27.08. Fresh trading analysis: industrial profits in China, the Fed's new monetary policy

Thursday, August 27th, today’s news—China's industrial profits growth rate is back to mid-2018 figures. New Zealand's stock exchange to remain closed today due to recent cyberattacks, European and American markets are lower ahead of Jerome Powell's speech as he's expected to announce a new monetary policy. The price of Brent oil is $46.18, WTI—$43.31. EUR/USD is at 1.1837, GBP/USD—1.3217, gold is $1,954.20 per ounce. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.

EURUSD technical analysis

The pair is consolidating in the range of 1.1770–1.1850 ahead of Jerome Powell’s speech at Jackson Hole symposium. If he indicates that the regulator will shift its inflation targets to “average”, this may support the US dollar. However, if he doesn’t report anything new about the Fed’s monetary policy plans, the dollar will weaken. Keep track of the price movement in real time.

Trading recommendations: negative factors for the dollar will drive the pair up to 1.1880, and then to 1.1965. In the opposite scenario, the price will fall to 1.1700.

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GOLD analysis

The overall trend is upward. The descending truncated pattern ended with the breakout of an inclined channel (presumably a wave B H4). Awesome Oscillator indicates a bullish divergence, while Stochastic Oscillator indicates an oversold condition. A breakout of 1955.0 will result in the formation of an ascending wave H2 level pattern within the ascending H4 level wave (C). Keep track of the rate changes in real time.

Trading recommendations: buy above 1955.0; Stop Loss: 1902.0; target levels: 2009.0, 2068.0.

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PJSC Magnitogorsk Iron and Steel Works analysis

The overall trend is upward. The price pivot zone of 39.32 held back sellers. The descending H1 level pattern is truncated. Awesome Oscillator indicates a bullish divergence, and Stochastic Oscillator indicates an oversold condition. Keep track of the rate changes in real time.

Trading recommendations: buy when an ascending wave pattern is formed; Stop Loss at the price pivot zone of 39.32; target levels: 40.18, 40.75.

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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.}