Source: PaxForex Premium Analytics Portal, Technical Insight
According to WHO, there was a record increase in confirmed COVID-19 cases worldwide over the past weekend. During the day the number of cases increased by 230 370 people. This result broke the previous anti-record set on July 10 (228,102). Maximum growth was registered in the USA, Brazil, India and South Africa. The total number of infected in the world today has approached the mark of 13 million. In 7 months, the coronavirus has already killed more than 566 thousand people.
USD/JPY, 30 min
Pivot: 106.90
Analysis:
Provided that the currency pair is traded below 106.95, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 106.90
- Take Profit 1: 106.70
- Take Profit 2: 106.50
Alternative scenario:
In case of breakout of the level 106.95, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 106.95
- Take Profit 1: 107.10
- Take Profit 2: 107.25
Comment:
Technically RSI shows the possibility of a downtrend during the day.
Key levels:
Resistance | Support |
107.25 | 106.70 |
107.10 | 106.50 |
106.95 | 106.30 |
USD/JPY, D1
Pivot: 106.89
Analysis:
While the price is below 108.20, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 106.89
- Take Profit 1: 106.00
- Take Profit 2: 104.50
Alternative scenario:
If the level 108.20 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 108.20
- Take Profit 1: 109.65
- Take Profit 2: 111.20
Comment:
RSI shows a medium-term downtrend.
Key levels:
Resistance | Support |
111.20 | 106.00 |
109.65 | 104.50 |
108.20 | 102.40 |
We also advise you to pay attention to the following currency pairs for intra-day trading:
EUR/USD – buy above 1.1305 with 1.1350 and 1.1370 as Take Profit targets. Alternative scenario - if the level of 1.1305 is broken-down, you should consider selling with the targets 1.1290 and 1.1275 as Take Profit.
GBP/USD - short positions below 1.2630 with 1.2605 and 1.2580 targets as Take Profit. Alternative scenario - if the level of 1.2630 is broken-out, buy with the targets 1.2670 and 1.2690 as Take Profit.
USD/CAD - sell below 1.3600 with 1.3535 and 1.3510 targets as Take Profit. Alternative scenario - if the level 1.3600 is broken-out, buy with the TP 1.3625 and 1.3650.