European markets are flat ahead of the Fed's meeting and earnings reports. American markets are also flat after S&P 500 and Nasdaq close at record highs, Asian markets are down, China's industrial profit almost doubled, HSBC's quarterly profit surges 79%, dollar strengthens. The price of Brent oil is $65.56, WTI—$62.42, EUR/USD is at 1.2059, GBP/USD—1.3859, gold is $1,779.05 per ounce. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
EURGBP analysis
The overall trend is downward. The ascending H8 level wave pattern is truncated. A bearish divergence has formed on Awesome Oscillator, and Stochastic Oscillator indicates an overbought condition. The round secondary level of 0.8720 held back buyers. Monitor the price movement in real time.
Trading idea: sell when a descending wave pattern is formed, where the wave (A) breaches the inclined channel of the ascending truncated pattern.
Trading idea for Southwestern Energy Corporation (NYSE)
The #SWN stock are in correction. The upper limit of what is presumably the correction channel is breached. A bullish divergence has formed on Awesome Oscillator, and the moving averages of Stochastic Oscillator have left the oversold zone. A breakout of the price pivot zone of 4.10 will result in the formation of a 1-2-3 (ascending pattern).
Trading idea: buy on the breakout of 4.10; Stop Loss: 3.85; target: 4.80 (breakeven at 1 to 1).
EURUSD technical analysis
The pair corrects downwards after reaching a local high of 1.2115, but remains in a short-term uptrend. If the Fed maintains its ultra-soft monetary policy, the pair will return to growth. Monitor the price movement in real time.
Trading idea: the pair may resume rising to 1.2110 after falling to 1.2050.
*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.