Outlook on April 16:
Analysis of popular currency pairs on the hourly (H1) chart:
The key levels for the EUR/USD pair are 1.2044, 1.2010, 1.1995, 1.1966, 1.1951 and 1.1921. The price has been moving in a bullish trend since March 31. We expect a short-term growth in the range of 1.1995 - 1.2010. If the latter is broken, strong upward movement will continue to the target of 1.2044, from which a downward pullback is expected.
A short-term decline, in turn, is possible in the range of 1.1966 - 1.1951. If the level of 1.1951 is broken, a deep correction will occur. The target is set at 1.1921, which is the key support level.
The main trend is the upward trend from March 31.
Trading recommendations:
Buy: 1.1996 Take profit: 1.2010
Buy: 1.2012 Take profit: 1.2044
Sell: 1.1966 Take profit: 1.1953
Sell: 1.1949 Take profit: 1.1924
The key levels for the GBP/USD pair are 1.3857, 1.3815, 1.3791, 1.3719, 1.3677, 1.3637, 1.3612, 1.3569 and 1.3534. The price has determined its targets for the downward trend from April 6. We expect this trend to extend after the breakdown of the level of 1.3719. The breakdown of the first target set at 1.3677 will allow us to move to the next level of 1.3637. After that, the price may consolidate in the range of 1.3637 - 1.3612. If the last level is broken, strong decline will continue to the next target of 1.3569. The ultimate potential downward target is set at 1.3534. An upward pullback is possible after reaching this level.
After breaking through the level of 1.3791, the upward trend will form. The target is set at 1.3815 and the price may consolidate near it. If the target is broken, further growth will continue towards the level of 1.3857.
The main trend is the downward trend from April 6, correction stage.
Trading recommendations:
Buy: 1.3791 Take profit: 1.3815
Buy: 1.3817 Take profit: 1.3855
Sell: 1.3717 Take profit: 1.3678
Sell: 1.3675 Take profit: 1.3637
The key levels for the USD/CHF pair are 0.9283, 0.9248, 0.9226, 0.9187, 0.9161, 0.9108, 0.9086 and 0.9049. The price has been moving in a downward trend since April 1. In this case, we expect a short-term decline in the 0.9187 - 0.9161 range. If the latter is broken, strong decline will continue to the target of 0.9108. Afterwards, another short-term decline, with consolidation, can be expected in the range of 0.9108 - 0.9086. The final potential downward target is located at 0.9049. After reaching this level, an upward pullback can be expected.
On the other hand, short-term growth is likely in the 0.9226 - 0.9248 range. If the level of 0.9248 is broken, a deep correction will occur. The target is set at 0.9283, which is also the key support level.
The main trend is the downward trend from April 1.
Trading recommendations:
Buy: 0.9226 Take profit: 0.9248
Buy: 0.9250 Take profit: 0.9283
Sell: 0.9186 Take profit: 0.9163
Sell: 0.9160 Take profit: 0.9108
The key levels for the USD/JPY pair are 109.44, 109.20. 109.02, 108.78, 108.61, 108.29, 108.13 and 107.80. The price has been moving in a bearish trend since April 9. Here, we expect a short-term decline in the range of 108.78 - 108.61. Once the level of 108.61 is broken, further decline will extend to the next target of 108.29. After that, the price may consolidate in the range of 108.29 - 108.13. The final potential downward target is set at 107.80. After reaching this level, an upward pullback may occur.
Meanwhile, a short-term growth is possible in the 109.02 - 109.20 range. If the last value breaks down, a deep correction will occur. The target is set at 109.44, which is also the key support level.
The main trend is the local downward trend from April 9.
Trading recommendations:
Buy: 109.02 Take profit: 109.20
Buy: 109.22 Take profit: 109.44
Sell: 108.60 Take profit: 108.30
Sell: 108.12 Take profit: 107.85
The key levels for the USD/CAD pair are 1.2578, 1.2554, 1.2535, 1.2501, 1.2487, 1.2463, 1.2449 and 1.2416. The price is monitoring the downward potential from April 13. We expect the decline to continue after the price breaks through the noise range of 1.2501 - 1.2487. Here, the target is set at 1.2463. The price may consolidate in the range of 1.2463 - 1.2449. If the last value breaks down, the movement will continue to a potential target of 1.2416. An upward pull back can be expected after reaching this level.
A short-term growth can be expected in the 1.2535 - 1.2554 range. If the latter is broken, this will lead to a deep correction. The target is set at 1.2578, which is also the key support level.
The main trend is the downward trend from April 13.
Trading recommendations:
Buy: 1.2535 Take profit: 1.2552
Buy: 1.2555 Take profit: 1.2578
Sell: 1.2485 Take profit: 1.2464
Sell: 1.2447 Take profit: 1.2416
The key levels for the AUD/USD pair are 0.7860, 0.7813, 0.7790, 0.7762, 0.7721, 0.7701 and 0.7665. The price has been moving in a bullish trend since April 1. We expect the upward movement to continue after the level of 0.7762 is broken. The target is set at 0.7790 and the price may consolidate in the range of 0.7790 - 0.7813. The final potential upward target is set at 0.7860. After reaching it, the price may consolidate, as well as pullback downward.
A short-term decline is likely in the range of 0.7721 - 0.7701. If the last value breaks down, a deep correction will occur. The target is set at 0.7665, which is also the key support level.
The main trend is the upward trend from April 1.
Trading recommendations:
Buy: 0.7762 Take profit: 0.7790
Buy: 0.7814 Take profit: 0.7860
Sell: 0.7721 Take profit: 0.7702
Sell: 0.7700 Take profit: 0.7666
The key levels for the EUR/JPY pair are 131.72, 131.22, 130.98, 130.61, 130.27, 129.86, 129.57 and 129.16. The price has been moving in an upward trend since March 25. We expect it to consolidate in the range of 130.27 - 130.61. If the last value is broken, it will lead to a strong movement towards the target of 130.98. After that, the price may consolidate in the 130.98 - 131.22 range. The final potential upward target is set at 131.72. After reaching this level, a downward pullback is possible.
A short-term decline, in turn, is possible in the range of 129.86 - 129.57. If the latter breaks down, a deep correction can be expected. The target is set at 129.16, which is the key support level.
The main trend is the upward trend from March 25.
Trading recommendations:
Buy: 130.63 Take profit: 130.98
Buy: 131.23 Take profit: 131.70
Sell: 129.86 Take profit: 129.58
Sell: 129.55 Take profit: 129.16
The key levels for the GBP/JPY pair are 151.64, 150.81, 150.25, 149.42, 148.66, 147.92, 147.45 and 146.45. The price has been moving in a downward trend since April 6. We expect this trend to continue after the level of 149.42 is broken. The target is set at 148.66 and the price may consolidate around it. After the break down of the specified target, the strong decline will resume towards the target of 147.92. The price may consolidate in the range of 147.92 - 147.45. The final potential downward target is set at 146.45, from which an upward pullback is expected.
A short-term growth is possible in the 150.25 - 150.81 range. If the latter is broken, a deep correction may follow. The target is set at 151.64, which is also the key support level.
The main trend is the downward trend from April 6.
Trading recommendations:
Buy: 150.25 Take profit: 150.80
Buy: 150.84 Take profit: 151.60
Sell: 149.40 Take profit: 148.68
Sell: 148.64 Take profit: 147.92
