Daily trading analysis for April 22, 2020
Wednesday, April 22nd—today's news: oil prices hit 90s low. US dollar is weaker, but still very much in demand, European markets push higher amid hopes of the lockdown ending in the near future. EUR/USD is at 1.0866, GBP/USD—1.2341; Brent oil is $17.54 per barrel, gold is $1,721.00. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
AUDCAD analysis
The 0.9000 resistance level is holding back buyers. A bearish divergence has formed on Awesome Oscillator, and Stochastic Oscillator signals overboughtness. An ascending truncated H4 level pattern has formed. Keep track of the rate changes in real time.
Trading recommendations: sell while the descending pattern is forming, where the wave (A) breaks through the inclined channel of the ascending pattern, completing it.
Trading ideas for Rosneft
Сrude oil continues to fall in the global markets. Brent was trading at 15 USD per barrel, a price of mid-1999. This is a very serious challenge for crude oil companies. An ascending truncated pattern has formed on the chart (M5). The 306.88 resistance level holds back buyers. Stochastic Oscillator signals overboughtness. Keep track of the rate changes in real time.
Trading recommendations: sell while a descending wave pattern is forming; stop loss for the resistance level of 306.88; target levels: 294.00, 270.55, 230.00.
AUDUSD technical analysis
The pair is rising after yesterday’s drop caused by the collapse in crude oil prices. Today, amid the backdrop of the positive market sentiment, expect a local growth and the formation of the descending flag trend continuation pattern. Keep track of the rate changes in real time.
Trading recommendations: buy the pair after it crosses 0.6355 with a likely local target of 0.6445.
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.
