The Analytical Overview of the Main Currency Pairs on 2021.04.27

The EUR/USD currency pair

• Prev Open: 1.2091
• Prev Close: 1.2085
• % chg. over the last day: -0.04%

On Monday, the EUR/USD price reached a resistance level of 1.2109 but did not break out it at the first try. The price bounced down and also broke the local uptrend line. All these factors indicate a corrective movement to the nearest support level.

• Support levels: 1.2075, 1.2049, 1.1994, 1.1957
• Resistance levels: 1.2109, 1.2176, 1.2212, 1.2243

The uptrend remains bullish, but the entry point for long positions is not optimal now. The best option would be to wait for the price to reach the nearest support level or look for selling positions on intraday timeframes. Buyers need to hold the 1.2049 level to keep the upward trend.

Alternative scenario: if the price breaks down through the 1.2049 level and holds below, with a high probability, the price can go down to 1.1994, thereby forming a flat with the range of 1.1994-1.2075.

• – CB Consumer Confidence at 17:00 (GMT+3).

The GBP/USD currency pair

• Prev Open: 1.3869
• Prev Close: 1.3900
• % chg. over the last day: +0.02%

GBP/USD price is still trading above the moving average and despite the inactive MACD, the priority remains bullish. On Monday, the price broke the resistance level of 1.3894 and the local downtrend line, which indicated the buyers’ pressure. At the same time, a new support level at 1.3864 was formed.

• Support levels: 1.3864, 1.3835, 1.3794, 1.3756, 1.3690
• Resistance levels: 1.3944, 1.3996, 1.4149

The best strategy for the GBP/USD pair is to look for opening buy positions from support levels. It is important for buyers to keep the price above 1.3864. With a high probability, the price will go to the 1.3944 resistance level in the coming days.

Alternative scenario: if the price breaks down the support level 1.3944 and holds below, the price will go to test the 1.3794 level. Moving below 1.3794 will temporarily cancel the bullish scenario on the current timeframe.

The USD/JPY currency pair

• Prev Open: 107.89
• Prev Close: 108.08
• % chg. over the last day: +0.17%

On Monday, the USD/JPY price increased by 0.17%. The price broke through the local descending channel, but then became flat in front of the resistance level. As a rule, such price behavior occurs before the breakout, which has eventually happened. The breakout was triggered by the news about the Interest Rate decision. But we should not forget about the H1 context, which is still bearish, as the price is still trading below the moving average.

• Support levels: 108.19, 107.77, 107.47, 107.04, 105.92
• Resistance levels: 108.54, 109.36

The priority is still downward, but there are already the first signs of a reversal. But as long as there is no breakout of the nearest resistance level, it is better to continue opening sell positions.

Alternative scenario: if the price drops below 108.19 again, with the high probability the downward movement will continue.

• – BoJ Interest Rate Decision at 05:00 (GMT+3);
• – BoJ Monetary Policy Statement at 05:00 (GMT+3);
• – BoJ Press Conference at 08:00 (GMT+3).

The USD/CAD currency pair

• Prev Open: 1.2474
• Prev Close: 1.2390
• % chg. over the last day: -0.67%

On Monday, the USD/CAD currency pair continued to fall with clear signs of downward price acceleration. The price easily broke down two support levels and almost reached the third. The priority is completely bearish, but the further the price deviates from the moving average, the higher the probability of a return. Also, the first signs of price divergence are appearing on the MACD.

• Support levels: 1.2379, 1.2280
• Resistance levels: 1.2431, 1.2488, 1.2519, 1.2574

The trend is your friend. So the best strategy to work on the USD/ CAD currency pair is looking to sell from resistance levels.

Alternative scenario: if the price breaks out and holds above 1.2509, a local up-trend might be formed for at least a week.

• – BoC’s Macklem speech at 23:00 (GMT+3).