The Analytical Overview of the Main Currency Pairs on 2021.04.16

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev. Open: 1.1975
• Prev. Close: 1.1965
• % chg. over the last day: -0.08%

Yesterday the EUR/USD pair traded in a narrow range of 1.1980 - 1.1960 and closed the day with a result of 0.08%. Yesterday, the US Department of Commerce reported that retail sales rose 9.8% last month, beating economists’ expectations (+5.9%). A separate report also showed that initial unemployment claims were 576,000 for the week ending April 10, up from 769,000 in the previous week. Economists had forecasted 700,000 applications. This data may correct EUR/USD, but the upward movement will remain.

Trading recommendations

• Support levels: 1.1927,1.1860,1.1797,1.1700
• Resistance levels: 1.1990

The upward movement remains in EUR/USD. We recommend looking for entry points to buy. The best scenario is to wait for the price correction to the 1.1927 level and look for entry points on small timeframes. After breaking through and fixing above the level of 1.1990, the price can go to the level of 1.2100.

Alternative scenario:

after breaking through and fixing below the level of 1.1927, the price may go to the support level of 1.1860.

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev. Open: 1.3769
• Prev. Close: 1.3779
• % chg. over the last day: +0.07%

Yesterday, the GBP/USD pair traded in a narrow range of 1.3760 – 1.3800 and closed the day with +0.08%. On the hourly chart, GBP/USD is trading below the 200-day moving average. The situation is similar on the four-hour chart. The MACD indicator is in negative territory on the H1. All things considered, it is worth sticking to a bearish trade.

Trading recommendations

• Support levels: 1.3667
• Resistance levels: 1.3807

While the price is below the moving average, it is worth considering a bearish trade. Entry points can now be searched for on small timeframes. It is best to keep the short position to the level of 1.3667.

Alternative scenario:

after breaking out and fixing the price above the level of 1.3807, long positions can be considered to the level of 1.3917.

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev. Open: 108.92
• Prev. Close: 108.74
• % chg. over the last day: -0.16%

Yesterday, the USD/JPY pair was in a narrow range and showed a change of -0.16%. On the H1 and H4 timeframes, the price is below the moving average, which tells us about the continuation of the downward movement. At the moment, it is worth sticking to the bearish trade.

Trading recommendations

• Support levels: 108.60
• Resistance levels: 109.08,109.77

As far as the price is below the moving average on the H1 timeframe, it is worth looking for entry points to sell the instrument. We recommend opening short positions after the price pulls back to the level of 109.08. It is worth paying attention to the MACD indicator, which has drawn the divergence. The price can make a global correction to the downward movement.

Alternative scenario:

if the price breaks through and gains a foothold above the level of 109.08, it is worth considering buying to the level of 109.77.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev. Open: 1.2511
• Prev. Close: 1.2546
• % chg. over the last day: +0.27%

Yesterday, the USD/CAD currency pair in the range of 1.2550 – 1.2480 showed an increase of 0.27%. Currently, the currency pair is below the moving average, and the MACD indicator is in the negative zone. Thus, selling should be considered.

Trading recommendations

• Support levels: 1.2477,1.2364
• Resistance levels: 1.2628

The main scenario for the pair: selling the asset is considered. It is better to look for the entry point for selling on the price correction on small timeframes. We recommend holding positions up to the level of 1.2477. If the price breaks and consolidates below the level of 1.2477, USD/CAD may go to 1.2364.

Alternative scenario:

after breaking through and consolidating above the level of 1.2628, you can buy the instrument up to 1.2736.