Daily Trading Analysis 27.05.2020

Technical & Fundamental analysis

Trading Analysis GBP/USD According to Andy Haldane, Chief Economist of the Bank of England: The incoming data turned out to be a bit better than the scenario of the Central Bank. In the 2nd quarter the drawdown of the British economy may exceed 20%. Survey results reflect some stabilization, moderate recovery in costs and business sentiment No one's predicting a sharp bounce. Recovery can be V-shaped but at very slow recovery rates. Employment rates may not return to "previous" levels until 2023. The Central Bank is studying the effects of negative interest rates The key aspects that need to be considered are the impact of such rates on the financial sector and confidence in the economy. Our Analysis: Provided that the currency pair is traded below 1.2345, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.2312 Take Profit 1: 1.2300 Take Profit 2: 1.2260 Alternative scenario: In case of breakout of the level 1.2345, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.2345 Take Profit 1: 1.2365 Take Profit 2: 1.2385 Learn More Trading Analysis of BTC/USD Traders who were hoping for Bitcoin to catapult higher after this week’s halving saw prices correct by over 10%. It remains premature to conclude, but with all the hype over the past few weeks leading into the much anticipated 50% reduction in rewards for miners, big sell orders dominated. Rumors of Satoshi Nakamoto cashing out are dampening enthusiasm, and price action is expected to add to its losses. The breakdown below 9,000 marked another significant setback for Bitcoin, at least in the short-term. Our Analysis: Should price action for the BTC/USD remain inside the or breakdown below the 8,610 to 9,050 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 8,800 Take Profit Zone: 6,435 – 6,770 Stop Loss Level: 9,270 Alternative scenario: Should price action for the BTC/USD breakout above 9,050 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 9,270 Take Profit Zone: 9,875 – 10,225 Stop Loss Level: 9,050 Learn More Trading Analysis of NZD/USD NZD/USD is trading above 0.61 after yesterday's quiet holiday which undermined market liquidity. Analysts of ANZ Bank fear that the positions of the kiwi are vulnerable and the pair may gradually give up positions, as now the markets are laying in the prices of improvement in New Zealand, and the slowdown in the global economy will adversely affect the rate of kiwi. Our Analysis: Provided that the currency pair is traded above 0.6158, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 0.6195 Take Profit 1: 0.6243 Take Profit 2: 0.6266 Alternative scenario: In case of breakdown of the level 0.6158 follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 0.6158 Take Profit 1: 0.6119 Take Profit 2: 0.6096 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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