Daily Trading Analysis 20.08.2020

Technical & Fundamental analysis

Trading Analysis of USD/JPY According to Bloomberg with reference to knowledgeable sources, the U.S. and China are considering a new schedule of negotiations to discuss the trade deal. The source said that the negotiations will take place soon, although no exact date has been set for them yet. So far, trade negotiations continue regularly, but not at the highest level. Our Analysis: Provided that the currency pair is traded above 105.85 follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 106.04 Take Profit 1: 106.25 Take Profit 2: 106.50 Alternative scenario: In case of breakdown of the level 105.85, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 105.85 Take Profit 1: 105.60 Take Profit 2: 105.30 Learn More Trading Analysis of GOLD/USD Gold prices fell below $2,000 per ounce on Wednesday, partly due to the stabilization of the dollar, while investors are waiting for details on the US Federal Reserve's strategy to support the affected economy. Our Analysis: Provided that the price is above 1924.00, please follow these recommendations: Time frame: 30 min Recommendation: long position Entry point: 1945.00 Take Profit 1: 1965.00 Take Profit 2: 1976.00   Alternative scenario: In case of breakdown of the level 1924.00 and the consolidation of the price below this level, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1924.00 Take Profit 1: 1906.00 Take Profit 2: 1893.00 Learn More Fundamental Trading Analysis of EUR/USD The German PPI for July increased by 0.2% monthly and decreased by 1.7% annualized. Economists predicted an increase of 0.1% and a decrease of 1.8%. Forex traders can compare this to the German PPI for June, which was reported flat at 0.0% monthly, and which decreased by 1.8% annualized. Our Analysis: Should price action for the EUR/USD remain inside the or breakout above the 1.1800 to 1.1900 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.1845 Take Profit Zone: 1.2205 – 1.2270 Stop Loss Level: 1.1710 Alternative scenario: Should price action for the EUR/USD breakdown below 1.1800 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.1710 Take Profit Zone: 1.1450 – 1.1510 Stop Loss Level: 1.1800 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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