Forex forecast on April 18 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.06110
Opening: 1.06419
Chg. % of the last day: +0.31
Daily range: 1.06369 – 1.06529
52-week range: 1.0366 – 1.1616

Yesterday, purchases prevailed on EUR/USD. At the moment, the currency is already testing a “mirror” support level of 1.06400. The news background on the EU economy is calm today. We are waiting for statistics from the USA.

The MACD histogram is in the positive area, but below the signal line, which gives a weak signal to buy EUR/USD.

Stochastic Oscillator has fixed in the neutral zone, %K is below %D, which indicates a bearish sentiment on EUR/USD.

There are no important economic reports from the EU today. We recommend you to pay attention to statistics on the real estate market in the US:
– the number of building permits issued (15:30 GMT+3:00);
– the volume of construction of new houses (15:30 GMT+3:00).

Also at 16:15 (GMT+3:00) the data on the volume of industrial production in the US will be released.
 
Trading recommendations

Support levels: 1.06400, 1.06100
Resistance levels: 1.06750

If the data on the real estate market in the US is weak, the growth of the EUR/USD quotations may continue. The immediate goal for profit taking is 1.06750-1.07000.

An alternative may be a downward trend on EUR/USD to around 1.06100.

Forecast for the GBP/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.25302
Opening: 1.25629
Chg. % of the last day: +0.23
The daily range: 1.25501 – 1.25920
52-week range: 1.1986 – 1.5020

On Friday, April 14, the GBP/USD currency pair held a round level of 1.25000, which caused a bullish sentiment. During this period, the growth of the GBP/USD quotations exceeded 80 points. At the moment, the currency is being traded near the 1.26000 mark. The technical pattern indicates further growth of the pound against the US dollar.
                               
The MACD histogram is located in the positive area and continues to rise, which signals an increase of the GBP/USD currency pair.

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

We recommend paying attention to the news background on the US economy.

Trading recommendations

Support levels: 1.25600, 1.25000
Resistance levels: 1.26000

We expect further growth of GBP/USD. If the price consolidates above the round level of 1.26000, you need to look for entry points to the market to open long positions. The movement is tending potentially to 1.26500.

Forecast for USD/CAD

Technical indicators of the currency pair:

Prev Opening: 1.33152
Opening: 1.33175
Chg. % of the last day: +0.03
Daily range: 1.33109 – 1.33346

52-week range: 1.2458 – 1.4692

The recent trading sessions there is a high activity and volatility on USD/CAD. At the same time, unidirectional movements do not occur. At the moment, we can identify the key support and resistance levels: 1.32850 and 1.33400, respectively. The market is waiting for additional drivers.

The MACD histogram is in the positive zone and above the signal line, which signals an increase of the USD/CAD quotes.

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

The news background on Canada’s economy is calm today. At 15:30 (GMT+3:00) the data on the volume of foreign investment in Canadian securities will be published.
                  
Trading recommendations

Support levels: 1.32850, 1.32250
Resistance levels: 1.33400, 1.33850

If the statistics from the US is positive, an upward trend may develop on the USD/CAD currency pair. The target level of movement is 1.33850.

Alternatively, the USD/CAD may decline to a local support level of 1.32600.
                                      

Forecast for the USD/JPY currency pair

Technical indicators of the currency pair:

Prev Opening: 108.700
Opening: 108.883
Chg. % of the last day: +0.54
Daily range: 108.837 – 109.219
52-week range: 99.08 – 123.69

Yesterday, a correction was observed on the USD/JPY currency pair, after a significant strengthening of the yen last week. The growth of the USD/JPY quotations exceeded 0.5%. The currency has overcome the mark of 108.750, which is already a “mirror” support. The demand for safe assets is supported by the tense geopolitical situation in North Korea.

The MACD histogram has fixed in the positive area, but below the signal line, which gives a weak signal to buy USD/JPY.

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

We recommend you to pay attention to the news feed from the USA.

Trading recommendations

Support levels: 108.750, 108.250
Resistance level: 109.400

The previous forecast turned out to be quite accurate. If economic reports from the US are optimistic, the correction of USD/JPY may continue. The immediate goal for profit taking is 109.400.

An alternative may be a further reduction of the USD/JPY currency pair to the support level of 108.250.