The Analytical Overview of the Main Currency Pairs on 2020.04.27

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.07763
  • Open: 1.08216
  • % chg. over the last day: +0.20
  • Day's range: 1.08114 – 1.08592
  • 52 wk range: 1.0777 – 1.1494

The EUR/USD currency pair has been growing. Investors have started fixing greenback positions partially. EUR/USD quotes have updated local highs. Currently, the euro is consolidating in the range of 1.0815-1.0855. The technical pattern signals further growth of the EUR/USD currency pair. Financial market participants continue to assess the risks and impact of the COVID-19 epidemic on the global economy. At the moment, the number of infected in the world is close to 3 million. We recommend opening positions from key levels.

Today, the publication of important economic releases is not planned.

EUR/USD

Indicators do not give accurate signals: the price has crossed 100 MA.

The MACD histogram is in the positive zone and above the signal line, which indicates a further increase in EUR/USD quotes.

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: 1.0815, 1.0785, 1.0755
  • Resistance levels: 1.0855, 1.0890, 1.0930

If the price fixes above 1.0855, further growth of the EUR/USD currency pair is expected. The movement is tending to 1.0880-1.0910.

An alternative could be a decline in EUR/USD quotes to 1.0790-1.0760.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.23403
  • Open: 1.23626
  • % chg. over the last day: +0.21
  • Day's range: 1.23606 – 1.24546
  • 52 wk range: 1.1466 – 1.3516

The bullish sentiment prevails on the GBP/USD currency pair. Quotes have updated local highs. The British pound is currently consolidating. The local support and resistance levels are 1.2400 and 1.2450, respectively. The greenback demand has started declining. We do not exclude further growth of the trading instrument. We recommend opening positions from key support and resistance levels.

The news feed on the UK economy is calm.

GBP/USD

Indicators do not give accurate signals: the price has crossed 100 MA.

The MACD histogram is in the positive zone and continues to rise, which indicates the growth of the GBP/USD currency pair.

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

Trading recommendations
  • Support levels: 1.2400, 1.2370, 1.2300
  • Resistance levels: 1.2450, 1.2515

If the price fixes above the resistance level of 1.2450, further growth of GBP/USD quotes is expected. The movement is tending to 1.2500-1.2525.

An alternative could be a decrease in the GBP/USD currency pair to 1.2350-1.2330.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.40741
  • Open: 1.40948
  • % chg. over the last day: +0.12
  • Day's range: 1.40394 – 1.41172
  • 52 wk range: 1.2949 – 1.4668

The USD/CAD currency pair is still being traded in a flat. There is no defined trend. USD/CAD quotes are testing the key support and resistance levels: 1.4040 and 1.4120, respectively. The technical pattern signals a possible decrease in the trading instrument. We recommend paying attention to the dynamics of "black gold" prices. Positions should be opened from key levels.

The news feed on Canada's economy is calm.

USD/CAD

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

The MACD histogram has started declining, indicating the development of 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: 1.4040, 1.4000, 1.3925
  • Resistance levels: 1.4120, 1.4200, 1.4250

If the price fixes below the support level of 1.4040, a further drop in the USD/CAD quotes is expected. The movement is tending to 1.4000-1.3970.

An alternative could be the growth of the USD/CAD currency pair to 1.4100-1.4150.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 107.559
  • Open: 107.543
  • % chg. over the last day: -0.07
  • Day's range: 107.047 – 107.622
  • 52 wk range: 101.19 – 112.41

The USD/JPY currency pair has been declining. The trading instrument has set new local lows. USD/JPY quotes found support at the level of 107.10. The 107.35 mark is already a "mirror" resistance. The USD/JPY currency pair has the potential for further decline. The Bank of Japan, as expected, kept key interest rates unchanged. The regulator lifted restrictions on the purchase of government bonds and increased the purchase of corporate debt. Positions should be opened from key levels.

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 and below the signal line, which indicates 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/JPY.

Trading recommendations
  • Support levels: 107.10, 106.95, 106.70
  • Resistance levels: 107.35, 107.60, 107.75

If the price fixes below the support level of 107.10, 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 107.50-107.70.

by JustForex, 2020.04.27

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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