years on the market
Thursday, July 16th, today’s news—China's economy rose 3.2% in the second quarter instead of the predicted 2.5%, but the markets are down amid the escalating tensions with the US. European markets are also lower ahead of the ECB meeting, USD is recovering. The price of Brent oil is $43.45, WTI—$40.71. EUR/USD is at 1.1395, GBP/USD—1.2546, gold is $1,807.75 per ounce. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
In his new video, our Chief Analyst Vladimir Rojankovski talks about the behavior of oil prices, stock indices, news of COVID-19 vaccine, and how it all will affect the markets. Subscribe to our YouTube channel and never miss an update!
The overall trend is downward. The ascending H1 level pattern is currently truncated. Awesome Oscillator shows a bearish divergence, while Stochastic Oscillator indicates an overbought condition. Keep track of the price movement in real time.
Trading recommendations: sell when a descending wave pattern is formed, where the wave (aS) breaks through the inclined channel of the ascending pattern.
The inclined channel of the descending pattern is broken by the formation of the assumed wave 1 of 1-2-3 pattern. A breakout of the price pivot zone of 363.00 will result in the formation of ascending pattern 1-2-3. Stochastic Oscillator indicates an oversold condition, and Awesome Oscillator shows a bullish divergence. Keep track of the rate changes in real time.
Trading recommendations: buy on the breakout of the price pivot zone of 363.00; Stop Loss under the support level 349.16; target levels: 383.00, 406.00.
The pair is trading below the 1.1415 ahead the ECB's monetary policy decision, to be made today. The central bank is expected to leave interest rates and the monetary policy unchanged, which will stimulate the demand for risk assets and the euro amid the hopeful outlook for the recovery fund and the possible early start of production of the coronavirus vaccine. Keep track of the rate changes in real time.
Trading recommendations: a breakout of the 1.1415b amid the optimism will result in further growth to 1.1500; Stop Loss for the local maximum; target levels: 0.9424, 0.9370.
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.