The Analytical Overview of the Main Currency Pairs on 2018.04.06

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.22779
  • Open: 1.22391
  • % chg. over the last day: -0.24
  • Day's range: 1.22275 – 1.22596
  • 52 wk range: 1.0571 – 1.2557

Yesterday, the euro continued to lose ground against the US dollar. At the moment, the EUR/USD currency pair is consolidating. Financial markets participants expect statistics on the labor market in the US. Preliminary data from ADP turned out to be quite optimistic. Today we expect high trading activity. We recommend opening positions from the key support and resistance levels.

The news feed on 2018.04.06:
  • At 15:30 (GMT+3:00) a report on the labor market in the US will be published. Investors will also follow the speech of the Fed chairman.
EUR/USD

Indicators indicate the power of sellers. The price has fixed below 50 MA and 200 MA.

The MACD histogram is in the negative zone and continues to decline, which signals a fall in the EUR/USD quotes.

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

Trading recommendations
  • Support levels: 1.22200, 1.22000
  • Resistance levels: 1.22600, 1.23000, 1.23350

If the price fixes below the local support of 1.22200, the EUR/USD quotes are expected to fall. The movement is tending potentially to 1.21500-1.21250.

Alternative option. If the price fixes above the "mirror" resistance of 1.22600, it is necessary to look for entry points to the market to open long positions. The movement is tending potentially to 1.23000-1.23350.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.40777
  • Open: 1.40012
  • % chg. over the last day: -0.54
  • Day's range: 1.39856 – 1.40215
  • 52 wk range: 1.2361– 1.4345

During yesterday's trading, aggressive sales of GBP/USD were observed. The pound lost in price more than 80 points because of a weak report on business activity in the services sector of Great Britain. At the moment, GBP/USD is in a sideways trend. The key trading range is 1.39750-1.40200. Investors expect important statistics from the US.

We recommend you to pay attention to the speech of the governor of the Bank of England, Carney.

GBP/USD

The price has fixed below 50 MA and 200 MA, which indicates the power of sellers.

The MACD histogram is in the negative zone and continues to decline, which signals to sell GBP/USD.

Stochastic Oscillator is located near the oversold zone, the %K line crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.39750, 1.39000
  • Resistance levels: 1.40200, 1.40700, 1.41000

If the price fixes below 1.39750, it is necessary to consider sales of GBP/USD. The movement is tending potentially to 1.39250-1.39000.

Alternative option. If the price fixes above 1.40200, the GBP/USD quotes are expected to rise. The movement is tending potentially to 1.40700-1.41000.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.27702
  • Open: 1.27473
  • % chg. over the last day: -0.11
  • Day's range: 1.27469 – 1.27904
  • 52 wk range: 1.2059 – 1.3795

Yesterday's trades were quite active. However, a unidirectional trend was not observed. At the moment, the technical pattern is ambiguous. Investors took a wait-and-see attitude before the publication of important economic reports from the US and Canada. The key trading range is 1.27700-1.28000. We recommend you to open positions above/below these marks.

The news feed on Canada's economy:
  • - statistics on the labor market at 15:30 (GMT+3:00);
  • - Ivey PMI at 17:00 (GMT+3:00).
USD/CAD

Indicators do not send accurate signals. The price crossed 50 MA.

The MACD histogram is located near the 0 mark.

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

Trading recommendations
  • Support levels: 1.27700, 1.27450, 1.27000
  • Resistance levels: 1.28000, 1.28300, 1.28500

If the price fixes above the round level of 1.28000, the USD/CAD quotes are expected to rise. The movement is tending potentially to 1.28300-1.28500.

Alternative option. If the price fixes below 1.27700, it is necessary to consider sales of USD/CAD. The target movement level is 1.27450-1.27000.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 106.772
  • Open: 107.389
  • % chg. over the last day: +0.35
  • Day's range: 106.990 – 107.460
  • 52 wk range: 104.56 – 114.74

Since the beginning of this week, the bullish sentiment has prevailed on the USD/JPY currency pair. During this period, the yen weakened against the US dollar by more than 130 points. At the moment, the trading instrument is consolidating. The report on the labor market in the US is in the focus of attention. The key support and resistance levels are 107,000 and 107,500, respectively. The positions must be opened from these marks.

The news feed on Japan's economy is calm.

USD/JPY

The price has fixed above 50 MA and 200 MA, which signals the power of buyers.

The MACD histogram is located in the positive zone and continues to rise, which indicates the growth of the USD/JPY quotes.

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

Trading recommendations
  • Support levels: 107.000, 106.600, 106.100
  • Resistance levels: 107.500, 108.000

If the price fixes above the 107.500 mark, further growth of the USD/JPY currency pair is expected. The movement is tending potentially to 108.000-108.250.

Alternative option. If the price fixes below the already "mirror" support of 107.000, it is necessary to consider sales of USD/JPY. The target movement level is 106.600-106.250.

by JustForex, 2018.04.06

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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