AUD/USD

Market Opportunities - 06/08/2020

06 August, 2020 Research Department

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

AUD/USD uptrend opportunity based On 1.00 Lot Calculation:

U.S. Congress is pressed to shape and adopt a new fiscal recovery package until Friday as the summer break starts this weekend;
Dissapointing ADP data, published yesterday, is weighing on the US dollar ahead of the July NFP figures, which are expected tomorrow.

AUD/USD, August 6, 2020
Current Price: 0.7188

AUD/USD	Weekly
Trend Direction	UP
Resistance 3	0.7278
Resistance 2	0.7258
Resistance 1	0.7238
Support 1	0.7138
Support 2	0.7108
Support 3	0.7098

Example of calculation based on weekly trend direction for 1.00 Lot*

AUD/USD
	Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
Profit or loss in $	900	700	500	-500	-800	-900
Profit or loss in €**	759	591	422	-422	-675	-759
Profit or loss in £**	576	531	380	-380	-607	-683
Profit or loss in C$**	1,195	929	664	-664	-1,062	-1,195

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 10:25 (GMT+1) 6/8/2020
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Senior Account Manager for more details

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Be Aware: You can lose all, but not more than the balance of your Trading Account. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice. This material does not constitute an offer of, or solicitation for, a transaction in any financial instrument. Fortrade accepts no responsibility for any use that may be made of the information and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

The information on this site is not directed at residents of the United States or Belgium and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

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