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Wednesday, August 12th, today’s news—S&P 500 is about to hit its all-time high, analysts say it could continue to move higher. Gold plunges as the dollar recovers, the UK's economy shrank by a record 20%, Tesla announced a 5-for-1 split. The price of Brent oil is $44.98, WTI—$44.98. EUR/USD is at 1.1754, GBP/USD—1.3056, gold is $1,939.00 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 within the general trend in the currency markets, basically following EURUSD. Today’s UK data is unlikely to have a significant impact on the pair, it may fall if EURUSD is under pressure as investors remain negative on risk assets. Keep track of the price movement in real time.
Trading recommendations: if the pair falls below 1.3000, there is a probability of a local decline to 1.2915.
The overall trend is upward. The currency pair is trading in the range of 365 and 135 moving averages. A descending truncated H4 level pattern has formed. Awesome Oscillator indicates a bullish divergence, while Stochastic Oscillator indicates an oversold condition. Keep track of the rate changes in real time.
Trading recommendations: buy strictly when an ascending wave pattern is formed, where the wave (as) breaks through the pivot of the second C wave (1.1764).
The 38.55 support level is holding back sellers. Stochastic Oscillator indicates an oversold condition. A breakout of the price pivot zone of 40.47 will result in the formation of an ascending pattern of 1-2-3.
Trading recommendations: buy above 40.47; Stop Loss: 38.55; target levels: 42.12, 46.22.
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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.