The Analytical Overview of the Main Currency Pairs on 2020.04.01

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.10430
  • Open: 1.10390
  • % chg. over the last day: -0.15
  • Day's range: 1.09712 – 1.10338
  • 52 wk range: 1.0777 – 1.1494

The greenback has become stable against major competitors. Financial market participants expect additional drivers. The EUR/USD currency pair is currently consolidating. The local support and resistance levels are 1.09600 and 1.10400, respectively. In the near future, a technical correction of the trading instrument is not ruled out. We expect important economic releases. We recommend opening positions from key levels.

The Economic News Feed for 01.04.2020:

  • - German manufacturing PMI at 10:55 (GMT+3:00);
  • - ADP nonfarm employment change at 15:15 (GMT+3:00);
  • - ISM manufacturing PMI at 17:00 (GMT+3:00).
EUR/USD

Indicators do not give accurate signals: the price has fixed between 50 MA and 100 MA.

The MACD histogram is near the 0 mark.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the bearish sentiment.

Trading recommendations
  • Support levels: 1.09600, 1.08850, 1.08000
  • Resistance levels: 1.10400, 1.11450

If the price fixes below 1.09600, the EUR/USD currency pair is expected to correct. The movement is tending to the round level of 1.09000.

An alternative could be the growth of EUR/USD quotes to 1.11000-1.11200.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.23978
  • Open: 1.24140
  • % chg. over the last day: +0.03
  • Day's range: 1.23302 – 1.24438
  • 52 wk range: 1.1466 – 1.3516

The GBP/USD currency pair is still being traded in a flat. There is no defined trend. The key support and resistance levels are 1.23000 and 1.24800, respectively. In the near future, a technical correction of the trading instrument is not ruled out. Today, investors will assess important statistics from the UK and the US. Positions should be opened from key levels.

At 11:30 (GMT+3:00), UK manufacturing PMI will be published.

GBP/USD

Indicators do not give accurate signals: the price has crossed 50 MA.

The MACD histogram is near the 0 mark.

Stochastic Oscillator is in the neutral zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.23000, 1.21450, 1.20150
  • Resistance levels: 1.24800, 1.25500

If the price fixes below the round level of 1.23000, GBP/USD quotes are expected to fall. The movement is tending to 1.22000-1.21000.

An alternative could be the growth of the GBP/USD currency pair to 1.25500-1.26000.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.41624
  • Open: 1.40648
  • % chg. over the last day: -0.77
  • Day's range: 1.40569 – 1.41958
  • 52 wk range: 1.2949 – 1.4668

Since the beginning of this week, trading on the USD/CAD currency pair has been very active. At the same time, there is no defined trend. The loonie is currently consolidating in the range of 1.41000-1.42000. The Canadian dollar is under pressure due to a significant collapse in oil prices. Today we recommend paying attention to economic reports from the US. Positions should be opened from key levels.

The news feed on Canada's economy is calm.

USD/CAD

Indicators do not give accurate signals: the price has fixed between 50 MA and 100 MA.

The MACD histogram is near the 0 mark.

Stochastic Oscillator is in the overbought zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.41000, 1.40100, 1.39250
  • Resistance levels: 1.42000, 1.43350, 1.44150

If the price fixes above 1.42000, the USD/CAD currency pair is expected to grow. The movement is tending to 1.42750-1.43500.

An alternative could be a decrease in the USD/CAD quotes to 1.40500-1.39500.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 107.694
  • Open: 107.498
  • % chg. over the last day: -0.26
  • Day's range: 107.253 – 107.938
  • 52 wk range: 101.19 – 112.41

There is an ambiguous technical pattern on the USD/JPY currency pair. The trading instrument is in a sideways trend. Investors expect additional drivers. At the moment, the local support and resistance levels are 107.200 and 107.900, respectively. Demand for the “safe haven” currencies is still high. The yen has the potential for further growth against the US currency. Positions should be opened from key levels.

Positive economic releases from Tankan were published during the Asian trading session.

USD/JPY

Indicators do not give accurate signals: the price is consolidating near 50 MA.

The MACD histogram is in the negative zone, indicating the bearish sentiment.

Stochastic Oscillator is in the neutral zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 107.200, 106.500.
  • Resistance levels: 107.900, 108.700, 109.200

If the price fixes below 107.200, a further drop in the USD/JPY quotes is expected. The movement is tending to 106.500-106.200.

An alternative could be the growth of the USD/JPY currency pair to 108.500-109.000.

by JustForex, 2020.04.01

We recommend you to get acquainted with the daily overview of the news feed.

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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