Daily Trading Analysis 19.06.2020

Technical & Fundamental analysis

Trading Analysis AUD/USD The dollar has risen, fueled by concerns about new coronavirus cases and geopolitical tensions. In China, the government is fighting a second coronavirus outbreak that was discovered at the Xinfadi market over the weekend. The government closed schools in Beijing on Wednesday and raised the second level of emergency in the city. Tensions between Beijing and Delhi are also growing: clashes between India and China on a disputed section of the border have led to the deaths of 20 Indian soldiers, as well as an undetermined number of victims on the Chinese side. Our Analysis: Provided that the currency pair is traded above 0.6830 follow the recommendations below: The timeframe: 30 min Recommendation: long position Entry point: 0.6848 Take Profit 1: 0.6875 Take Profit 2: 0.6900 Alternative scenario: In case of breakdown of the level 0.6830, follow the recommendations below: The timeframe: 30 min Recommendation: short position Entry point: 0.6830 Take Profit 1: 0.6795 Take Profit 2: 0.6770 Learn More Trading Analysis of GOLD/USD  Gold prices are not moving as the number of cases of coronavirus infection is growing and in anticipation of the release of unemployment data in the United States. The spot price of gold changed little, holding close to $1,726.24 per troy ounce by 12.00 GMT. Our Analysis: Provided that the price is above 1721.50, please follow these recommendations: Time frame: 30 min Recommendation: long position Entry point: 1727.00 Take Profit 1: 1733.00 Take Profit 2: 1737.50 Alternative scenario: In case of breakdown of the level 1721.50 and the consolidation of the price above this level, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1721.50 Take Profit 1: 1717.00 Take Profit 2: 1712.50 Learn More Trading Analysis of GBP/CAD UK Retail Sales for May increased by 12.0% monthly and decreased by 13.1% annualized. Economists predicted an increase of 5.7% and a decrease of 17.1%. Forex traders can compare this to UK Retail Sales for April, which decreased by 18.0% monthly and by 22.7% annualized. UK Core Retail Sales for May increased by 10.2% monthly and decreased by 9.8% annualized. Economists predicted an increase of 4.5% and a decrease of 14.4%. Our Analysis: Should price action for the GBP/CAD remain inside the or breakout above the 1.6835 to 1.6925 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.6875 Take Profit Zone: 1.7330 – 1.7485 Stop Loss Level: 1.6750 Alternative scenario: Should price action for the GBP/CAD breakdown below 1.6835 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.6750 Take Profit Zone: 1.6540 – 1.6610 Stop Loss Level: 1.6835 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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