Expert review round-up: Daily trading analysis during the crisis for March 24th
Tuesday, March 24th—the news of the day: British PM Boris Johnson announces strict lockdown measures for all citizens. European markets rise after the Fed's stimulus, Stoxx 600 is up 4%, coronavirus epidemic in Italy seems to be entering a slowdown. EUR/USD is at 1.0849, GBP/USD—1.1700, both rising; Brent oil is $28.49 per barrel. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
CADJPY analysis
The overall trend is downward. The currency pair is trading in the range of 365 and 135 moving averages. A start fractal (75.97) has formed below 135 EMA. Breaking through the start fractal will result in the formation of a descending H1 level pattern within the overall downward trend. Keep track of the rate changes in real time.
Trading recommendations: sell below 75.97; stop loss: 77.80; target levels: 74.90; 73.84.
USDCAD technical analysis
The pair is trading below 1.4420 amid the rising crude oil prices and positive news from China, as the country reopens its borders due to the subsiding coronavirus pandemic. Another positive growth factor for the pair is an increase in demand for risk assets and the announcement of unprecedented stimulus measures by the Fed that put pressure on the dollar. Keep track of the rate changes in real time.
Trading recommendations: sell the pair with a local target of 1.4150.
Trading ideas for Johnson & Johnson
The historical level of 109.33 held back sellers. The same level was at the lower border of the rising price channel. The SP 500 index shows an upward movement today against the backdrop of the Fed's QE announcement. Keep track of the rate changes in real time.
Trading recommendations: buy at the current price (112.73); stop loss: 109.33; target levels: 120.00; 126.12.
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.
