Daily Trading Analysis 21.08.2020

Technical & Fundamental analysis

Trading Analysis of GBP/USD British Prime Minister B. Johnson stated that the second wave of coronavirus must be avoided: The schools must be reopened; We want to see economic recovery, but it's a long way from there; We knew the situation was complicated (commentary on the labor market report). Our Analysis: Provided that the currency pair is traded above 1.3205, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.3248 Take Profit 1: 1.3270 Take Profit 2: 1.3290 Alternative scenario: In case of breakdown of the level 1.3205, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.3205 Take Profit 1: 1.3180 Take Profit 2: 1.3160 Learn More Trading Analysis of Pfizer Pfizer and BioNTech share positive early data on the leading mRNA candidate vaccine BNT162b2 against COVID-19. In a Phase 1 study in the U.S., 7 days after a second 30 µg dose, BNT162b2 induced SARS-CoV-2 neutralizing Mean Geometric Titers (GMTs) among young people (18-55 years) at 3, 8 times the GMT panel of 38 sera recovery patients with SARS-CoV-2 and in elderly people (65-85 years old) the candidate vaccine caused a GMT neutralizing 1.6 times the GMT panel of the same panel, demonstrating strong immunogenicity in young and elderly people. Our Analysis: Provided that the asset is traded above 37.54, follow the recommendations below: Time frame: H4 Recommendation: long position Entry point: 38.65 Take Profit 1: 39.48 Take Profit 2: 40.91 Alternative scenario: In case of breakdown of the level 37.54, follow the recommendations below: Time frame: H4 Recommendation: short position Entry point: 37.54 Take Profit 1: 36.48 Take Profit 2: 34.55 Learn More Fundamental Trading Analysis of GBP/AUD  The Preliminary Australian Manufacturing PMI for August was reported at 53.9. Forex traders can compare this to the Australian CBA Manufacturing PMI for July, reported at 54.0. The Preliminary Australian CBA Services PMI for August was reported at 48.1. Forex traders can compare this to the Australian CBA Services PMI for July, reported at 58.2. The Preliminary Australian CBA Composite PMI for August was reported at 48.8. Forex traders can compare this to the Australian CBA Composite PMI for July, reported at 57.8. Australian Retail Sales for August increased by 3.3% monthly. Economists predicted a decrease of 2.7% monthly. Forex traders can compare this to Australian Retail Sales for July, which increased by 2.7% monthly. Our Analysis: Should price action for the GBP/AUD remain inside the or breakout above the 1.8350 to 1.8450 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.8400 Take Profit Zone: 1.8975 – 1.9125 Stop Loss Level: 1.8270 Alternative scenario: Should price action for the GBP/AUD breakdown below 1.8350 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.8270 Take Profit Zone: 1.8025 – 1.8075 Stop Loss Level: 1.8350 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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