Daily Trading Analysis 23.06.2020

Technical & Fundamental analysis

Trading Analysis GOLD/USD The price of gold rose on Monday, reaching more than a month's high during the session, as rising coronavirus cases in many countries undermined confidence in a rapid recovery. According to UBS analyst Giovanni Staunovo, there are concerns about the second wave of coronavirus or aggravation of the current outbreak in the USA and Europe, which will slow down the recovery. The World Health Organization reported on Sunday a record increase in the number of cases of infection with coronavirus, the largest increase was recorded in North and Latin America. Two US Federal Reserve officials on Friday warned that the unemployment rate could rise again if the virus is not taken over.  Our Analysis: Provided that the price is above 1744.00, please follow these recommendations: Time frame: 30 min Recommendation: long position Entry point: 1752.57 Take Profit 1: 1763.50 Take Profit 2: 1775.00 Alternative scenario: In case of breakdown of the level 1744.00 and the consolidation of the price above this level, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1744.00 Take Profit 1: 1733.00 Take Profit 2: 1725.00 Learn More Trading Analysis of USD/CAD The Bank of Canada expects new infections after the restrictions are lifted:  It is important to contain the spread of coronavirus.  International cooperation in the fight against coronavirus can be used more often.  We are closely monitoring the real estate market and expect different impacts in different parts of the world.  Recovery will be slow. Our Analysis: Provided that the currency pair is traded above 1.3550, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.3555 Take Profit 1: 1.3570 Take Profit 2: 1.3590 Alternative scenario: In case of breakdown of the level 1.3550, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.3550 Take Profit 1: 1.3495 Take Profit 2: 1.3480 Learn More Trading Analysis of EUR/GBP The Preliminary French Markit Manufacturing PMI for June was reported at 52.1. Economists predicted a reading of 46.0. Forex traders can compare this to the French Markit Manufacturing PMI for May, reported at 40.6. The Preliminary French Markit Services PMI for June was reported at 50.3. Economists predicted a reading of 44.2. Forex traders can compare this to the French Markit Services PMI for May, reported at 31.1. The Preliminary French Markit Composite PMI for June was reported at 51.3. Economists predicted a reading of 46.3. Forex traders can compare this to the French Markit Composite PMI for May, reported at 32.1. Our Analysis: Should price action for the EUR/GBP remain inside the or breakdown below the 0.9015 to 0.9100 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 0.9060 Take Profit Zone: 0.8670 – 0.8740 Stop Loss Level: 0.9150 Alternative scenario: Should price action for the EUR/GBP breakout above 0.9100 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 0.9150 Take Profit Zone: 0.9335 – 0.9415 Stop Loss Level: 0.9060 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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