Daily Trading Analysis 14.07.2020

Technical & Fundamental analysis

Trading Analysis of USD/CAD The employment rate in Canada grew stronger than expected in June: The employment rate is +952900 vs. +700 thousand expected, pre. +289600; Unemployment rate 12.3% vs. 12.1% projected, pre. 13.7%;  Full-time employment +488100 vs. pre. 13.7% 3. +219400; Partial employment +464800 vs. pre. +70300; Employment 1.8 million below the February level Hourly wage of employees with permanent employment +6.8% vs. +8.9% expected; Labor-force participation rate 63.8% vs. pre. 61.4%. Since the labor-force participation rate before the pandemic was about 65.5%, it is safe to add another 1.5% to the unemployment rate. However, the overall labor market situation in Canada is moving in the right direction.  Our Analysis: Provided that the currency pair is traded above 1.3580, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.3610 Take Profit 1: 1.3650 Take Profit 2: 1.3680 Alternative scenario: In case of breakdown of the level 1.3580, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.3580 Take Profit 1: 1.3555 Take Profit 2: 1.3535 Learn More Trading Analysis of USD/CHF The USD/CHF currency pair is trading at 0.9427 and keeps moving within the correction and descending channel. The pair is trading below the lower boundary of the Ichimoku Kinko Hyo Indicator Cloud. This indicates a bearish trend for the currency pair Our Analysis: Provided that the currency pair is traded above 0.9405, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 0.9419 Take Profit 1: 0.9440 Take Profit 2: 0.9450 Alternative scenario: In case of breakdown of the level 0.9405, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 0.9405 Take Profit 1: 0.9395 Take Profit 2: 0.9385 Learn More Fundamental Trading Analysis of AUD/SGD Australian NAB Business Conditions for June were reported at -7 and Australian NAB Business Confidence at 1. Forex traders can compare this to NAB Business Conditions for May, reported at -24 and to Australian NAB Business Confidence, reported at -20. The preliminary Singapore GDP for the second quarter decreased by 41.2% quarterly and by 12.6% annualized.  Our Analysis: Should price action for the AUD/SGD remain inside the or breakdown below the 0.9640 to 0.9690 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 0.9700 Take Profit Zone: 0.9335 – 0.9395 Stop Loss Level: 0.9760 Alternative scenario: Should price action for the AUD/SGD breakout above 0.9700 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 0.9760 Take Profit Zone: 0.9900 – 0.9960 Stop Loss Level: 0.9700 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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