The EUR/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.09615
Open: 1.08554
% chg. over the last day: -0.97
Day’s range: 1.07984 – 1.08648
52 wk range: 1.0777 – 1.1494
EUR/USD quotes continue to show negative dynamics. The trading instrument has updated local lows. The coronavirus epidemic continues to impact the global economy negatively. The number of infections in the world exceeded 1 million. The jobless claims in the US exceeded historic highs and counted to more than 6.6 million. Currently, EUR/USD quotes are consolidating in the range of 1.08000-1.08700. Financial market participants have taken a wait-and-see attitude before the publication of US labor statistics for March. We recommend paying attention to the difference between the actual and forecasted values. Positions should be opened from key levels.
The Economic News Feed for 03.04.2020:
Indicators on economic activity in the Eurozone at 11:00 (GMT+3:00);
Report on the US labor market at 15:30 (GMT+3:00);
ISM non-manufacturing PMI 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, that gives a strong signal to sell EUR/USD.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which also indicates the bearish sentiment.
Trading recommendations
Support levels: 1.08000, 1.07200
Resistance levels: 1.08700, 1.09200, 1.09700
If the price fixes below the round level of 1.08000, a further fall in the EUR/USD currency pair is expected. The movement is tending to 1.07500-1.07000.
An alternative could be the growth of EUR/USD quotes to 1.09200-1.09700.
The GBP/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.23771
Open: 1.23997
% chg. over the last day: +0.11
Day’s range: 1.23252 – 1.24023
52 wk range: 1.1466 – 1.3516
The GBP/USD currency pair is still being traded in a prolonged flat. There is no defined trend. The key support and resistance levels are 1.23000 and 1.24800, respectively. Financial market participants have taken a wait-and-see attitude. Today, the US labor market report for March is in the focus of attention. Positions should be opened from key levels.
At 11:30 (GMT+3:00), composite PMI will be published in the UK.
Indicators do not give accurate signals: the price has crossed 50 MA.
The MACD histogram is near the 0 mark.
Stochastic Oscillator is in the neutral zone, the %K line has crossed the %D line. There are no signals at the moment.
Trading recommendations
Support levels: 1.23000, 1.21450, 1.20150
Resistance levels: 1.24800, 1.25500
If the price fixes below the round level of 1.23000, GBP/USD quotes are expected to fall. The movement is tending to 1.22000-1.21000.
An alternative could be the growth of the GBP/USD currency pair to 1.25500-1.26000.
The USD/CAD currency pair
Technical indicators of the currency pair:
Prev Open: 1.41923
Open: 1.41358
% chg. over the last day: -0.40
Day’s range: 1.41163 – 1.41972
52 wk range: 1.2949 – 1.4668
The technical pattern on the USD/CAD currency pair is still ambiguous. The loonie is in a sideways trend. The local support and resistance levels are 1.40800 and 1.42000, respectively. The recovery of “black gold” prices supports the Canadian dollar. Today we recommend paying attention to economic releases from the US. Positions should be opened from key levels.
The news feed on Canada’s economy is calm.
Indicators do not give accurate signals: the price has crossed 50 MA and 100 MA.
The MACD histogram is near the 0 mark.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the bearish sentiment.
Trading recommendations
Support levels: 1.40800, 1.40100, 1.39250
Resistance levels: 1.42000, 1.42700, 1.43350
If the price fixes below 1.40800, USD/CAD quotes are expected to fall. The movement is tending to 1.40100-1.39500.
An alternative could be the growth of the USD/CAD currency pair to 1.42500-1.43000.
The USD/JPY currency pair
Technical indicators of the currency pair:
Prev Open: 107.154
Open: 107.886
% chg. over the last day: +0.13
Day’s range: 107.808 – 108.292
52 wk range: 101.19 – 112.41
USD/JPY quotes have been growing. The trading instrument has updated local highs. At the moment, the “safe haven” currency is testing the resistance level of 108.250. The 107.600 mark is the nearest support. Today, investors will assess US labor statistics for March. We also recommend paying attention to the dynamics of US government bonds yield. Positions should be opened from key levels.
The news feed on Japan’s economy is calm enough.
Indicators do not give accurate signals: the price has fixed between 50 MA and 100 MA.
The MACD histogram is in the positive zone, which indicates the growth of USD/JPY quotes.
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: 107.600, 107.000, 106.500
Resistance levels: 108.250, 108.700, 109.600
If the price fixes above 108.250, further growth of USD/JPY quotes is expected. The movement is tending to 108.700-109.200.
An alternative could be a decrease in the USD/JPY currency pair to a round level of 107.000.
