Daily Trading Analysis 16.07.2020

Technical & Fundamental analysis

Trading Analysis of GOLD/USD India imported $609 million worth of gold in June 2020, according to the country's Commerce and Industry Ministry. This is still significant, 77% below the level of the corresponding period last year ($2.7 billion), but represents a marked recovery compared to April and May of this year. In April, against the backdrop of the national lockdown in India, gold imports into the country actually stopped and amounted to only $3 million, while in May supplies remained at a fairly symbolic level of $76 million. Our Analysis: Provided that the price is above 1803.00, please follow these recommendations: Time frame: 30 min Recommendation: long position Entry point: 1809.60 Take Profit 1: 1818.00 Take Profit 2: 1824.00 Alternative scenario: In case of breakdown of the level 1803.00 and the consolidation of the price below this level, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1803.00 Take Profit 1: 1798.00 Take Profit 2: 1794.00 Learn More Trading Analysis of AUD/USD Australian states toughened restrictions on movement on July 14. Thus, the authorities are trying to curb a new outbreak of coronavirus infection in the southeast of the country, reports Reuters. Our Analysis: Provided that the currency pair is traded below 0.7010 follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 0.6992 Take Profit 1: 0.6980 Take Profit 2: 0.6960 Alternative scenario: In case of breakout of the level 0.7010, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 0.7010 Take Profit 1: 0.7035 Take Profit 2: 0.7055 Learn More Fundamental Trading Analysis of AUD/USD Australian HIA New Home Sales for July increased by 87.2% monthly. Forex traders can compare this to Australian HIA New Home Sales for June, which decreased by 4.2% monthly. Australian Consumer Inflation Expectations for July increased by 3.2% annualized. Forex traders can compare this to Australian Consumer Inflation Expectations for June, which increased by 3.3% annualized. Our Analysis: Should price action for the AUD/USD remain inside the or breakout above the 0.6970 to 0.7035 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 0.6985 Take Profit Zone: 0.7150 – 0.7210 Stop Loss Level: 0.6910 Alternative scenario: Should price action for the AUD/USD breakdown below 0.6970 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 0.6910 Take Profit Zone: 0.6775 – 0.6835 Stop Loss Level: 0.6970 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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