Daily trading analysis for April 23, 2020
Thursday, April 23rd—today's news: the eurozone business activity hits record lows. Analysts say the oil prices will turn negative again after a short rebound. EUR/USD is at 1.0791, GBP/USD—1.2349; Brent oil is $22.15 per barrel, gold is $1,751.20. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
EURNZD analysis
The 1.8290 resistance level is holding back buyers. A bearish divergence has formed on Awesome Oscillator and Stochastic Oscillator. The ascending truncated H1 level pattern was completed by breaking through the inclined channel. Keep track of the rate changes in real time.
Trading recommendations: sell while a descending structure is forming below 1.8063; stop loss: 1.8290; target levels: 1.7870 (close the order and transfer it to breakeven), 1.7700.
EURUSD technical analysis
The pair remains under pressure in anticipation of the final EU economic support decision. If no effective support measures are taken, expect the further decline of the pair. Keep track of the rate changes in real time.
Trading recommendations: sell the pair with probable local targets of 1.0770, and then 1.0715.
Trading ideas for Alcoa Corp. (NYSE)
The overall trend is downward. The resistance level of 8.00 holds back the bulls. A wedge trend continuation pattern has formed. Breaking through the support level of 7.00 will result in a further decline within the overall downtrend. Keep track of the rate changes in real time.
Trading recommendations: sell below 7.00; stop loss: 8.00; target levels: 6.00, 5.30.
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.
