09.07.2020
Thursday, July 9th, today’s news—US stock futures are trading steady after a record Nasdaq surge. The US dollar is down amid hopes of economic recovery, China's markets are higher following the better than predicted PPI as investors resume activity. The price of Brent oil is $43.27, WTI—$40.78. EUR/USD is at 1.1334, GBP/USD— 1.2544, gold is $1,810.65 per ounce. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
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The currency pair is trading in the upper flat range. The main H4 level pattern is truncated and the subwaves of the wave C (ascending H2 level pattern) currently have a truncated wave C. The formation of a reversal wave model is likely. A bearish divergence has formed on Awesome Oscillator, and Stochastic Oscillator signals overboughtness. Keep track of the rate changes in real time.
Trading recommendations: sell strictly when a descending wave pattern is formed, where the wave (A) breaks through the inclined channel of the ascending H2 level pattern.
The pair broke out of the range of 1.1190–1.1345 where it’s been for some time. The pair is supported by the hopes that the recovery fund plan will be approved at the EU summit on July 18th. Keep track of the rate changes in real time.
Trading recommendations: if the price fixes above 1.1345, it will continue further up to 1.1420 with a possible increase to 1.1500.
The support level of 43.50 continues to restrain sellers. Stochastic Oscillator signals an oversold condition. A breakout of the resistance level 45.51 will result in the formation of a1-2-3 ascending pattern. Keep track of the rate changes in real time.
Trading recommendations: buy above 45.51; Stop Loss below the support level of 43.50; target levels: 47.60, 50.00.
Visit the new section on Grand Capital website to monitor the rate changes of your preferred instruments and get useful information to help you decide on a trading strategy.
*Trading recommendations offered by analysts do not constitute a solicitation. Before starting to trade on currency exchange markets, please make sure that you understand the risks connected with the use of leverage and that you have sufficient level of training.
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