Daily trading analysis for April 28, 2020
Tuesday, April 28th—today's news: oil prices resume decline. The US dollar is rising, Germany's economy to shrink 6.6% in 2020. EUR/USD is at 1.0848, GBP/USD—1.2458; Brent oil is $22.70 per barrel, gold is $1,717.50. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
EURUSD analysis
The overall trend is downward. A start fractal has formed below the 135 moving average, followed by signal fractals. Breaking through the start fractal will result in the formation of a descending wave M30 level pattern within the C wave of a descending H8 level pattern. Keep track of the rate changes in real time.
Trading recommendations: sell below 1.0815; stop loss: 1.0860; target levels: 1.0784, 1.0730, 1.0665.
Trading ideas for Surgutneftegaz
The stock is trading in the range of 365 and 135 moving averages. Stochastic Oscillator signals overboughtness. Breaking through the price pivot zone of 34.68 will result in the formation of a descending wave pattern. Keep track of the rate changes in real time.
Trading recommendations: sell below 34.68; stop loss: 36.40; target levels: 32.71, 30.50.
AUDUSD technical analysis
The pair has fully formed the descending flag trend continuation pattern. It’s supported by the increased demand for risk assets, the revitalization of China-Australia trade, as well as the possible weakening of the US dollar amid the unprecedented stimulus measures by the Fed and the US Treasury. Keep track of the rate changes in real time.
Trading recommendations: buy the pair as long as it holds above 0.6440 with a likely increase to 0.6545.
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.
