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Fresh trading analysis: oil price fluctuations

9 July 2020

US stock futures are trading steady after a record Nasdaq surge. The US dollar is down amid hopes of economic recovery, China's markets are higher following the better than predicted PPI as investors resume activity. The price of Brent oil is $43.27, WTI—$40.78. EUR/USD is at 1.1334, GBP/USD— 1.2544, gold is $1,810.65 per ounce. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.

Fluctuations in stock and oil prices, the state of the US econonomy—in the new video by our Chief Analyst Vladimir Rojankovski. Subscribe to our YouTube channel and never miss an update!

AUDUSD analysis

The currency pair is trading in the upper flat range. The main H4 level pattern is truncated and the subwaves of the wave C (ascending H2 level pattern) currently have a truncated wave C. The formation of a reversal wave model is likely. A bearish divergence has formed on Awesome Oscillator, and Stochastic Oscillator signals overboughtness. Keep track of the rate changes in real time.

Trading recommendations: sell strictly when a descending wave pattern is formed, where the wave (A) breaks through the inclined channel of the ascending H2 level pattern.

EURUSD technical analysis

The pair broke out of the range of 1.1190–1.1345 where it’s been for some time. The pair is supported by the hopes that the recovery fund plan will be approved at the EU summit on July 18th. Keep track of the rate changes in real time.

Trading recommendations: if the price fixes above 1.1345, it will continue further up to 1.1420 with a possible increase to 1.1500.

Trading ideas for the Coca-Cola Company (NYSE)

The support level of 43.50 continues to restrain sellers. Stochastic Oscillator signals an oversold condition. A breakout of the resistance level 45.51 will result in the formation of a1-2-3 ascending pattern. Keep track of the rate changes in real time.

Trading recommendations: buy above 45.51; Stop Loss below the support level of 43.50; target levels: 47.60, 50.00.



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