Daily trading analysis for April 17, 2020
Friday, April 17th—today's news: US stock futures rally after the successful coronavirus drug trail by Gilead. European markets also push higher, China's economy shrank almost 7% in the first quarter of 2020. EUR/USD is at 1.0820, GBP/USD—1.2429; Brent oil is $27.89 per barrel, gold is $1,706.10. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
GBPUSD analysis
The overall trend is downward. The 31.15 resistance level is holding back buyers. A bearish divergence has formed on Awesome Oscillator. Breaking through the support level of 29.65 will result in the formation of a 1-2-3 descending pattern within the overall downtrend. Keep track of the rate changes in real time.
Trading recommendations: buy on the breakout of the resistance level 1.2520 (while an ascending pattern is forming); Stop Loss: 1.2410; target levels: 1.2643, 1.2750.
Trading recommendations for ATT Inc. (NYSE)
The overall trend is downward. The 31.15 resistance level is holding back buyers. A bearish divergence has formed on Awesome Oscillator. Breaking through the support level of 29.65 will result in the formation of a 1-2-3 descending pattern within the overall downtrend. Keep track of the rate changes in real time.
Trading recommendations: sell at the breakout of the support level of 29.65; stop loss: 31.15; target levels: 27.75, 26.16.
AUDUSD technical analysis
The pair turned up amid optimistic news as Gilead reports successful coronavirus drug Remdesivir trial in Chicago with 125 patients. This stimulated the demand for risk assets in Asia, and the same was observed at the opening of trading in Europe. That positive sentiment will push the pair to local growth. Keep track of the rate changes in real time.
Trading recommendations: buy the pair after it crosses 0.6380 with the local target of 0.6480.
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.
