Daily trading analysis for June 24, 2020
Wednesday, June 24th, today’s news — the US stock market finished trading higher on Tuesday, as the consumer services, technology and healthcare sectors strengthened. At the close on the New York stock exchange The Dow Jones rose to 0.50%, the S&P 500 index rose to 0.43%, and the NASDAQ Composite index rose to 0.74%. Gold futures prices also rose during Asian trading on Wednesday. The price of Brent oil today is $42.74 per barrel, WTI — $40.41. EUR/USD is at 1.132; GBP/USD — 1,251; gold is $1.785,25. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
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EURJPY analysis
The uptrend changed to a downtrend and the 135 moving average crossed the 365 EMA from top to bottom. Currently, the currency pair is trading in the range of moving averages. A break of 120.24 will result in the formation of a descending wave pattern within the wave (C) of the assumed descending pattern of the H12 level. The EURJPY rate online: monitor the movement of the pair in real time.
Trading recommendations: sell strictly below 120.24, while a descending wave pattern is forming. Stop Loss: 121.08. Target levels: 119.33; 118.10. If the pair returns to the resistance level of 121.08, cancel the trading plan (it’s necessary to rebuild it using a new design).
AUDUSD technical analysis
The pair remains in the range in due to the controversial factors, which on the one hand, support the demand for commodity assets, which is beneficial for the Australian currency, but on the other hand, the theme of the pandemic doesn't allow it to break out of this range. The AUDUSD rate online: monitor the movement of the pair in real time.
Trading recommendations: a decline below 0.6925 may lead to a price correction to 0.6800.
Trading ideas for VTB PJSC
The stock is trading in the range of the lower border of the ascending price channel. Stochastic Oscillator indicator signals oversoldness. The price pivot zone of 0.0359 is holding back the bulls. The #VTB shares rate online: monitor the movement of the shares in real time.
Trading recommendations: buy above the price pivot zone of 0.0359. Stop Loss: 0.0352. Target levels: 0.0374; 0.0396.
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.
