Daily trading analysis for April 3, 2020
Friday, April 3rd—today's news: the US economy is to shrink at the fastest rate since 1946, Morgan Stanley says. Investors expect the Dow futures to drop 200 points amid the new unemployment data, the service sectors of Italy and Spain are in an unprecedented decline. EUR/USD is at 1.0799, GBP/USD—1.2282; Brent oil is $27.96 per barrel, gold is $1,612.66. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
USDCHF analysis
Stochastic Oscillator signals overboughtness. A bearish divergence has formed on Awesome Oscillator. Probably the ascending pattern is a wave (B) of the descending H4 level pattern. Keep track of the rate changes in real time.
Trading recommendations: sell strictly while a descending wave pattern is forming, where the wave (aC) breaks through the inclined channel of the ascending pattern + bC = sell on the breakout (AC).
GOLD Spot technical analysis
Gold consolidates below 1,620.00 amid the publication of the US employment data. Since the end of March, the quotes of the precious metal have been moving in the flat range of 1,570.55–1,641.00 amid the highly uncertain prospects for the global economy due to the ongoing coronavirus pandemic. Expect this pattern to continue in the near future. Keep track of the rate changes in real time.
Trading recommendations: the gold price can go both up or down amid the volatile trading against the backdrop of the uncertainty caused by the pandemic. A further growth to 1,641.00 is possible if the price goes above 1,620.00. At the same time, a fall below 1,605.00 will lead to a further drop to 1,570.55.
Trading recommendations for American Express Co. (NYSE)
The 75.50 support level is holding back sellers. Bullish divergence has formed on Awesome Oscillator, and Stochastic Oscillator signals oversoldness. Keep track of the rate changes in real time.
Trading recommendations: buy while an ascending 1-2-3 pattern is forming; Stop Loss at the local minimum (75.50); target levels: 81.00; 85.00; 90.50.
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.
