The Analytical Overview of the Main Currency Pairs on 2020.04.21

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.08656
  • Open: 1.08602
  • % chg. over the last day: -0.03
  • Day's range: 1.08256 – 1.08700
  • 52 wk range: 1.0777 – 1.1494

The greenback shows mixed results against major competitors. Financial markets participants expect additional drivers. At the moment, EUR/USD quotes are in a sideways trend. The local support and resistance levels are 1.0820 and 1.0855, respectively. A trading instrument is tending to decline. Today, investors will assess important economic reports from Germany and the US. Positions should be opened from key levels.

The Economic News Feed for 21.04.2020

  • - German ZEW economic sentiment at 12:00 (GMT+3:00);
  • - Existing home sales in the US at 17:00 (GMT+3:00).
EUR/USD

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

The MACD histogram is in the negative zone and continues to decline, indicating the bearish sentiment.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates the bullish sentiment.

Trading recommendations
  • Support levels: 1.0820, 1.0785, 1.0765
  • Resistance levels: 1.0855, 1.0900, 1.0935

If the price fixes below 1.0820, a further fall in the EUR/USD currency pair is expected. The movement is tending to 1.0790-1.0770.

An alternative could be the growth of EUR/USD quotes to 1.0880-1.0900.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24928
  • Open: 1.24286
  • % chg. over the last day: -0.38
  • Day's range: 1.23890 – 1.24442
  • 52 wk range: 1.1466 – 1.3516

GBP/USD quotes have been declining. During yesterday's and today's trading, the British pound has fallen in price by more than 80 points. The trading instrument has updated local lows. At the moment, the GBP/USD currency pair is consolidating. The local support and resistance levels are 1.2390 and 1.2445, respectively. The technical pattern signals a further fall in GBP/USD quotes. We recommend opening positions from key support and resistance levels.

The UK has published mixed labor market data.

GBP/USD

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 GBP/USD.

Trading recommendations
  • Support levels: 1.2390, 1.2350, 1.2300
  • Resistance levels: 1.2445, 1.2490, 1.2520

If the price fixes below 1.2390, a further drop in GBP/USD quotes is expected. The movement is tending to 1.2350-1.2330.

An alternative could be the growth of the GBP/USD currency pair to 1.2480-1.2520.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.40157
  • Open: 1.41448
  • % chg. over the last day: +0.69
  • Day's range: 1.41132 – 1.41981
  • 52 wk range: 1.2949 – 1.4668

There is a pronounced upward trend on the USD/CAD currency pair. Quotes have reached key highs. The loonie is under pressure due to a sharp collapse in prices in the "black gold" market. At the moment, USD/CAD quotes are consolidating in the range of 1.4150-1.4200. A trading instrument has the potential for further growth. We expect important statistics on Canada's economy. We recommend opening positions from key levels.

At 15:30 (GMT+3:00), a report on retail sales will be published in Canada.

USD/CAD

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

The MACD histogram is in the positive zone and continues to rise, indicating the bullish sentiment.

Stochastic Oscillator is near the overbought zone, the %K line is above the %D line, which gives a weak signal to buy USD/CAD.

Trading recommendations
  • Support levels: 1.4150, 1.4110, 1.4050
  • Resistance levels: 1.4200, 1.4250

If the price fixes above the resistance level of 1.4200, further growth of USD/CAD quotes is expected. The movement is tending to 1.4240-1.4260.

An alternative could be a decrease in the USD/CAD currency pair to 1.4110-1.4070.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 107.478
  • Open: 107.612
  • % chg. over the last day: +0.16
  • Day's range: 107.307 – 107.793
  • 52 wk range: 101.19 – 112.41

The technical pattern is still ambiguous on the USD/JPY currency pair. The trading instrument is in a sideways trend. At the moment, the local support and resistance levels are 107.25 and 107.60, respectively. The yen is tending to grow against the US dollar. 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 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: 107.25, 106.90
  • Resistance levels: 107.60, 107.90, 108.10

If the price fixes below the support level of 107.25, a further drop in the USD/JPY quotes is expected. The movement is tending to 106.90-106.70.

An alternative could be the growth of the USD/JPY currency pair to 107.70-108.00.

by JustForex, 2020.04.21

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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