The Analytical Overview of the Main Currency Pairs on 2020.04.10

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.08537
  • Open: 1.09280
  • % chg. over the last day: +0.60
  • Day's range: 1.09180 – 1.09520
  • 52 wk range: 1.0777 – 1.1494

Purchases prevail on the EUR/USD currency pair. Quotes have updated local highs. Greenback demand has weakened amid Fed stimulus measures, as well as amid an increase in initial jobless claims. The regulator has launched a large-scale program $2.3 trillion worth to support local administrations, small and medium-sized businesses, to help the US economy cope with the COVID-19 epidemic. At the moment, the trading instrument is consolidating in the range of 1.09000-1.09500. The single currency has the potential for further growth. We expect economic reports from the US. Positions should be opened from key support and resistance levels.

The Economic News Feed for 10.04.2020

  • At 15:30 (GMT+3:00), the core consumer price index will be published in the United States. Trading activity may be reduced due to holidays in most countries of the world.
EUR/USD

Indicators do not give accurate signals: 50 MA has crossed 200 MA.

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

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

Trading recommendations
  • Support levels: 1.09000, 1.08350, 1.07750
  • Resistance levels: 1.09500, 1.10100, 1.10350

If the price fixes above the level of 1.09500, further growth of the EUR/USD currency pair is expected. The movement is tending to 1.10000-1.10200.

An alternative could be a drop in the EUR/USD quotes to 1.08600-1.08400.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.23753
  • Open: 1.24480
  • % chg. over the last day: +0.52
  • Day's range: 1.24391 – 1.24786
  • 52 wk range: 1.1466 – 1.3516

The GBP/USD currency pair shows positive dynamics. The British pound has reached key extremes. At the moment, GBP/USD quotes are testing the resistance of 1.24800. The 1.24250 mark is already a "mirror" support. Greenback demand is still at a fairly low level. A trading instrument has the potential for further growth. We recommend opening positions from key levels.

The news feed on the UK economy is calm.

GBP/USD

Indicators point to the power of buyers: the price has fixed above 50 MA and 100 MA.

The MACD histogram is in the positive zone, indicating the bullish 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: 1.24250, 1.23550, 1.22900
  • Resistance levels: 1.24800, 1.25500

If the price fixes above 1.24800, further growth of GBP/USD quotes is expected. The movement is tending to 1.25300-1.25600.

An alternative could be a decrease in the GBP/USD currency pair to 1.23900-1.23500.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.40137
  • Open: 1.39720
  • % chg. over the last day: -0.18
  • Day's range: 1.39442 – 1.40086
  • 52 wk range: 1.2949 – 1.4668

The USD/CAD currency pair is being traded in a flat. The technical pattern is ambiguous. At the moment, quotes are testing the support level of 1.39400. The 1.40100 mark is the nearest resistance. Investors expect additional drivers. Demand for the US dollar has weakened. A trading instrument is tending to decline. We recommend paying attention to the dynamics of oil quotes. 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 is in the negative zone, indicating the bearish sentiment.

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

Trading recommendations
  • Support levels: 1.39400, 1.39000
  • Resistance levels: 1.40100, 1.40800, 1.41450

If the price fixes below 1.39400, a further drop in the USD/CAD quotes is expected. The movement is tending to 1.39000-1.38800.

An alternative could be the growth of the USD/CAD currency pair to 1.40500-1.40800.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.824
  • Open: 108.430
  • % chg. over the last day: -0.24
  • Day's range: 108.328 – 108.587
  • 52 wk range: 101.19 – 112.41

USD/JPY quotes have been declining after a prolonged consolidation. The trading instrument has updated local lows. At the moment, the following key support and resistance levels can be identified: 108.200 and 108.600, respectively. The USD/JPY currency pair has the potential for further decline. We recommend paying attention to the dynamics of the US government bond 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 100 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: 108.200, 107.800, 107.500
  • Resistance levels: 108.600, 109.000, 109.350

If the price fixes below 108.200, a further drop in the USD/JPY quotes is expected. The movement is tending to 107.900-107.700.

An alternative could be the growth of the USD/JPY currency pair to 108.900-109.200.

by JustForex, 2020.04.10

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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