Expert review round-up: Daily trading analysis during the crisis for May 22nd
Friday, May 22nd—today's news: the UK reported the biggest budget deficit since the modern records began. China won't set a GDP goal for 2020, Dow Jones futures dropped by over 200 points. EUR/USD is at 1.0903, GBP/USD—1.2180; Brent oil is $34.37 per barrel, gold is $1,736.30. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
EURNZD analysis
The support level 1.7847 is holding back sellers. A descending truncated pattern was formed. A bullish divergence has formed on Awesome Oscillator. Keep track of the rate changes in real time.
Trading recommendations: the pair dropped below 1.0920, which signals the need to sell it with a likely local target of 1.0860.
EURRUB technical analysis
The has pair turned down amid the falling demand for risk assets. At the same time, it's still trading within the range of 1.0760–1.1015, where it’s likely to remain for the next week. The pair will be under pressure today. Keep track of the rate changes in real time.
Trading recommendations: buy when an ascending pattern is formed, where the wave (A) breaks through the inclined channel of the descending (red) pattern, completing it.
Trading ideas for 3M Co. (NYSE)
The overall trend is downward. The resistance level of 151.00 held back buyers. If the price fixes below the support level of 145.00, it will decline further. Stochastic Oscillator also signals overboughtness. Keep track of the rate changes in real time.
Trading recommendations: sell below 145.00; stop loss: 151.00; target levels: 139.50, 131.00.
Useful info and online charts
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.
