Forex forecast on April 20 for EURUSD, GBPUSD, USDCAD, USDJPY

Forecast for the EUR/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.07305
Opening: 1.07114
Chg. % of the last day: -0.21
Daily range: 1.07078 – 1.07475
52-week range: 1.0366 – 1.1616

Yesterday, the correction was observed on EUR/USD. At the same time, the price kept a round level of 1.07000, which caused a further growth of the single currency. At the moment the EUR/USD quotes have overcome local resistance 1.07350. The attention is focused on the first round of the presidential elections in France, which will be held on April 23.

forex-forecast-eurusd-20-04-2017

The MACD histogram is in the positive area and continues to rise, indicating further growth of the EUR/USD currency pair.

Stochastic Oscillator has reached the overbought zone, the %K line crossed the %D line. There are signals at the moment.

The news background on the EU economy is calm today. It is necessary to pay attention to statistics from the USA:
– the number of initial claims for unemployment benefits (15:30 GMT+3:00);
– the indices of industrial activity and employment from the Federal Reserve Bank of Philadelphia (15:30 GMT+3:00).

Trading recommendations

Support levels: 1.07350, 1.07000
Resistance levels: 1.08000

We expect a bullish sentiment on the EUR/USD currency pair. We recommend looking for entry points to the market to long positions. The movement is tending potentially to 1.07750-1.08000.

Forecast for the GBP/USD currency pair

Technical indicators of the currency pair:

Prev Opening: 1.28394
Opening: 1.27723
Chg. % Of the last day: -0.48
Daily range: 1.27699 – 1.28371
52-week range: 1.1986 – 1.5020

Yesterday, there was a corrective movement on GBP/USD. The pound lost in price more than 60 points. Nevertheless, during the Asian trading session, the currency kept the local support level of 1.27750. At the moment, the technical pattern indicates further growth of GBP/USD.

forex-forecast-gpbusd-20-04-2017
                               
The MACD histogram has begun to rise and was fixed above the signal line, which indicates a bullish sentiment on the GBP/USD currency pair.

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

At 18:30 (GMT+3:00) the speech of the head of the Bank of England Carney will take place.

Trading recommendations

Support levels: 1.28100, 1.27000
Resistance levels: 1.28800

We believe that the growth of the GBP/USD currency pair may continue. The immediate goal for profit-taking is 1.28800.

Forecast for USD/CAD

Technical indicators of the currency pair:

Prev Opening: 1.33813
Opening: 1.34815
Chg. % of the last day: +0.81
The daily range: 1.34605 – 1.34883
52-week range: 1.2458 – 1.4692

Since the beginning of this week, aggressive purchases have been observed on USD/CAD. During this period, the Canadian dollar weakened against the US dollar by more than 175 points. The nearest resistance is located at 1.34900. Pressure on the currency of Canada has a negative dynamics in the “black gold” market.

forex-forecast-usdcad-20-04-2017

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

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which signals an increase of USD/CAD.

Important news on Canada’s economy today is not expected today.
                  
Trading recommendations

Support levels: 1.34250, 1.33750
Resistance levels: 1.34900

Our past expectations have been confirmed. At the moment, we recommend you to open positions from key levels.

In the near future, we do not exclude the correction of USD/CAD. The currency is being traded near the key area of the offer 1.34900-1.35250. If the price consolidates below 1.34600, it is necessary to consider selling USD/CAD. The movement is tending potentially to the support level of 1.34250.

If the price consolidates above the resistance level of 1.34900, we recommend you to look for entry points to the market to open long positions. The target level of movement is 1.35250-1.35500.

Forecast for the USD/JPY currency pair

Technical indicators of the currency pair:

Prev Opening: 108.414
Opening: 108.856
Chg. % of the last day: +0.41
Daily range: 108.708 – 109.069
52-week range: 99.08 – 123.69

The last trading session USD/JPY was being traded in a flat with a fairly wide range of 80 points. At the moment, the key levels of support and resistance are 108.750 and 109.400 respectively. The market is waiting for additional drivers.

forex-forecast-usdjpy-20-04-2017

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

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

In the Asian trading session, the Ministry of Finance of Japan published mixed data on trade. Today it is necessary to pay attention to the news line on the US economy.

Trading recommendations

Support levels: 108.750, 108.250
Resistance levels: 109.400

If the statistics from the US is weak, the bearish sentiment may prevail on the USD/JPY currency pair. The movement is tending potentially to the support level of 108.250.

An alternative may be the growth of the USD/JPY quotations to the level of 109.400-109.600.