Daily Trading Analysis 23.04.2020

Technical & Fundamental analysis

Trading Analysis EUR/USD The German GfK Consumer Confidence Survey for May was reported at -23.4. Economists predicted a figure of -1.8. Forex traders can compare this to the German GfK Consumer Confidence Survey for April, which was reported at 2.7. The Preliminary French Markit Manufacturing PMI for April is predicted at 37.5. Forex traders can compare this to the French Markit Manufacturing PMI for March, which was reported at 43.2. The Preliminary French Markit Services PMI for April is predicted at 25.0. Forex traders can compare this to the French Markit Services PMI for March, which was reported at 27.4. The Preliminary French Markit Composite PMI for April was reported at 25.3. Forex traders can compare this to the French Markit Composite PMI for March, which was reported at 28.9. Our Analysis: Should price action for the EUR/USD remain inside the or breakout above the 1.0770 to 1.0890 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.0820 Take Profit Zone: 1.1145 – 1.1215 Stop Loss Level: 1.0725 Alternative scenario: Should price action for the EUR/USD breakdown below 1.0770 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.0725 Take Profit Zone: 1.0585 – 1.0635 Stop Loss Level: 1.0770 Learn More Trading Analysis of GOLD/USD Bloomberg writes that the Bank of America (NYSE: BAC) has improved its 18-month gold price forecast. Bank analysts expect the price of the precious metal to reach $3000 in a year and a half. This year the average price of gold will be $ 1,695 per ounce, and next year it will rise to $2063, analysts say. The current record was slightly over $1921 and was set in September 2011. On Tuesday, the spot price of gold was on average $1678 per ounce and showed an 11% increase since the beginning of the year. Our Analysis: Provided that the price is above 1702.00, please follow these recommendations: Time frame: 30 min Recommendation: long position Entry point: 1712.34 Take Profit 1: 1722.00 Take Profit 2: 1730.00 Alternative scenario: In case of breakdown of the level 1702.00 and the consolidation of the price above this level, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1702.00 Take Profit 1: 1691.00 Take Profit 2: 1678.00 Learn More Trading Analysis of EUR/USD Euro/Dollar is being traded in a narrow range, demonstrating stability in the conditions of a strengthening dollar against a storm in the oil market. The single currency does not want to give up to the "King Dollar", but is it ready for growth? The dollar as the main protective currency heats hands on the collapse of oil quotes, provoked by the coronavirus pandemic. At first, the collapse started in the market of West Texas Intermediate futures, but now Brent oil has joined them, which also sank to the lowest levels since 1999. However, EUR/USD has dived to 1.0820 only for a while, noting its falling maximum. What is the euro's support? First of all, it is the improvement of statistics on COVID-19. It is especially noteworthy that this improvement was observed on Tuesday, the day when traditionally there is an increase in indicators after the weekend effects. Our Analysis: Provided that the currency pair is traded below 1.0880, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.0828 Take Profit 1: 1.0780 Take Profit 2: 1.0760 Alternative scenario:  In case of breakout of the level 1.0880, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.0880 Take Profit 1: 1.0940 Take Profit 2: 1.0980 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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