The Analytical Overview of the Main Currency Pairs on 2020.04.13

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.09280
  • Open: 1.09390
  • % chg. over the last day: +0.05
  • Day's range: 1.09250 – 1.09677
  • 52 wk range: 1.0777 – 1.1494

EUR/USD quotes show a positive trend. The trading instrument has updated local highs. At the moment, the euro is testing a resistance level of 1.0970. The 1.0920 mark is already a "mirror" support. The technical pattern signals a further growth of the EUR/USD currency pair. The coronavirus pandemic is still in the spotlight. The number of infections in the world exceeded 1.85 million. Positions should be opened from key levels of support and resistance.

The Economic News Feed for 13.04.2020

  • Today, the publication of important economic releases is not planned. Trading activity may be reduced due to holidays in most countries of the world.
EUR/USD

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

The MACD histogram has started to rise, 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 EUR/USD.

Trading recommendations
  • Support levels: 1.0920, 1.0885, 1.0835
  • Resistance levels: 1.0970, 1.1030

If the price fixes above the level of 1.0970, further growth of the EUR/USD currency pair is expected. The movement is tending to 1.1000-1.1030.

An alternative could be a drop in the EUR/USD quotes to 1.0890-1.0870.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24480
  • Open: 1.24583
  • % chg. over the last day: +0.04
  • Day's range: 1.24514 – 1.25369
  • 52 wk range: 1.1466 – 1.3516

Purchases prevail on the GBP/USD currency pair. The British pound has overcome and fixed above key extremes. At the moment, GBP/USD quotes are testing the 1.2535 mark. The 1.2480 level is already a "mirror" support. A trading instrument has the potential for further growth. We recommend following the latest information regarding the COVID-19 spread. Positions should be opened from key levels.

The news feed on the UK economy is calm.

GBP/USD

Indicators signal 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 has reached the overbought zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.2480, 1.2425, 1.2360
  • Resistance levels: 1.2535, 1.2600

If the price fixes above 1.2535, further growth of GBP/USD quotes is expected. The movement is tending to the round level of 1.2600.

An alternative could be a decrease in the GBP/USD currency pair to 1.2440-1.2420.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.39720
  • Open: 1.39236
  • % chg. over the last day: -0.15
  • Day's range: 1.39236 – 1.40006
  • 52 wk range: 1.2949 – 1.4668

The technical pattern is still ambiguous on the USD/CAD currency pair. The loonie is in a sideways trend. Investors expect additional drivers. At the moment, the key support and resistance levels are 1.3920 and 1.4000, respectively. 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 neutral zone, the %K line is above the %D line, which gives a signal to buy USD/CAD.

Trading recommendations
  • Support levels: 1.3920, 1.3900, 1.3850
  • Resistance levels: 1.4000, 1.4065, 1.4100

If the price fixes below 1.3920, USD/CAD quotes are expected to fall. The movement is tending to 1.3890-1.3870.

An alternative could be the growth of the USD/CAD currency pair to 1.4030-1.4060.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.430
  • Open: 108.388
  • % chg. over the last day: -0.12
  • Day's range: 107.792 – 108.518
  • 52 wk range: 101.19 – 112.41

The bearish sentiment prevails on the USD/JPY currency pair. The trading instrument has set new local lows. USD/JPY quotes found support at 107.80. The 108.20 mark is already a "mirror" resistance. Demand for "safe haven" currencies is still high. The yen has the potential for further growth against the greenback. Positions should be opened from key levels.

The news feed on Japan's economy is calm.

USD/JPY

Indicators signal the power of sellers: the price has fixed below 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: 107.80, 107.50, 107.10
  • Resistance levels: 108.20, 108.60, 109.00

If the price fixes below 107.80, a further drop in the USD/JPY quotes is expected. The movement is tending to 107.50-107.30.

An alternative could be the growth of the USD/JPY currency pair to 108.40-108.60.

by JustForex, 2020.04.13

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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