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Tuesday, August 18th, today’s news—Norway's sovereign fund, the world's largest, posted a loss of $21 billion in the first six months of 2020. American markets rise in a tech-fuelled rally, European shares fall amid the Sino-US tensions and rising coronavirus cases, the dollar continues to weaken. The price of Brent oil is $45,53, WTI—$42,99. EUR/USD is at 1.1904, GBP/USD—1.3163, gold is $2,017.40 per ounce. 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 currency pair is trading in the range of 365 and 135 moving averages. An ascending truncated pattern has formed. Awesome Oscillator indicates a bearish divergence, while Stochastic Oscillator indicates an overbought condition. A breakout of 0.9514 will result in the formation of a descending wave pattern within the overall downtrend. Keep track of the price movement in real time.
Trading recommendations: sell below 0.9514; Stop Loss: 0.9550; target levels: 0.9472 0.9438.
The pair remains in a short-term downtrend amid the fundamental weakness of the US dollar and the return of oil prices to recent local highs. If this trend continues, the pair will continue to fall. Keep track of the rate changes in real time.
Trading recommendations: after the pair fell below 1.3200, it will likely go further down to 1.3100.
The 22.00 support level is holding back sellers. Moving averages beached the level 100 on CCI, which likely indicates an emerging uptrend. A breakout of 24.15 will result in the formation of an ascending H4 level pattern within the wave (C) of the ascending D1 level pattern.
Trading recommendations: buy above 24.15; Stop Loss: 22.00; target levels: 26.60, 28.56.
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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