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Wednesday, July 29th, today’s news—the US markets await the testimony of big tech chief executives before the House Antitrust Subcommittee in Congress. Gold continues to demonstrate positive momentum, analysts say the price may rise to $3,500 in two years. The price of Brent oil is $44.05, WTI—$41.41. EUR/USD is at 1.1749, GBP/USD—1.2959, gold is $1,952.95 per ounce. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
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The pair is trading just below the strong resistance level of 0.7170 in anticipation of the Fed’s monetary policy decision along with Jerome Powell's statement. If Powell focuses on stimulus and hopes of a steady economic recovery by the end of the year like the rest of the Fed, this will have a negative impact on the dollar rate. Keep track of the price movement in real time.
Trading recommendations: if the pair goes above 0.7170, it will rise further to 0.7200, and then to 0.7235.
The overall trend is upward. The currency pair is trading in the range of 365 and 135 moving averages. The support level of 74.86 is holding back sellers. A breakout of 74.41 will result in the formation of an ascending wave M15 level pattern within the wave C an ascending H1 level pattern. Keep track of the rate changes in real time.
Trading recommendations: buy above 75.41; Stop Loss: 74.86; target levels: 75.57, 75.83 (138.2% Fi), 76.70.
The stock is trading in the range of the lower border of the ascending price channel. Awesome Oscillator indicates bullish divergence. The 97.70 resistance level continues to hold back buyers, a breakout of the level will result in the formation of an ascending wave pattern within the ascending price channel. Keep track of the rate changes in real time.
Trading recommendations: buy above 97.70; Stop Loss: 89.50; target levels: 108.00, 113.50.
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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.