The Analytical Overview of the Main Currency Pairs on 2020.04.14

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.09390
  • Open: 1.09084
  • % chg. over the last day: -0.16
  • Day's range: 1.09016 – 1.09487
  • 52 wk range: 1.0777 – 1.1494

The EUR/USD currency pair has become stable. At the moment, the technical pattern is ambiguous. Financial markets participants expect additional drivers. The local support and resistance levels are 1.0915 and 1.0965, respectively. We do not exclude further growth of the single currency. Positions should be opened from key support and resistance levels.

Chinese exports and imports slowed down the decline in March after falling earlier this year. At the same time, most experts agree that a confident recovery in trade is not expected in the near future.

The Economic News Feed for 14.04.2020

  • Today, the publication of important economic releases is not planned.
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 below the %D line, which indicates the bearish sentiment.

Trading recommendations
  • Support levels: 1.0915, 1.0885, 1.0835
  • Resistance levels: 1.0965, 1.1010, 1.1035

If the price fixes above 1.0965, further growth of the EUR/USD currency pair is expected. The movement is tending to 1.1000-1.1020.

An alternative could be a drop in the EUR/USD quotes to 1.0885-1.0860.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24583
  • Open: 1.24975
  • % chg. over the last day: +0.42
  • Day's range: 1.24971 – 1.25739
  • 52 wk range: 1.1466 – 1.3516

GBP/USD quotes show a steady uptrend. The trading instrument has updated local highs again. The British pound found resistance at 1.2570. The round level of 1.2500 is already a "mirror" support. We do not exclude further growth of the GBP/USD currency pair. 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 started to exit the overbought zone, the %K line is below the %D line, which indicates a possible correction of the GBP/USD currency pair.

Trading recommendations
  • Support levels: 1.2500, 1.2440, 1.2400
  • Resistance levels: 1.2570, 1.2650

If the price fixes above 1.2570, further growth of GBP/USD quotes is expected. The movement is tending to 1.2620-1.2650.

An alternative could be a decrease in the GBP/USD currency pair to 1.2470-1.2440.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.39236
  • Open: 1.38912
  • % chg. over the last day: -0.47
  • Day's range: 1.38627 – 1.39060
  • 52 wk range: 1.2949 – 1.4668

The USD/CAD currency pair has been declining. The trading instrument has updated local lows. The loonie is currently consolidating near the support level of 1.3855. The 1.3925 mark is already a "mirror" resistance. The Canadian dollar has the potential for further growth against the greenback. 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: 1.3855, 1.3800
  • Resistance levels: 1.3925, 1.4000, 1.4070

If the price fixes below 1.3855, a further drop in the USD/CAD quotes is expected. The movement is tending to the round level of 1.3800.

An alternative could be the growth of the USD/CAD currency pair to 1.3960-1.4000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 108.388
  • Open: 107.745
  • % chg. over the last day: -0.52
  • Day's range: 107.536 – 107.756
  • 52 wk range: 101.19 – 112.41

The USD/JPY currency pair continues to show a negative trend. The trading instrument has updated local lows again. At the moment, USD/JPY quotes are consolidating in the range of 107.50-107.85. Demand for the “safe haven” currencies is still high. The yen has the potential for further growth against the greenback. We recommend paying attention to the dynamics of US government bonds yield. 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 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 below the %D line, which also gives a signal to sell USD/JPY.

Trading recommendations
  • Support levels: 107.50, 107.15, 106.90
  • Resistance levels: 107.85, 108.20, 108.60

If the price fixes below 107.50, a further drop in the USD/JPY quotes is expected. The movement is tending to the round level of 107.00.

An alternative could be the growth of the USD/JPY currency pair to 108.10-108.30.

by JustForex, 2020.04.14

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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