Daily trading analysis for April 10, 2020
Friday, April 10th—today's news: OPEC+ countries agree to cut oil output by the unprecedented 10 million barrels per day. Federal Reserve announced $2.3 trillion stimulus, the EU ministers of finance seal the deal on half-a-trillion euros worth of economic support. EUR/USD is at 1.0947, GBP/USD—1.2476; Brent oil is $28.81 per barrel, gold is $1,683.63. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
GBPUSD analysis
The overall trend is downward. A reversal wave model has formed, where the waves C H8 and C H2 are truncated. Awesome Oscillator shows a bearish divergence, and Stochastic Oscillator signals overboughtness. Keep track of the rate changes in real time.
Trading recommendations: sell strictly as an ascending truncated pattern is forming on the H4 level by breaking through the inclined channel. Entry at the formation of a descending pattern.
AUDUSD technical analysis
The pair remains in a short-term uptrend amid the more positive global market sentiment and hopes that the peak of the coronavirus pandemic is just around the corner. The pair is also supported by the recovery of economic activity in China after the pandemic, increased demand for commodity assets, the obvious weakness of the US dollar against the backdrop of the unprecedented stimulus measures by the Fed, as well as the recent decision of the RBA not to change interest rates. Keep track of the rate changes in real time.
Trading recommendations: the pair may correct down to 0.6280. Buy it from this level if it does not hold above 0.6340 with a local target level of 0.6500.
Trading ideas for the Home Depot, Inc. (#HD)
The stock is trading in the range of 365 and 135 moving averages directed downward. An ascending truncated pattern has formed. MACD shows a bearish divergence, Stochastic Oscillator signals overboughtness. Keep track of the rate changes in real time.
Trading recommendations: sell while a descending wave pattern is forming, where the wave (A) breaks through the inclined channel of the ascending pattern.
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.
