Daily Trading Analysis 12.06.2020

Technical & Fundamental analysis

Trading Analysis NZD/USD The New Zealand Business Manufacturing PMI for May was reported at 39.7. Forex traders can compare this to the New Zealand Business Manufacturing PMI for April, which was reported at 26.1. The US Import Price Index for May is predicted to increase by 0.6% monthly, and the US Export Price Index is predicted to increase by 0.6% monthly. Forex traders can compare this to the US Import Price Index for April, which decreased by 2.6% monthly, and to the US Export Price Index, which decreased by 3.3% monthly. Preliminary US Michigan Consumer Sentiment for June is predicted at 75.0. Forex traders can compare this to US Michigan Consumer Confidence for May, which was reported at 72.3. Preliminary Current Conditions for June are expected at 85.0, and Preliminary Expectations are predicted at 70.0. Forex traders can compare this to Current Conditions for May, which were reported at 82.3 and to Expectations, which were reported at 65.9. Our Analysis: Should price action for the NZD/USD remain inside the or breakdown below the 0.6420 to 0.6500 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 0.6460 Take Profit Zone: 0.5920 – 0.6015 Stop Loss Level: 0.6530 Alternative scenario: Should price action for the NZD/USD breakout above 0.6500 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 0.6530 Take Profit Zone: 0.6630 – 0.6665 Stop Loss Level: 0.6460 Learn More Trading Analysis of USD/CAD After the decline, the USD/CAD pair resumed its growth, as the Canadian dollar got under the pressure of oil prices by 8%. As a result, the price broke through the 55 EMA and targeted the 200 SMA, which might be difficult to breakthrough. The RSI reached the overbought area, which might suggest a pullback. The MACD indicator has entered the green zone, which is a bullish signal. In general, the trend change looks possible. The formation of rising highs and lows is not yet complete, so it would be a good idea to see confirmation of completion. Our Analysis: Provided that the currency pair is traded above 1.3565, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.3610 Take Profit 1: 1.3665 Take Profit 2: 1.3700 Alternative scenario: In case of breakdown of the level 1.3565, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.3565 Take Profit 1: 1.3500 Take Profit 2: 1.3445 Learn More Trading Analysis of GOLD/USD Gold prices are supported by fears that COVID-19 will revive in the USA. On Thursday it became known that the number of people infected with coronavirus in the United States exceeded 2 million. Investors were also soberingly affected by the Fed's statements. The FOMC said it does not expect the base rate to increase by the end of 2022. Fed also published new economic forecasts, according to which the U.S. GDP will decline by 6.5% this year, while unemployment will reach 9.3%. Our Analysis: Provided that the price is below 1735.00, please follow these recommendations: Time frame: 30 min Recommendation: short position Entry point: 1726.30 Take Profit 1: 1719.00 Take Profit 2: 1708.00 Alternative scenario: In case of breakout of the level 1735.00 and the consolidation of the price above this level, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1735.00 Take Profit 1: 1745.00 Take Profit 2: 1755.00 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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