Daily Trading Analysis 17.05.2021

Technical & Fundamental analysis

Trading Analysis of USD/JPY Bank of Japan Governor H. Kuroda, during an ongoing speech in Parliament, said: The central bank is taking extraordinary policy easing measures that no other central bank applies; In particular, we are talking about buying risky assets such as ETFs; It is a necessary measure that should help accelerate inflation to the 2% mark; The Central Bank takes into account that an excessive decline in yields at the far end of the curve could harm the economy; The Central Bank will consider the side effects of its monetary policy and the risks of financial imbalances; The potential impact of a growing number of new strains of the virus should be monitored closely, although Japan's overall economy is improving thanks to a strong global economic recovery. Our Analysis: Provided that the currency pair is traded below 109.50, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 109.34 Take Profit 1: 109.15 Take Profit 2: 109.00 Alternative scenario: In case of breakout of the level 109.50, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 109.50 Take Profit 1: 109.65 Take Profit 2: 109.80 Learn More Trading Analysis of S&P 500 Index The U.S. stock market closed Friday's trading with growth due to the strengthening of the oil and gas, technology and consumer services sectors. The S&P 500 Index was up 1.49% at the close of trading on the New York Stock Exchange. Our Analysis: Provided that the index is traded above 4155.00, follow the recommendations below: Time frame: H4 Recommendation: long position Entry point: 4165.00 Take Profit 1: 4215.00 Take Profit 2: 4250.00 Alternative scenario: In case of breakdown of the level 4155.00, follow the recommendations below: Time frame: H4 Recommendation: short position Entry point: 4155.00   Take Profit 1: 4125.00 Take Profit 2: 4050.00 Learn More Fundamental Trading Analysis of Home Depot Home Depot sales have increased dramatically in the past few years as consumers have become much more focused on the condition of their homes. With the onset of the coronavirus pandemic, this trend intensified as many were forced to maintain a social distance and ended up spending more time at home. It caused many to pay attention to things that needed to be fixed or improved. For others, the home began to replace the gym, office, and school, and they realized they needed to upgrade existing facilities or add new ones. Our Analysis: While the price is above 312.00, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 323.00 Take Profit 1: 342.00 Take Profit 2: 350.00 Alternative scenario: If the level 312.00 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 312.00  Take Profit 1: 300.00 Take Profit 2: 292.00 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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