Daily trading analysis for June 1, 2020
Monday, June 1st—today's news: oil prices rise ahead of OPEC meeting. US dollar is under pressure amid the rising economic optimism, European markets are relieved following the Washington's relatively mind response to the new Hong Kong law. EUR/USD is at 1.1136, GBP/USD—1.2406; Brent oil is $38.09 per barrel, gold is $1,752.55. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
GBPNZD analysis
The 1.9770 support level is holding back sellers. Probably an ascending wave M30 level pattern is formed, where the B wave has a truncated under the wave C (the descending M15 level pattern). Keep track of the rate changes in real time.
Trading recommendations: buy when an ascending pattern is formed, where the wave (as) breaks through the inclined channel of the descending truncated M15 level pattern, completing it.
Trading ideas for Surgutneftegaz
The stock is trading in the range of the lower border of the ascending price channel. Awesome Oscillator shows a bullish divergence, while Stochastic Oscillator signals oversoldness. 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 pattern, completing it.
USDCAD technical analysis
The pair dropped below the strong support level of 1.3735 amid today’s positive economy data in China. Caixin manufacturing PMI in May rose to 50.7 points, above the expected 49.6 points, and above April’s 49.4 points. This contributes to the optimistic outlook for China’s economic recovery, which also supports the demand for commodity assets, including the Canadian currency. Keep track of the rate changes in real time.
Trading recommendations: expect the pair to fall to 1.3520.
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.
