by JustForex
The EUR/USD currency pair
- Prev Open: 1.1777
- Prev Close: 1.1761
- % chg. over the last day: -0.14%
The corrective northern pullback in the euro was interrupted by positive data on the US labor market. The pair closed the day in the red, and the government bond yield spread between German Bonds and American T-Notes indicates a possible continuation of the euro-dollar pair’s decline.
- Support levels: 1.1688, 1.1601
- Resistance levels: 1.1889, 1.1990
The main scenario for EUR/USD is trading in a sideways range. Technical indicators show the likely continuation of the flat trading since the MACD is near zero, and the price is between the moving averages. The ADX hardly reacted to the southern movement on Friday. But it should be noted that the fundamental data indicate a greater likelihood of a price decline.
Alternative scenario: if the price manages to gain a foothold above the level of 1.1815, the pair may start a corrective rise to 1.1889. A breakdown of 1.1688 will indicate the resumption of the southern movement.
- – The US ISM Non-Manufacturing Purchasing Managers’ Index (Mar) at 17:00 (GMT+3).
The GBP/USD currency pair
- Prev Open: 1.3830
- Prev Close: 1.3823
- % chg. over the last day: -0.05%
The pound-dollar pair remained almost unchanged on Friday. The reaction to the NFP data was significantly less than in the euro-dollar, which is partly due to a decrease in trading volume. But at the same time, the pound shows the strength of the bulls, as the price remains close to the weekly range’s upper level.
- Support levels: 1.3705, 1.3680
- Resistance levels: 1.3846, 1.3929
The main scenario for GBP/USD is trading sideways between 1.3846 and 1.3780. At the end of the week, technical indicators showed an increase in bullish pressure on the H1 timeframe. But with the opening of the Asian session on Monday, further gains were called into question, as the ADX fell to its lowest levels. The MACD fell to zero, and the price is between the moving averages.
Free Reports:
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Alternative scenario: if the pair consolidates above 1.3846, the pound may resume its growth to 1.3929. A breakdown of 1.3780 could trigger a further drop to 1.3705.
- – The US ISM Non-Manufacturing Purchasing Managers’ Index (Mar) at 17:00 (GMT+3).
The USD/JPY currency pair
- Prev Open: 110.61
- Prev Close: 110.68
- % chg. over the last day: +0.06%
The dollar-yen pair has maintained a northern direction. The stock market rallied on Friday, with the S&P 500 breaking records and bond yields continuing to rise. The dollar is also inclined to rise. All these factors provide strong support to the pair.
- Support levels: 109.38, 108.35
- Resistance levels: 111.71, 112.24
The main scenario is buying. Almost all technical indicators are in equilibrium. The MACD shows zero values, and the ADX is at the minimum. But as long as the price is above the moving averages, the likelihood of renewed growth in the pair increases.
An alternative scenario implies price fixing below 110.30. In this case, the pair could drop to 109.38.
- – The US ISM Non-Manufacturing Purchasing Managers’ Index (Mar) at 17:00 (GMT+3).
The USD/CAD currency pair
- Prev Open: 1.2543
- Prev Close: 1.2570
- % chg. over the last day: +0.22%
The Canadian dollar is showing a downward bias as the rise in oil prices has stopped. In the Asian session on Monday, WTI futures lost about $0.90, supporting the bulls in USD/CAD.
- Support levels: 1.2574, 1.2446
- Resistance levels: 1.2629, 1.2745
The main scenario is buying. The ADX shows the rise in bullish pressure, which increases the likelihood of a breakout of the first resistance level. The MACD has consolidated above zero, while the price is above the moving averages.
Alternative scenario: if the price manages to consolidate below 1.2560, the pair may resume its decline to 1.2466.
- – The US ISM Non-Manufacturing Purchasing Managers’ Index (Mar) at 17:00 (GMT+3).
by JustForex
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.
- COT Bonds Charts: Speculator Weekly Changes led by 5-Year & 10-Year Bonds Apr 28, 2024
- COT Stock Market Charts: Speculator Bets led by VIX & Russell-Mini Apr 28, 2024
- COT Soft Commodities Charts: Speculator Bets led by Corn & Soybean Meal Apr 28, 2024
- Today, investors’ focus is on the PCE Price Index inflation report Apr 26, 2024
- Gold price recovers amid uncertain US economic outlook Apr 26, 2024
- This “Bullish Buzz” Reaches Highest Level in 53 Years Apr 26, 2024
- FastSpring and EBANX Forge Partnership to Expand Pix Payments for Digital Products in Brazil Apr 25, 2024
- Target Thursdays: NAS100, Robusta Coffee, USDCHF Apr 25, 2024
- QCOM wants to create competition in the AI chip market. Hong Kong index hits five-month high Apr 25, 2024
- Japanese yen hits all-time low as BoJ meeting commences Apr 25, 2024