06.04.2020
Monday, April 6th—today's news: Spain to introduce a permanent universal basic income amid the coronavirus-induced crisis. European markets are optimistic about the possible pandemic slowdown, the US stock market is also expecting gains. EUR/USD is at 1.0802, GBP/USD—1.2307; Brent oil is $29.36 per barrel, gold is $1,636.40. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
The overall trend is downward. The resistance level of 0.5963 is holding back buyers. A breakout of the support level of 0.5830 will result in the formation of a descending 1-2-3 pattern within the overall downtrend. Also, sell below 135 EMA. Keep track of the rate changes in real time.
Trading recommendations: sell below 0.5830; stop loss: 0.5963; target levels: 0.5727, 0.5630; a reversal is possible at the completion of the descending pattern and the formation of the ascending pattern.
The overall movement is downward. The wedge pattern has formed. The moving averages of Stochastic Oscillator are directed downward and signal overboughtness. Breaking through the lower border of the pattern will result in a further downward movement. Keep track of the rate changes in real time.
Trading recommendations: sell below 182.00; stop loss: 191.00; target levels: 173.24, 165.50.
The ruble is supported by the sharp recovery in crude oil prices last week in anticipation of the new round of negotiations between the US, Russia and Saudi Arabia on pricing policy and crude oil production volumes. Another positive factor is the continuing demand for federal loan bonds from non-residents and the growing interest in the shares of Russian companies. The first indicators of the decline of the coronavirus pandemic in Europe and the USA are also a plus, although at the moment it’s too early to talk about a definite end. Keep track of the rate changes in real time.
Trading recommendations: sell the pair after it consolidates below 76.75 with a likely decrease to 75.00.
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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