Daily Trading Analysis 08.03.2021

Trading Analysis of GBP/USD

The US dollar will keep rising until the Fed introduces a yield curve control tool, which will be the beginning of a long-term decline. Before Powell's speech, the markets were expecting him to announce something like that, but it looks like the time has not come yet. From this point of view, the important thing is the March 7 meeting, during which the views on the bond market may be voiced, but until then, the Fed will keep the status quo.

Our Analysis:

Provided that the currency pair is traded below 1.3865, follow the recommendations below:
  • Time frame: 30 min
  • Recommendation: short position
  • Entry point: 1.3825
  • Take Profit 1: 1.3775
  • Take Profit 2: 1.3735
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Alternative scenario:

In case of breakout of the level 1.3865, follow the recommendations below:
  • Time frame: 30 min
  • Recommendation: long position
  • Entry point: 1.3865
  • Take Profit 1: 1.3905
  • Take Profit 2: 1.3940

Trading Analysis of GOLD/USD

The price of gold fell to an almost nine-month low on Friday as higher bond yields and a strong dollar continued to reduce the appeal of the precious metal. Hopes that the U.S. Federal Reserve will take steps to curb rising yields also declined.


Our Analysis:

Provided that the price is above 1696.00, follow these recommendations:
  • Time frame: 30 min
  • Recommendation: long position
  • Entry point: 1702.00
  • Take Profit 1: 1714.00
  • Take Profit 2: 1723.00 

Alternative scenario:

In case of breakdown of the level 1696.00, follow the recommendations below:
  • Time frame: 30 min
  • Recommendation: short position
  • Entry point: 1696.00
  • Take Profit 1: 1686.00
  • Take Profit 2: 1676.00

Fundamental Trading
Analysis of ExxonMobil 
It has certainly been a challenging year for ExxonMobil. The company incurred its first annual loss in at least two decades. Higher oil prices have boosted the stock this year, but is the worst for the oil giant over? Let's take a closer look at the company's operations and plans to see what investors should expect in the long run.
ExxonMobil took a hit on all fronts last year. Lower oil and gas prices and reduced production affected the company's upstream operations. At the same time, lower refining margins and demand had a negative impact on the downstream business. Also, based on an assessment of changed market conditions, the company decided not to develop a significant portion of its dry gas assets, resulting in a significant impairment loss of nearly $17 billion in the fourth quarter. The decision also addressed the need to cut capital spending to focus only on its most profitable assets.


Our Analysis:

While the price is above 53.30, follow the recommendations below:
  • Time frame: D1
  • Recommendation: long position
  • Entry point: 57.19
  • Take Profit 1: 62.00
  • Take Profit 2: 64.00

Alternative scenario:

If the level 53.30 is broken-down, follow the recommendations below:
  • Time frame: D1
  • Recommendation: short position
  • Entry point: 53.30
  • Take Profit 1: 50.10
  • Take Profit 2: 48.10

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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