According to him, Australia plans to establish the production of the vaccine, which is currently being developed by a Swedish-British pharmaceutical group together with Oxford University. Our Analysis: Provided that the currency pair is traded above 0.7370 follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 0.7402 Take Profit 1: 0.7445 Take Profit 2: 0.7470 Alternative scenario: In case of breakdown of the level 0.7370, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 0.7370 Take Profit 1: 0.7340 Take Profit 2: 0.7315 Learn More Fundamental Trading Analysis of GBP/USD The final UK Markit/CIPS Manufacturing PMI for August is predicted at 55.3. Forex traders can compare this to the UK Markit/CIPS Manufacturing PMI for July, reported at 53.3. UK Mortgage Approvals for July are predicted at 54.84K. Forex traders can compare this to UK Mortgage Approvals for June, reported at 40.01K. UK Net Consumer Credit for July is predicted at £0.678B, and Net Lending Securities on Dwellings is predicted at £2.800B. Forex traders can compare this to UK Net Consumer Credit for June, reported at -£0.086B, and to Net Lending Securities on Dwellings, reported at £1.900B. Our Analysis: Should price action for the GBP/USD remain inside the or breakout above the 1.3355 to 1.3420 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.3400 Take Profit Zone: 1.3710 – 1.3790 Stop Loss Level: 1.3300 Alternative scenario: Should price action for the GBP/USD breakdown below 1.3355 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.3300 Take Profit Zone: 1.3130 – 1.3185 Stop Loss Level: 1.3355 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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