Daily Trading Analysis 07.09.2020

Technical & Fundamental analysis

Trading Analysis of NZD/USD The campaign before the general elections began in New Zealand, reports Reuters. There was a brief ceremony in the Parliament to begin preparations for the elections, which are scheduled for October 17. Initially, elections were to be held back in August, but the New Zealand authorities postponed them because of the outbreak of COVID-19 in Auckland. Our Analysis: Provided that the currency pair is traded below 0.6729 follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 0.6707 Take Profit 1: 0.6673 Take Profit 2: 0.6657 Alternative scenario: In case of breakout of the level 0.6729 follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 0.6729 Take Profit 1: 0.6756 Take Profit 2: 0.6772 Learn More Trading Analysis of Dow Jones Index U.S. stock indices fell on Friday after the collapse the day before on the background of declining stock prices for technology companies. The Dow Jones index dropped 159.42 points (0.56%) to 28133.31 points. Our Analysis: Provided that the currency pair is traded below 28325.00, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 28000.00 Take Profit 1: 25950.00 Take Profit 2: 24800.00 Alternative scenario: In case of breakout of the level 228325.00, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 28325.00 Take Profit 1: 28800.00 Take Profit 2: 29550.00 Learn More Fundamental Trading Analysis of ExxonMobil  ExxonMobil is going through a difficult time. The oil giant price fell by more than 40% this year, burdened by the weight of falling oil rates. It indicates that the oil giant's shares fell by about 60% from the previous high, which was reached when oil prices last expressed in three-digit numbers. Our Analysis: Provided that the asset is traded below 41.30 follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 39.08 Take Profit 1: 36.50 Take Profit 2: 35.40 Alternative scenario: In case of breakout of the level 41.30 follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 41.30 Take Profit 1: 43.10 Take Profit 2: 44.20 Learn More Fundamental Trading Analysis of BTC/USD Since May 10th, Bitcoin started to lose 10% of its dominance in the cryptocurrency sector. I reached a peak of 67% and is presently sliding below 57%. There is an aggregate of 6,700+ cryptocurrency coins available, and the number is set to grow further. The main benefactor is Ethereum, driven by the DeFi craze, but despite the decrease, Bitcoin does remain the dominant force. Given the growth of the market, a slide below 50% is equally possible and healthy. Our Analysis: Should price action for the BTC/USD remain inside the or breakout above the $9,860 to $10,100 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ $10,000 Take Profit Zone: $10,950 – $11,315 Stop Loss Level: $9,600 Alternative scenario: Should price action for the BTC/USD breakdown below $9,860 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ $9,600 Take Profit Zone: $8,180 – $8,610 Stop Loss Level: $9,860 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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