Daily Trading Analysis 02.11.2020

Technical & Fundamental analysis

Trading Analysis of AUD/USD Last week was the best week of the month for the dollar, as an increase in coronavirus cases is causing nervous traders to turn to this safe haven. Our Analysis: Provided that the currency pair is traded below 0.7035, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 0.7000 Take Profit 1: 0.6995 Take Profit 2: 0.6975 Alternative scenario: In case of breakout of the level 0.7035, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 0.7035 Take Profit 1: 0.7055 Take Profit 2: 0.7075 Learn More Trading Analysis of S&P 500 Index The U.S. stock market fell significantly on Friday, with the Dow Jones Industrial Average experiencing the worst week and month since March. There was considerable volatility in the market during the week before the presidential election. Worsening investor sentiment was due to record increases in COVID-19 infections, new restrictions in Europe, and mixed quarterly results of major technology companies. Our Analysis: Provided that the index is traded below 3290.00, follow the recommendations below: Time frame: H4 Recommendation: short position Entry point: 3278.00 Take Profit 1: 3251.00 Take Profit 2: 3238.00 Alternative scenario: In case of breakout of the level 3290.00, follow the recommendations below: Time frame: H4 Recommendation: long position Entry point: 3290.00 Take Profit 1: 3308.00 Take Profit 2: 3333.00 Learn More Fundamental Trading Analysis of Tesla Elon Musk, CEO of Tesla, has challenged everyone and everything since he took over the management of the electric car company in 2008. Now, after stunning everyone again with the third-quarter profit report, should one buy Tesla shares? Our Analysis: While the price is below 438.00, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 388.04 Take Profit 1: 336.00 Take Profit 2: 314.00 Alternative scenario: If the level 438.00 is broken-out, follow the recommendations below. Time frame: D1 Recommendation: long position Entry point: 438.00 Take Profit 1: 477.00 Take Profit 2: 501.00 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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