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Wednesday, August 5th, today’s news—gold price consolidated above $2,000 amid weak dollar, silver is also rising. Dow Jones futures gained 160 points, the Fed is expected to pursue a policy of higher inflation. The price of Brent oil is $44.77, WTI—$42.02. EUR/USD is at 1.1809, GBP/USD—1.3070, gold is $2,035.35 per ounce. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
The pair is trading below the strong support level of 1.3330 following the positive PMI from RBC released on Tuesday, which showed an increase to 52.9 points compared to the expected 47.8. A breakout of this level will allow the pair to continue decline. Keep track of the price movement in real time.
Trading recommendations: expect the price to continue to fall to 1.3200.
The ascending wave pattern (H2) is truncated. Awesome Oscillator indicates a bearish divergence, while Stochastic Oscillator indicates an oversold condition. The level of 88.2% on Fibo is not broken, which allows to assume that the upward pattern is a wave B (correction). Keep track of the rate changes in real time.
Trading recommendations: sell strictly when a descending wave pattern is formed; Stop Loss beyond the local maximum (79.54); target levels: 78.80, 77.63.
Bulls are testing the price pivot zone of 167.63. Awesome Oscillator indicates a bullish divergence, and Stochastic Oscillator indicates an oversold condition. If the price fixes above the price pivot zone of 167.63, it will rise further. Keep track of the rate changes in real time.
Trading recommendations: buy above the price pivot zone of 167.63; Stop Loss: 152.00; target levels: 194.0, 233.0.
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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.