Daily trading analysis for June 5, 2020
Friday, June 5th—today's news: European markets rise as the ECB announces a new stimulus package, euro is stronger. Asian markets may have the best gains this week in nine years, Dow Jones rose by more than 200 points. EUR/USD is at 1.1330, GBP/USD—1.2631; Brent oil is $41.02 per barrel, gold is $1,712.50. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
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AUDNZD analysis
The currency pair is trading in the range of 365 and 135 moving averages. A bullish divergence has formed on Awesome Oscillator, while Stochastic Oscillator signals oversoldness. A breakout of 1.0770 will result in the formation of an ascending pattern of 1-2-3. Keep track of the rate changes in real time.
Trading recommendations: buy above 1.0770; stop loss: 1.0718; target levels: 1.0820, 1.0880; when the price reaches the support level of 1.0718, cancel the trading plan.
EURUSD technical analysis
The pair is above 1.1345, after Thursday’s surge folowing the ECB's monetary policy meeting and the regulator’s unexpected decision to expand the stimulus measures by almost 2.5 times. If today’s US employment data is better than expected, this may lead to a local decline of the pair, likely to be followed by resumed growth. Keep track of the rate changes in real time.
Trading recommendations: if the pair holds above 1.1345, it may continue further up to 1.1450. At the same time, a local decline to 1.1265 may suggest buying the pair with the same target mark.
Trading ideas for GOOGLE (Alphabet Inc.)
Stock markets show a confident recovery after the strong fall. The overall trend is upward. At the end of the trading session, the "hammer" reversal pattern has formed. Stochastic Oscillator signals oversoldness. Keep track of the rate changes in real time.
Trading recommendations: buy above 1415.0; stop loss: 1405.60; target levels: 1423.0, 1440.0.
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.
