Daily trading analysis for June 10, 2020
Wednesday, June 10th—today's news: WHO Chief Scientist says there's a "very real risk" of a second wave of coronavirus after economies reopen. Dollar is weaker, European markets rise thanks to the banking sector. EUR/USD is at 1.1353, GBP/USD—1.2736; Brent oil is $40.28 per barrel, gold is $1,724.65. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
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EURUSD technical analysis
If the Fed’s meeting results in a decision to preserve the soft monetary policy aimed at the recovery of the national economy, and Jerome Powell confirms it at the press conference, expect the US dollar to resume decline. Keep track of the rate changes in real time.
Trading recommendations: if the pair rises above 1.1360, expect a local growth to 1.1450.
GBPCAD analysis
The currency pair is trading in the range of the 1.7120 resistance level. Awesome Oscillator shows a bearish divergence, while Stochastic Oscillator signals overboughtness. A breakout of the round intermediate level of 1.7050 will result in the formation of a descending pattern of 1-2-3. Keep track of the rate changes in real time.
Trading recommendations: sell below 1.7050 when the 1-2-3 descending pattern is formed; stop loss: 1.7020; target levels: 1.6970, 1.6924, 1.6850; when the price reaches the resistance level of 1.7120, cancel the trading plan.
Trading ideas for British American Tobacco PLC
Stock markets continue to show a strong recovery. 365 and 135 moving averages also indicate an uptrend, and Stochastic Oscillator signals oversoldness. If the price remains above the resistance level of 30.600, it will continue further up. Keep track of the rate changes in real time.
Trading recommendations: buy above 30.60; stop loss: 29.73; the target is 32.50.
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.
