The Analytical Overview of the Main Currency Pairs on 2020.04.02

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.10390
  • Open: 1.09615
  • % chg. over the last day: -0.61
  • Day's range: 1.09300 – 1.09681
  • 52 wk range: 1.0777 – 1.1494

Sales prevail on the EUR/USD currency pair. Quotes have updated local lows. The COVID-19 pandemic continues to impact the global economy negatively. Donald Trump announced the upcoming "painful" two-week fight against coronavirus. At the moment, EUR/USD quotes are consolidating in the range of 1.08900-1.09700. We recommend opening positions from these marks.

The Economic News Feed for 02.04.2020:

  • At 15:30 (GMT+3:00), data on initial jobless claims will be published in the US.
EUR/USD

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

The MACD histogram is in the negative zone, but above the signal line, which gives a weak signal to sell EUR/USD.

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: 1.08900, 1.08000
  • Resistance levels: 1.09700, 1.10400, 1.11400

If the price fixes below 1.08900, the EUR/USD currency pair is expected to fall. The movement is tending to the round level of 1.08000.

An alternative could be the growth of EUR/USD quotes to 1.10300-1.10800.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24140
  • Open: 1.23771
  • % chg. over the last day: -0.33
  • Day's range: 1.23664 – 1.24318
  • 52 wk range: 1.1466 – 1.3516

The British pound is still being traded in a prolonged flat. There is no defined trend. Since the beginning of this week, the following key support and resistance levels have been formed: 1.23000 and 1.24800, respectively. Financial market participants expect additional drivers. 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 construction 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 started crossing 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 is 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: 1.40648
  • Open: 1.41923
  • % chg. over the last day: +0.91
  • Day's range: 1.40787 – 1.41964
  • 52 wk range: 1.2949 – 1.4668

There is an ambiguous technical pattern on the USD/CAD currency pair. A trading instrument is in a sideways trend with a fairly wide range. At the moment, the local support and resistance levels are 1.40800 and 1.42000, respectively. The recovery of the "black gold" prices support the loonie. USD/CAD quotes are tending to decline. Positions should be opened from key levels.

The news feed on Canada’s economy is calm.

USD/CAD

Indicators signal the power of sellers: the price has fixed below 50 MA and 100 MA.

The MACD histogram has moved into the negative zone, which indicates the development of bearish sentiment.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which gives a signal to sell USD/CAD.

Trading recommendations
  • Support levels: 1.40800, 1.40100, 1.39250
  • Resistance levels: 1.42000, 1.42700, 1.43350

If the price fixes below 1.40800, USD/CAD quotes are expected to fall. The movement is tending to 1.40100-1.39500.

An alternative could be the growth of the USD/CAD currency pair to 1.42500-1.43000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 107.498
  • Open: 107.154
  • % chg. over the last day: -0.35
  • Day's range: 107.040 – 107.568
  • 52 wk range: 101.19 – 112.41

USD/JPY quotes continue to consolidate. There is no defined trend. At the moment, the local support and resistance levels are 107.000 and 107.650, respectively. Demand for the "safe haven" currencies is still high. The USD/JPY currency pair has the potential for further decline. We recommend paying attention to the dynamics of the US government bonds yield. Positions should be opened from key levels.

The news feed on Japan's economy is calm.

USD/JPY

Indicators do not give accurate signals: the price is consolidating near 50 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: 107.000, 106.500
  • Resistance levels: 107.650, 108.250, 108.700

If the price fixes below 107.000, 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 108.000-108.500.

by JustForex, 2020.04.02

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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