The Analytical Overview of the Main Currency Pairs on 2020.04.08

April 8, 2020

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.07919
  • Open: 1.08900
  • % chg. over the last day: +0.91
  • Day’s range: 1.08301 – 1.09022
  • 52 wk range: 1.0777 – 1.1494

The EUR/USD currency pair has moved away from local highs. At the moment, the technical pattern is ambiguous. EUR/USD quotes are consolidating in the range of 1.08250-1.08850. Financial market participants have taken a wait-and-see attitude before the publication of FOMC minutes. We recommend paying attention to the comments by representatives of the regulator. The COVID-19 epidemic is still in the focus of attention. The number of recorded cases of coronavirus in the world exceeded 1.45 million. Positions should be opened from key levels of support and resistance.

At 21:00 (GMT+3:00), the FOMC meeting minutes will be published.

EUR/USD

Indicators do not give accurate signals: the price has fixed between 50 MA and 100 MA.

The MACD histogram is near the 0 mark.


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Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which indicates the bullish sentiment.

Trading recommendations
  • Support levels: 1.08250, 1.07750
  • Resistance levels: 1.08850, 1.09250, 1.09700

If the price fixes above 1.08850, the EUR/USD currency pair is expected to grow. The movement is tending to 1.09250-1.09500.

An alternative could be a drop in the EUR/USD quotes to 1.07900-1.07700.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.22303
  • Open: 1.23253
  • % chg. over the last day: +0.89
  • Day’s range: 1.22880 – 1.23528
  • 52 wk range: 1.1466 – 1.3516

The GBP/USD currency pair is still being traded in a flat. There is no defined trend. Investors expect additional drivers. Today, the FOMC meeting minutes will be the key event. The local support and resistance levels are 1.22500 and 1.23450, respectively. We also recommend following current information regarding the distribution of COVID-19. We recommend opening positions from key levels.

The news feed on the UK economy is calm.

GBP/USD

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 has crossed the %D line. There are no signals at the moment.

Trading recommendations
  • Support levels: 1.22500, 1.21650, 1.20500
  • Resistance levels: 1.23450, 1.24250, 1.24800

If the price fixes below 1.22500, GBP/USD quotes are expected to fall. The movement is tending to 1.21700-1.21200.

An alternative could be the growth of the GBP/USD currency pair to 1.24250-1.24800.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.41104
  • Open: 1.39921
  • % chg. over the last day: -0.82
  • Day’s range: 1.39823 – 1.40814
  • 52 wk range: 1.2949 – 1.4668

USD/CAD quotes have moved away from local lows. Loonie is currently consolidating. The technical pattern is ambiguous. The key support and resistance levels are 1.40100 and 1.41000, respectively. Investors expect the publication of the FOMC meeting minutes. We also recommend paying attention to the dynamics of oil quotes. Positions should be opened from key levels.

The News Feed on Canada’s Economy:

  • – Building permits at 15:30 (GMT+3:00).
USD/CAD

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: 1.40100, 1.39450
  • Resistance levels: 1.41000, 1.41750, 1.42600

If the price fixes below 1.40100, a further drop in the USD/CAD quotes is expected. The movement is tending to 1.39500-1.39200.

An alternative could be the growth of the USD/CAD currency pair to 1.41500-1.41800.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.216
  • Open: 108.744
  • % chg. over the last day: -0.47
  • Day’s range: 108.505 – 109.005
  • 52 wk range: 101.19 – 112.41

At the moment, the USD/JPY currency pair is consolidating. There is no defined trend. USD/JPY quotes are testing local support and resistance levels: 108.550 and 109.000, respectively. Publication of the FOMC meeting minutes is in the spotlight. 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 quite calm.

USD/JPY

Indicators do not give accurate signals: the price has fixed between 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: 108.550, 108.150, 107.600
  • Resistance levels: 109.000, 109.350, 110.100

If the price fixes above 109,000, further growth of the USD/JPY quotes is expected. The movement is tending to 109.400-109.800.

An alternative could be a decrease in the USD/JPY currency pair to 108.200-107.800.

by JustForex