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Trading ideas for EUR/USD, AUD/USD and Brent

April 27, 2022

EUR/USD: The European currency is strengthening against the pound today but weakening against the U.S. dollar and the yen. In the absence of significant economic releases, the euro is trading under the influence of external factors. It is worth noting that the effect of the re-election of Emmanuel Macron as president of France has quickly waned, and the European currency is now under pressure again because of the worsening epidemiological situation in China. Further tightening of quarantine measures could cause a slowdown of both national and global economies. Also, note the comments of European Central Bank (ECB) board member Pablo Hernandez de Cos, who said that moderate wage growth in the region is one of the factors that the regulator should consider when conducting monetary policy.

SELL 1.0630/TP 1.0520/SL 1.0650

 

AUD/USD: The Australian currency is weakening against the yen, pound, and euro but is strengthening against the U.S. dollar. The prices are under pressure amid new coronavirus restrictions lockdowns in China. Possible blockage of Beijing causes fears in the market that the country will significantly reduce the consumption of raw materials and energy resources, including iron ore and coal, supplied from Australia. Finally, the Australian dollar is facing uncertainty because of the upcoming parliamentary elections, which could well lead to a change of power. According to polls, Scott Morrison’s ruling coalition is currently far behind the opposition, even though the Prime Minister has promised to introduce a number of tax breaks for citizens in case of re-election.

SELL 0.7110/TP 0.7030/SL 0.7150

 

Brent: Oil quotes are making moderate growth attempts today. In general, prices are under the influence of two opposite factors: on the one hand, further upside is limited by tighter quarantine measures in China with a corresponding suspension of plants and decrease in consumption of hydrocarbons and energy carriers, and on the other hand, the market is concerned about prospects of the EU refusal to buy Russian oil, which will cause a surge in demand, it can’t cover. During the day, investors will be expecting the American Petroleum Institute’s (API) weekly crude oil stocks report to be released. Last time the indicator declined by 4.496 million barrels, and the continuation of this trend may provide additional support to oil prices.

BUY 106.00 /TP 107.70/SL 105.20