Daily Trading Analysis 02.07.2020

Technical & Fundamental analysis

Trading Analysis of USD/CAD Fitch downgraded Canada's sovereign rating to AA+ from the previous AAA value. The outlook for the rating is stable. Canada was one of the few countries with top AAA rating. However, in Moody's and S&P ratings it continues to hold these positions. According to Fitch's comments, the revision was due to the worsening situation in the country's state budget under the influence of the pandemic. In particular, the agency pointed to an increase in the deficit indicators of the debt to GDP ratio. Our Analysis: Provided that the currency pair is traded above 1.3590, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.3608 Take Profit 1: 1.3615 Take Profit 2: 1.3640 Alternative scenario: In case of breakdown of the level 1.3590, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.3590 Take Profit 1: 1.3570 Take Profit 2: 1.3545 Learn More Trading Analysis of Apple Shares Apple will again close more than 30 stores in the U.S. due to increased disease rates in several states, CNBC reports. It notes that we are talking about Alabama, California, Georgia, Idaho, Louisiana, Nevada and Oklahoma. Stores are already closed in Florida, Mississippi, Texas and Utah. Apple was one of the first companies to close its stores to prevent the coronavirus from spreading. Recently, stores have started to open in a sanitary environment, but due to the increasing number of infections, the company had to close sales outlets again.  Our Analysis: Provided that the asset is traded above 361.60, follow the recommendations below: Time frame: H4 Recommendation: long position Entry point: 364.83 Take Profit 1: 369.80 Take Profit 2: 372.00 Alternative scenario: In case of breakdown of the level 361.60, follow the recommendations below: The timeframe: H4 Recommendation: short position Entry point: 361.60 Take Profit 1: 357.80 Take Profit 2: 355.60 Learn More Fundamental Trading Analysis of AUD/USD The Australian Trade Balance for May was reported at A$8,025M. Forex traders can compare this to the Australian Trade Balance for April, reported at A$8,800M. Exports for May decreased by 4.0% monthly, and imports decreased by 6.0%. Forex traders can compare this to exports for April, which decreased by 11.0% and, and to imports, which decreased by 11.0%. Our Analysis: Should price action for the AUD/USD remain inside the or breakout above the 0.6890 to 0.6960 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 0.6930 Take Profit Zone: 0.7155 – 0.7200 Stop Loss Level: 0.6820 Alternative scenario: Should price action for the AUD/USD breakdown below 0.6890 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 0.6820 Take Profit Zone: 0.6645 – 0.6730 Stop Loss Level: 0.6890 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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