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Thursday, March 19th—the news of the day: Asia faces a second coronavirus wave as infected citizens return from abroad amid a relaxed quarantine. Current rates: EUR/USD is at 1.0859, GBP/USD—1.1583, both falling. Brent oil also continues to fall, the current price is $26.70 per barrel. Two more countries close borders due to the rising coronavirus cases: Australia and New Zealand. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
The descending H12 level pattern is truncated with a false breakout. Bullish divergence has formed on Awesome Oscillator, while Stochastic Oscillator signals oversoldness. Keep track of the rate changes in real time.
Trading recommendations: buy while an ascending pattern is forming, where the wave (A) breaks through the inclined channel of the descending truncated H12 level pattern.
The pair is recovering after a strong fall amid a slight increase in demand for commodity assets. It may still rise if the coronavirus-induced panic does not escalate again in the European markets.
Trading recommendations: if the pair has already risen 23% according to Fibonacci retracement above 0.5775, it will continue to correct to 0.5940. But, if it does not rise above this level, it will be likely to resume falling to 0.5500.
The overall trend is downward. Presumably, the correction movement tested the level of 24.00, making it a price pivot zone. Stochastic Oscillator signals overboughtness. A breakout of 22.60 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 below 22.60, stop loss: 24.00, target is 20.00.
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.