The EUR/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.08656
Open: 1.08602
% chg. over the last day: -0.03
Day’s range: 1.08256 – 1.08700
52 wk range: 1.0777 – 1.1494
The greenback shows mixed results against major competitors. Financial markets participants expect additional drivers. At the moment, EUR/USD quotes are in a sideways trend. The local support and resistance levels are 1.0820 and 1.0855, respectively. A trading instrument is tending to decline. Today, investors will assess important economic reports from Germany and the US. Positions should be opened from key levels.
The Economic News Feed for 21.04.2020
German ZEW economic sentiment at 12:00 (GMT+3:00);
Existing home sales in the US at 17:00 (GMT+3:00).
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 continues to decline, indicating the bearish sentiment.
Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates the bullish sentiment.
Trading recommendations
Support levels: 1.0820, 1.0785, 1.0765
Resistance levels: 1.0855, 1.0900, 1.0935
If the price fixes below 1.0820, a further fall in the EUR/USD currency pair is expected. The movement is tending to 1.0790-1.0770.
An alternative could be the growth of EUR/USD quotes to 1.0880-1.0900.
The GBP/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.24928
Open: 1.24286
% chg. over the last day: -0.38
Day’s range: 1.23890 – 1.24442
52 wk range: 1.1466 – 1.3516
GBP/USD quotes have been declining. During yesterday’s and today’s trading, the British pound has fallen in price by more than 80 points. The trading instrument has updated local lows. At the moment, the GBP/USD currency pair is consolidating. The local support and resistance levels are 1.2390 and 1.2445, respectively. The technical pattern signals a further fall in GBP/USD quotes. We recommend opening positions from key support and resistance levels.
The UK has published mixed labor market data.
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 GBP/USD.
Trading recommendations
Support levels: 1.2390, 1.2350, 1.2300
Resistance levels: 1.2445, 1.2490, 1.2520
If the price fixes below 1.2390, a further drop in GBP/USD quotes is expected. The movement is tending to 1.2350-1.2330.
An alternative could be the growth of the GBP/USD currency pair to 1.2480-1.2520.
The USD/CAD currency pair
Technical indicators of the currency pair:
Prev Open: 1.40157
Open: 1.41448
% chg. over the last day: +0.69
Day’s range: 1.41132 – 1.41981
52 wk range: 1.2949 – 1.4668
There is a pronounced upward trend on the USD/CAD currency pair. Quotes have reached key highs. The loonie is under pressure due to a sharp collapse in prices in the “black gold” market. At the moment, USD/CAD quotes are consolidating in the range of 1.4150-1.4200. A trading instrument has the potential for further growth. We expect important statistics on Canada’s economy. We recommend opening positions from key levels.
At 15:30 (GMT+3:00), a report on retail sales will be published in Canada.
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 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: 1.4150, 1.4110, 1.4050
Resistance levels: 1.4200, 1.4250
If the price fixes above the resistance level of 1.4200, further growth of USD/CAD quotes is expected. The movement is tending to 1.4240-1.4260.
An alternative could be a decrease in the USD/CAD currency pair to 1.4110-1.4070.
The USD/JPY currency pair
Technical indicators of the currency pair:
Prev Open: 107.478
Open: 107.612
% chg. over the last day: +0.16
Day’s range: 107.307 – 107.793
52 wk range: 101.19 – 112.41
The technical pattern is still ambiguous on the USD/JPY currency pair. The trading instrument is in a sideways trend. At the moment, the local support and resistance levels are 107.25 and 107.60, respectively. The yen is tending to grow against the US dollar. We recommend paying attention to the dynamics of the US government bonds yield. Positions should be opened from key levels.
The news feed on Japan’s economy is calm.
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 oversold zone, the %K line has crossed the %D line. There are no signals at the moment.
Trading recommendations
Support levels: 107.25, 106.90
Resistance levels: 107.60, 107.90, 108.10
If the price fixes below the support level of 107.25, 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 107.70-108.00.
