The Analytical Overview of the Main Currency Pairs on 2020.04.23

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.08565
  • Open: 1.08209
  • % chg. over the last day: -0.32
  • Day's range: 1.07910 – 1.08342
  • 52 wk range: 1.0777 – 1.1494

EUR/USD quotes have been declining. The trading instrument has updated key extremes. The greenback demand is still high. At the moment, the euro is testing local support of 1.0790. The 1.0830 level is already a "mirror" resistance. Today, EU leaders will discuss a plan to overcome the consequences of the COVID-19 epidemic via a video conference. Investors will also assess important economic releases. We recommend opening positions from key levels.

The Economic News Feed for 23.04.2020

  • - Indicators of economic activity in Germany and the Eurozone at 10:30 (GMT+3:00) and 11:00 (GMT+3:00), respectively;
  • - Initial jobless claims in the US at 15:30 (GMT+3:00);
  • - New 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 has crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.0790, 1.0750, 1.0720
  • Resistance levels: 1.0830, 1.0845, 1.0875

If the price fixes below 1.0790, a further fall in the EUR/USD currency pair is expected. The movement is tending to 1.0760-1.0730.

An alternative could be the growth of EUR/USD quotes to 1.0860-1.0880.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.22863
  • Open: 1.23312
  • % chg. over the last day: +0.32
  • Day's range: 1.23078 – 1.23756
  • 52 wk range: 1.1466 – 1.3516

There is an ambiguous technical pattern on the GBP/USD currency pair. The British pound is being traded in a flat. GBP/USD quotes are testing the following key support and resistance levels: 1.2300 and 1.2375, respectively. The demand for risky assets is still low. A trading instrument has the potential for further decline. We expect important statistics on the UK economy. We recommend opening positions from key support and resistance levels.

The Economic News Feed for 23.04.2020

  • - Indicators of economic activity in the UK.
GBP/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: 1.2300, 1.2250
  • Resistance levels: 1.2375, 1.2410, 1.2445

If the price fixes below the round level of 1.2300, a further drop in GBP/USD quotes is expected. The movement is tending to 1.2260-1.2240.

An alternative could be the growth of the GBP/USD currency pair to 1.2410-1.2450.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.42103
  • Open: 1.41612
  • % chg. over the last day: -0.34
  • Day's range: 1.41149 – 1.41980
  • 52 wk range: 1.2949 – 1.4668

The USD/CAD currency pair is in a sideways trend. There is no defined trend. Financial markets participants expect additional drivers. USD/CAD quotes are testing the key support and resistance levels: 1.4120 and 1.4200, respectively. The loonie is supported by the recovery of the "black gold" prices after a significant collapse. Today we recommend paying attention to economic reports from the US. Positions should be opened from key levels.

The news feed on Canada's economy is calm.

USD/CAD

Indicators do not give accurate signals: the price has fixed between 50 MA and 200 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: 1.4120, 1.4050, 1.4000
  • Resistance levels: 1.4200, 1.4250

If the price fixes below the support level of 1.4120, USD/CAD quotes are expected to fall. The movement is tending to 1.4070-1.4050.

An alternative could be the growth of the USD/CAD currency pair to 1.4250-1.4280.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 107.761
  • Open: 107.778
  • % chg. over the last day: +0.01
  • Day's range: 107.537 – 107.865
  • 52 wk range: 101.19 – 112.41

USD/JPY quotes are still in a sideways trend. There is no defined trend. Investors expect additional drivers. The USD/JPY currency pair is still testing local support and resistance levels: 107.50 and 107.85, respectively. We expect important economic releases from the US. We also 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 enough.

USD/JPY

Indicators do not give accurate signals: the price has crossed 50 MA and 100 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: 107.50, 107.25, 106.95
  • Resistance levels: 107.85, 108.10

If the price fixes below the support level of 107.50, USD/JPY quotes are expected to fall. The movement is tending to 107.20-107.00.

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

by JustForex, 2020.04.23

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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