01.09.2020
Tuesday, September 1st, today’s news—S&P 500 and Dow had their best August since 1986. European and Asian markets are rising on the positive economic recovery data from China, oil is up 1% as the dollar hits its multi-year lows. The price of Brent oil is $45.71, WTI—$43.02. EUR/USD is at 1.1970, GBP/USD—1.3418, gold is $1,997.15 per ounce. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
The currency pair is trading in the range of the lower border of the ascending price channel. The descending H8 level pattern ended with the breakout of an inclined channel. Bullish divergence has formed Awesome Oscillator. The price pivot zone of 1.5606 is holding back buyers.
Trading recommendations: buy above 1.5606; Stop Loss: 1.5467; target levels: 1.5750, 1.5973.
The pair is testing the resistance line of the “rising flag” trend continuation pattern. It’s supported by the globally weak US dollar following the Fed’s new inflation target and rising demand for risk assets corporate stocks.
Trading recommendations: the pair will continue to grow either after a corrective pullback down to 1.1950, or immediately after breaking through 1.1985 with the possibility of further growth to 1.2085.
The stock is trading in the range of the lower limit of the ascending price channel. Stochastic Oscillator showed an exit from the oversold zone. A breakout of the resistance level of 8.95 will result in the formation of 1-2-3 (an upward pattern).
Trading recommendations: buy above 8.95; Stop Loss: 8.70; target levels: 9.14, 9.56.
*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.
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