Oil prices and Spain's production activity

3 August, 2020

Spain's production activity rises following a strict, three-month lockdown. Oil prices fall amid the worries of oversupply as OPEC+ plans to wind back the output cuts. The price of Brent oil is $43.08, WTI—$39.75. EUR/USD is at 1.1778, GBP/USD—1.3106, gold is $1,979.55 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 upward. The 0.8980 support level (round secondary level) is holding back sellers. Awesome Oscillator indicates a bullish divergence, while Stochastic Oscillator indicates an oversold condition. Keep track of the price movement in real time.

  • Trading recommendations: buy when an ascending wave pattern is formed, where wave A breaks through the inclined channel of the descending pattern.

EURUSD technical analysis


The pair is trading above 1.1740 ahead of the release of important inflation data in the eurozone and employment data in the US. The pair may correct up if it falls below this level. At the same time, the growth of positive sentiment in the markets will support it again. Keep track of the rate changes in real time.

  • Trading recommendations: if the pair holds above the 1.1740, it will grow towards 1.1900. At the same time, if it falls below this level, it may fall further to 1.1695.

Trading ideas for Bayer AG (XETRA)


The support level of 56.00 is holding back sellers. Bullish divergence has formed on Awesome Oscillator, 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, where wave A breaks through the inclined channel of the descending pattern.

Source  
Apple and Tesla are splitting their stocks24 Aug, 2020  

Last month, the American tech giant Apple announced a four-way stock split. Traders had hardly had time to digest this information before it was followed by...

Optimism from China and rising oil prices10 Aug, 2020  

Global markets rise amid the positive economic data from China. The US dollar is stronger, oil prices rise following the optimistic demand data...

Economic stimulus in the US21 Jul, 2020  

After an almost 5-day summit EU leaders reached a multibillion recovery deal for all 27 member states. European stock, currency, commodity markets rise...


Fresh trading analysis: oil prices and COVID-19 vaccine16 Jul, 2020  

China's economy rose 3.2% in the second quarter instead of the predicted 2.5%, but the markets are down amid the escalating tensions with the US. European...

Fresh trading analysis: oil price fluctuations9 Jul, 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...

You can have your oil back23 Apr, 2020  

On April 20th, the oil market was shaken by a unique historic collapse of WTI crude oil futures contracts: the price went below zero, as low as minus $40 per barrel. The spot price...


Gold futures fell during Asian session27 Jun, 2019  

Gold futures fell during the Asian session to rebound for the second consecutive session from its highest since May 14, 2013 as the US dollar...