The Analytical Overview of the Main Currency Pairs on 2020.04.09

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.08900
  • Open: 1.08537
  • % chg. over the last day: -0.30
  • Day's range: 1.08410 – 1.08894
  • 52 wk range: 1.0777 – 1.1494

The EUR/USD currency pair is consolidating. There is no defined trend. EUR/USD quotes are testing local support and resistance levels: 1.08250 and 1.08850, respectively. Financial market participants have taken a wait-and-see attitude before the publication of the ECB protocol. We recommend paying attention to the comments by representatives of the regulator. Investors will also assess important economic releases from the US. Positions should be opened from key support and resistance levels.

The Economic News Feed for 09.04.2020

  • - ECB monetary policy meeting account at 14:30 (GMT+3:00);
  • - Initial jobless claims in the US at 15:30 (GMT+3:00);
  • - US producer price index at 15:30 (GMT+3:00).
EUR/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 is above the %D line, which indicates the bullish sentiment.

Trading recommendations
  • Support levels: 1.08250, 1.07750
  • Resistance levels: 1.08850, 1.09250, 1.09700

If the price fixes above 1.08850, the EUR/USD currency pair is expected to grow. The movement is tending to 1.09250-1.09500.

An alternative could be a drop in the EUR/USD quotes to 1.07900-1.07700.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.23253
  • Open: 1.23753
  • % chg. over the last day: +0.39
  • Day's range: 1.23608 – 1.24187
  • 52 wk range: 1.1466 – 1.3516

The GBP/USD currency pair is in a sideways trend. There is no defined trend. At the moment, the local support and resistance levels are 1.23550 and 1.24250, respectively. The technical pattern signals a possible growth of the trading instrument. Today, investors will assess important statistics on the US economy. We recommend opening positions from key levels.

Great Britain published weak data on the country's GDP. At the same time, UK manufacturing production grew by 0.5% and exceeded market expectations at 0.1%.

GBP/USD

Indicators do not give accurate signals: 50 MA has crossed 100 MA.

The MACD histogram is in the positive zone, indicating the bullish sentiment.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which gives a signal to buy GBP/USD.

Trading recommendations
  • Support levels: 1.23550, 1.22900, 1.22150
  • Resistance levels: 1.24250, 1.24800

If the price fixes above 1.24250, GBP/USD quotes are expected to grow. The movement is tending to 1.24700-1.25000.

An alternative could be a decrease in the GBP/USD currency pair to a round level of 1.23000.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.39921
  • Open: 1.40137
  • % chg. over the last day: +0.14
  • Day's range: 1.40002 – 1.40549
  • 52 wk range: 1.2949 – 1.4668

At the moment, USD/CAD quotes are consolidating. The technical pattern is ambiguous. The local support and resistance levels are 1.40000 and 1.40800, respectively. Recovery of the "black gold" prices supports the loonie. We do not rule out the strengthening of the Canadian dollar relative to the greenback. Investors expect a report on Canada’s labor market. Positions should be opened from key levels.

At 15:30 (GMT+3:00), data on the labor market of Canada will be published.

USD/CAD

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: 1.40000, 1.39450
  • Resistance levels: 1.40800, 1.41750, 1.42600

If the price fixes below the round level of 1.40000, a further drop in the USD/CAD quotes is expected. The movement is tending to 1.39500-1.39200.

An alternative could be the growth of the USD/CAD currency pair to 1.41300-1.41600.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.744
  • Open: 108.824
  • % chg. over the last day: +0.11
  • Day's range: 108.768 – 109.063
  • 52 wk range: 101.19 – 112.41

The USD/JPY currency pair is still being traded in a flat. There is no defined trend. USD/JPY quotes are testing the key support and resistance levels: 108.550 and 109.000, respectively. US economic releases are in the focus of attention. We also 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 has crossed 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: 108.550, 108.150, 107.600
  • Resistance levels: 109.000, 109.350, 110.100

If the price fixes above 109,000, further growth of USD/JPY quotes is expected. The movement is tending to 109.400-109.800.

An alternative could be a decrease in the USD/JPY currency pair to 108.200-107.800.

by JustForex, 2020.04.09

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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