years on the market
Wednesday, April 8th—today's news: eurozone financial ministers still have no stimulus agreement after 16-hour talks. People's Bank of China to extend easing measures to support the economy, flat trend is expected in the US stock futures market. EUR/USD is at 1.0865, GBP/USD—1.2327; Brent oil is $28.76 per barrel, gold is $1,651.52. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
The overall trend is downward. The ascending H4 level pattern is truncated. The inclined channel of the ascending structure is broken. A bearish divergence has formed on Awesome Oscillator, and Stochastic Oscillator signals overboughtness. A breach of 0.5765 will result in the formation of a descending pattern as part of the overall downtrend. Keep track of the rate changes in real time.
Trading recommendations: sell below 0.5765; stop loss: 0.5850; target levels: 0.5680, 0.5524.
OPEC+ is to hold a video conference on Thursday on the proposed oil output cut. The meeting is expected to bring positive results and cause a further local growth in oil prices. This will support commodity currencies, including the Canadian dollar. CAD may continue to get stronger in the future due to the weaker USD and the subsiding impact of the coronavirus pandemic on the global economy. Keep track of the rate changes in real time.
Trading recommendations: sell the pair with its probable decline to 1.3930, and then to 1.3775.
No new OPEC+ deal has been reached so far. The lack of agreement on oil production cut will lead to a further decrease in oil prices. The oil consumption has decreased, pushing down the prices. Keep track of the rate changes in real time.
Trading recommendations: sell below 574.30; stop loss: 622.90; target levels: 534.00, 477.00.
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*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.