Daily Trading Analysis 10.08.2020

Technical & Fundamental analysis

Trading Analysis of NZD/USD NZD/USD currency pair closed the trading week near 0.6600. The pair is traded above the upper boundary of the Ichimoku Kinko Hyo Cloud. It indicates that there is a bullish trend for NZD/USD. This trading week, the pair is expected to grow and test the upper bound of Ichimoku Kinko Hyo near the level of 0.6730. Traders should expect the pair's attempt to rebound and further growth with a target near 0.6815. Our Analysis: Provided that the currency pair is traded above 0.6585 follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 0.6602 Take Profit 1: 0.6633 Take Profit 2: 0.6646 Alternative scenario: In case of breakdown of the level 0.6585 follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 0.6585 Take Profit 1: 0.6563 Take Profit 2: 0.6550 Learn More Trading Analysis of GOLD/USD FT found out about the export of gold from Hong Kong by rich people because of new laws in China. The export of gold from Hong Kong began in 2019 when anti-government actions were held in the city, but after the adoption of the law on national security, the trend increased. During the year, investors have withdrawn about 10% of gold reserves. Our Analysis: Provided that the price is below 2047.00, please follow these recommendations: Time frame: 30 min Recommendation: short position Entry point: 2027.89 Take Profit 1: 2015.00 Take Profit 2: 2000.00 Alternative scenario: In case of breakout of the level 2047.00 and the consolidation of the price above this level, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 2047.00 Take Profit 1: 2064.00 Take Profit 2: 2075.00 Learn More Fundamental Trading Analysis of EUR/NZD The New Zealand ANZ Activity Outlook for July decreased by 17.0%, and ANZ Business Confidence was reported at -42.4. Forex traders can compare this to the New Zealand ANZ Activity Outlook for June, which decreased by 8.9%, and to ANZ Business Confidence, reported at -31.8. Eurozone Sentix Investor Confidence for August is predicted at -15.1. Forex traders can compare this to Eurozone Sentix Investor Confidence for July, reported at -18.2. Our Analysis: Should price action for the EUR/NZD remain inside the or breakdown below the 1.7815 to 1.7915 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.7855 Take Profit Zone: 1.7160 – 1.7265 Stop Loss Level: 1.7960 Alternative scenario: Should price action for the EUR/NZD breakout above 1.7915 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.7960 Take Profit Zone: 1.8115 – 1.8190 Stop Loss Level: 1.7915 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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