Daily trading analysis April 7, 2020

Tuesday, April 7th—today's news: UK PM Boris Johnson, who has coronavirus, moved to intensive care. European markets are rising, China reports no daily deaths from coronavirus for the first time since January. EUR/USD is at 1.0869, GBP/USD—1.2303; Brent oil is $30.13 per barrel, gold is $1,657.53. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.

NZDUSD analysis

The overall trend is downward. Stochastic Oscillator signals overboughtness. The ascending H1 level pattern is presumably a wave (B) of the descending H4 level pattern. Keep track of the rate changes in real time.

Trading recommendations: sell strictly while a descending wave pattern is forming, where the wave (as) breaks through the inclined channel of the ascending H1 level pattern. 

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USDRUB technical analysis

Markets are hopeful about the pandemic slowdown and early recovery of business and industrial activity. Investors are in anticipation of a new crude oil deal between the US, Saudi Arabia, and Russia, which supports oil prices and contributes to a stronger ruble. Keep track of the rate changes in real time.

Trading recommendations: sell the pair after it crosses 75.00 with a possible drop to 73.65.

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Trading ideas for British American Tobacco PLC

The overall trend is downward. The resistance level of 30.20 holds back buyers. A bearish divergence has formed on Awesome Oscillator, and Stochastic Oscillator signals overboughtness. Breaking through the support level of 29.00 will result in the formation of a 1-2-3 descending pattern within the overall downtrend. Keep track of the rate changes in real time.

Trading recommendations: sell below 29.000; stop loss: 30.200; target levels: 28.15, 26.30, 25.00.

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Useful info and online charts

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.}