The Analytical Overview of the Main Currency Pairs on 2020.04.30

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.08189
  • Open: 1.08704
  • % chg. over the last day: +0.51
  • Day's range: 1.08515 – 1.08913
  • 52 wk range: 1.0777 – 1.1494

There is an ambiguous technical pattern on the EUR/USD currency pair. At the moment, the key support and resistance levels are 1.0845 and 1.0890, respectively. Investors assess the Fed meeting. The regulator, as expected, kept the key marks of monetary policy at the same level. The Central Bank expects a decline in key economic indicators in the second quarter. The greenback is under pressure due to weak data on US GDP in the first quarter. Financial market participants have taken a wait-and-see attitude before today's ECB meeting. Positions should be opened from key levels.

The Economic News Feed for 30.04.2020

  • - German labor market report at 10:55 (GMT+3:00)
  • - Consumer price index in the Eurozone at 12:00 (GMT+3:00);
  • - ECB interest rate decision at 14:45 (GMT+3:00);
  • - Initial jobless claims in the US at 15:30 (GMT+3:00).
EUR/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 and continues to rise, indicating the bullish sentiment.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which also gives a signal to buy EUR/USD.

Trading recommendations
  • Support levels: 1.0845, 1.0810, 1.0785
  • Resistance levels: 1.0890, 1.0930

If the price fixes above 1.0890, the EUR/USD currency pair is expected to grow. The movement is tending to 1.0930-1.0960.

An alternative could be a decrease in the EUR/USD quotes to 1.0820-1.0790.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.24186
  • Open: 1.24667
  • % chg. over the last day: +0.35
  • Day's range: 1.24290 – 1.24817
  • 52 wk range: 1.1466 – 1.3516

The GBP/USD currency pair is being traded in a flat. There is no defined trend. The British pound continues to test key support and resistance levels: 1.2425 and 1.2485, respectively. Financial market participants expect additional drivers. The greenback demand has weakened after the Fed meeting, as well as the release of a weak report on US GDP. We do not exclude the growth of GBP/USD quotes in the near future. 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 50 MA.

The MACD histogram is in the positive zone, indicating the bullish sentiment.

Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which gives a signal to sell GBP/USD.

Trading recommendations
  • Support levels: 1.2425, 1.2385, 1.2315
  • Resistance levels: 1.2485, 1.2515, 1.2570

If the price fixes above the resistance level of 1.2485, GBP/USD quotes are expected to rise. The movement is tending to 1.2525-1.2550.

An alternative could be a decrease in the GBP/USD currency pair to 1.2390-1.2370.

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The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.39942
  • Open: 1.38792
  • % chg. over the last day: -0.83
  • Day's range: 1.38583 – 1.38983
  • 52 wk range: 1.2949 – 1.4668

The USD/CAD currency pair shows a steady downtrend. The trading instrument has updated local lows again. The loonie is currently consolidating near the support level of 1.3860. The 1.3915 mark is the nearest resistance. The Canadian dollar is supported by the recovery of oil quotes. The USD/CAD currency pair has the potential for further decline. We expect the publication of important economic releases. Positions should be opened from key levels.

At 15:30 (GMT+3:00), Canada's GDP data will be published.

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: 1.3860, 1.3800
  • Resistance levels: 1.3915, 1.3960, 1.4005

If the price fixes below the support level of 1.3860, 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 1.3940-1.3970.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 106.855
  • Open: 106.574
  • % chg. over the last day: -0.15
  • Day's range: 106.405 – 106.876
  • 52 wk range: 101.19 – 112.41

USD/JPY quotes have become stable. There is no defined trend. The trading instrument is testing the following key support and resistance levels: 106.40 and 106.80, respectively. In the near future, a technical correction is not ruled out. We recommend paying attention to economic releases, as well as to the dynamics of US government bonds yield. Positions should be opened from key levels.

USD/JPY

Indicators do not give accurate signals: the price has crossed 50 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/JPY.

Trading recommendations
  • Support levels: 106.40, 106.00
  • Resistance levels: 106.80, 107.00, 107.35

If the price fixes below 106.40, a further drop in the USD/JPY quotes is expected. The movement is tending to the round level of 106.00.

An alternative could be the growth of the USD/JPY currency pair to 107.00-107.30.

by JustForex, 2020.04.30

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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