Daily trading analysis for May 29, 2020
Friday, May 29th—today's news: global markets await Washington's response to the situation in Hong Kong. European stocks and the US dollar are trading lower. EUR/USD is at 1.1097, GBP/USD—1.2305; Brent oil is $35.19 per barrel, gold is $1,717.20. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
EURNZD analysis
The currency pair is trading in the range of 365 and 135 moving averages. The trend is downward. A bearish divergence has formed on Awesome Oscillator, and Stochastic Oscillator signals overboughtness. Keep track of the rate changes in real time.
Trading recommendations: sell when a descending pattern is formed, where the wave (aC) breaks through the inclined channel of the ascending (blue) pattern, completing it.
EURUSD technical analysis
The pair is trading above 1.1070 amid the finally emerging certainty of the EU economic recovery plans. The decision to create a multibillion dollar bailout fund supports EUR. An additional stimulus for the pair’s growth is the weaker interest in the US dollar as a safe haven currency, as strong economies are lifting the quarantine. Expect that the pair’s upward trend to continue next month. Keep track of the rate changes in real time.
Trading recommendations: buy the pair after a corrective decline to 1.1070, but only if this level holds. Expect the pair to resume growth to 1.1145, and then to 1.1200.
Trading ideas for Surgutneftegaz
The stock is trading in the range of the lower border of the ascending price channel. A downward truncated pattern and bullish divergence are forming. The completion of the downward pattern will result in the continuation of the upward movement within the ascending price channel. Keep track of the rate changes in real time.
Trading recommendations: buy when an ascending pattern is formed, where the wave (A) breaks through the inclined channel of the descending truncated 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.
