Forex Technical Analysis & Forecast for April 2022

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

As we can see in the daily chart, having completed the correction at 1.1170, EURUSD is forming another descending wave with the first target at 1.0944 and may later correct towards 1.1060, thus forming a wide consolidation range around 1.0944. If the price breaks this range to the downside, the market may resume falling towards 1.0822 or even extend this wave down to 1.0715; if to the upside – start another growth to reach 1.1200 and then form one more descending structure to return to 1.0944.

GBPUSD, “Great Britain Pound vs US Dollar”

In the daily chart, after finishing the correction at 1.3300, GBPUSD is trading downwards with the target at 1.2966; it has already broken 1.3131. At the moment, the asset is consolidating below the latter level. After reaching the above-mentioned target, the instrument may start another growth towards 1.3355.

USDJPY, “US Dollar vs Japanese Yen”

In the daily chart, having finished the ascending wave at 118.41 and formed a new consolidation range around this level, USDJPY has broken it to the upside to extend this structure up to 125.04; right now, it is forming the first structure to the downside with the first target at 120.57. Later, the market may correct to test 122.80 from below and then start a new decline to break 118.40. After that, the instrument may continue trading downwards with the target is at 114.00.

BRENT

As we can see in the daily chart, Brent has completed the correction at 105.00; right now, it is consolidating around this level. Possibly, the asset may form one more ascending wave to break 118.55 and then continue trading upwards with the short-term target at 133.40. Later, the market may start another correction to return to 118.55 and then resume trading upwards to reach 140.00, at least.

XAUUSD, “Gold vs US Dollar”

In the daily chart, Gold is still consolidating around 1926.30. The main scenario implies further growth towards 2000.00. After that, the instrument may break this level to the upside and form one more ascending structure with the target at 2100.50.

S&P 500

In the daily chart, the S&P index has finished the correctional wave at 4633.3; right now, it is consolidating below this level. Possibly, the asset may form a new descending structure to break 4374.2 and then continue trading downwards with the short-term target at 4166.6.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.