The EUR/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.08277
Open: 1.08189
% chg. over the last day: -0.09
Day’s range: 1.08168 – 1.08733
52 wk range: 1.0777 – 1.1494
Since the beginning of this week, trades on the EUR/USD currency pair are active enough. At the same time, there is no defined trend. At the moment, EUR/USD quotes are testing the supply zone of 1.0870-1.0890. The nearest support is 1.0835. Investors have taken a wait-and-see attitude before the Fed meeting. It is expected that the regulator will leave the key marks of monetary policy unchanged. We recommend paying attention to the comments by representatives of the Central Bank. Financial market participants will also assess the US GDP report for the first quarter. Positions should be opened from key levels.
The Economic News Feed for 29.04.2020
US GDP data at 15:30 (GMT+3:00);
Pending home sales in the US at 17:00 (GMT+3:00);
Fed interest rate decision at 21:00 (GMT+3:00).
Indicators do not give accurate signals: 50 MA has crossed 100 MA.
The MACD histogram has started rising, indicating the bullish sentiment.
Stochastic Oscillator is in the overbought zone, the %K line has crossed the %D line. There are no signals at the moment.
Trading recommendations
Support levels: 1.0835, 1.0810, 1.0785
Resistance levels: 1.0870, 1.0890, 1.0930
If the price fixes above 1.0870, the EUR/USD currency pair is expected to grow. The movement is tending to 1.0900-1.0930.
An alternative could be a decrease in the EUR/USD quotes to 1.0800-1.0780.
The GBP/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.24281
Open: 1.24186
% chg. over the last day: -0.04
Day’s range: 1.24186 – 1.24853
52 wk range: 1.1466 – 1.3516
There is an ambiguous technical pattern on the GBP/USD currency pair. The British pound is in a sideways trend. At the moment, the following local support and resistance levels can be identified: 1.2425 and 1.2485, respectively. Financial market participants have taken a wait-and-see attitude before the Fed meeting, as well as the publication of important economic reports from the US. We recommend opening positions from key support and resistance levels.
The news feed on the UK economy is calm.
Indicators do not give accurate signals: the price has crossed 50 MA.
The MACD histogram is in the positive zone, but has started declining.
Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which indicates the bearish sentiment.
Trading recommendations
Support levels: 1.2425, 1.2385, 1.2315
Resistance levels: 1.2485, 1.2515, 1.2570
If the price fixes above the resistance level of 1.2485, further growth of GBP/USD quotes is expected. The movement is tending to 1.2540-1.2580.
An alternative could be a decrease in the GBP/USD currency pair to 1.2380-1.2350.
The USD/CAD currency pair
Technical indicators of the currency pair:
Prev Open: 1.40330
Open: 1.39942
% chg. over the last day: -0.26
Day’s range: 1.39308 – 1.40033
52 wk range: 1.2949 – 1.4668
USD/CAD quotes have been declining. The trading instrument has set new local lows. The loonie is currently consolidating in the range of 1.3930-1.3975. The USD/CAD currency pair has the potential for further decline. The Canadian dollar is supported by price recovery in the “black gold” market. We expect the Fed meeting. Positions should be opened from key levels.
The news feed on Canada’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 neutral zone, the %K line is above the %D line, which gives a signal to buy USD/CAD.
Trading recommendations
Support levels: 1.3930, 1.3900
Resistance levels: 1.3975, 1.4005, 1.4065
If the price fixes below the support level of 1.3930, a further drop in the USD/CAD quotes is expected. The movement is tending to 1.3900-1.3860.
An alternative could be the growth of the USD/CAD currency pair to 1.4000-1.4040.
The USD/JPY currency pair
Technical indicators of the currency pair:
Prev Open: 107.243
Open: 106.855
% chg. over the last day: -0.34
Day’s range: 106.358 – 106.893
52 wk range: 101.19 – 112.41
There are aggressive sales on the USD/JPY currency pair. During yesterday’s and today’s trades, the yen added more than 80 points. The greenback demand has weakened before the Fed meeting. At the moment, USD/JPY quotes are testing the support level of 106.40. The 106.65 mark is the nearest resistance. A trading instrument has the potential for further decline. Positions should be opened from key levels.
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 below the signal line, which gives a strong signal to sell USD/JPY.
Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates the bullish sentiment.
Trading recommendations
Support levels: 106.40, 106.00
Resistance levels: 106.65, 107.00, 107.35
If the price fixes below 106.40, a further drop in the USD/JPY quotes is expected. The movement is tending to the round level of 106.00.
An alternative could be the growth of the USD/JPY currency pair to 106.80-107.00.
