Outlook on April 23:
Analysis of popular currency pairs on the hourly (H1) chart:
The key levels for the EUR/USD pair are 1.2218, 1.2195, 1.2160, 1.2128, 1.2088, 1.2046, 1.2022, 1.1994 and 1.1943. The price has formed a local bullish trend from April 19. We expect this trend to extend after the level of 1.2088 is broken. The target is set at 1.2128. After that, a short-term growth and consolidation may occur in the 1.2128 - 1.2160 range. If the last value is broken, further growth can be expected to the potential target of 1.2218. After reaching this level, the price may consolidate in the range of 1.2195 - 1.2218, from which a downward pullback can be expected.
In turn, a short-term decline is possible in the range of 1.2022 - 1.1994. If the latter is broken, the downward trend will form. The potential target is set at 1.1943.
The main trend is the local upward trend from April 19.
Trading recommendations:
Buy: 1.2088 Take profit: 1.2126
Buy: 1.2030 Take profit: 1.2160
Sell: 1.1990 Take profit: 1.1945
Sell: Take profit:
The key levels for the GBP/USD pair are 1.4008, 1.3935, 1.3897, 1.3873, 1.3836, 1.3809, 1.3791 and 1.3754. The price is in a deep correction from the upward trend of April 12. We expect the downward trend from April 20 to develop after breaking through the level of 1.3836. The target is set at 1.3809 and the price may consolidate in the 1.3809 - 1.3791 range. The final potential downward target is set at 1.3754. After reaching this level, an upward pullback can be expected.
A short-term growth is likely in the range of 1.3873 - 1.3897. If the last value is broken, a deep correction will occur. The target is set at 1.3935. Its breakdown will lead to the subsequent development of the upward trend from April 12.
The main trend is the upward trend from April 12, deep correction stage.
Trading recommendations:
Buy: 1.3873 Take profit: 1.3896
Buy: 1.3899 Take profit: 1.3935
Sell: 1.3835 Take profit: 1.3809
Sell: 1.3790 Take profit: 1.3755
The key levels for the USD/CHF pair are 0.9248, 0.9226, 0.9187, 0.9138, 0.9108, 0.9086, 0.9049, 0.9026 and 0.8977. The price, which has been moving in a bearish trend since April 1, is currently in a correction and forms a potential for the April 19 high. We expect the downward movement to continue after the level of 0.9138 is broken. The first target is set at 0.9108. The price may consolidate in the 0.9108 - 0.9086 range. If the latter is broken, strong decline will continue to the next target of 0.9049. Afterwards, the price may consolidate in the range of 0.9049 - 0.9026. The ultimate potential downward target is set at 0.8977. After reaching this level, an upward pullback can be expected.
The price can likely move in a deeper correction after it breaks through the level of 0.9188. The target is set at 0.9226. Following this scenario, the price may consolidate in the range of 0.9226 - 0.9248. If the last value is broken, the upward trend from April 19 will develop. The potential target is set at 0.9283.
The main trend is the downward trend from April 1.
Trading recommendations:
Buy: 0.9188 Take profit: 0.9226
Buy: 0.9227 Take profit: 0.9247
Sell: 0.9137 Take profit: 0.9108
Sell: 0.9085 Take profit: 0.9050
The key levels for the USD/JPY pair are 109.11, 108.84, 108.52, 108.35, 107.85, 107.70, 107.50, 107.36 and 107.05. The price has been moving in a local downward trend since April 9. Thus, we expect a short-term decline and a consolidation in the 107.85 - 107.70 range. If the last value breaks down, the strong downward trend will extend to the next target of 107.50. After that, the price may consolidate in the range of 107.50 - 107.36. The final potential downward target is seen at 107.05. After reaching this level, an upward pullback may occur.
Meanwhile, a short-term growth is expected in the range of 108.35 - 108.52. If the level of 108.52 is broken, a deep correction will follow. The target is set at 108.84, which is also the key support level.
The main trend is the local downward trend from April 9.
Trading recommendations:
Buy: 108.35 Take profit: 108.52
Buy: 108.54 Take profit: 108.84
Sell: 107.70 Take profit: 107.50
Sell: 107.34 Take profit: 107.09
The key levels for the USD/CAD pair are 1.2652, 1.2576, 1.2538, 1.2512, 1.2459, 1.2415, 1.2341. 1.2311 and 1.2251. The price canceled the development of the upward trend and so, we are now watching the downward trend from April 21 to form. We expect this decline to continue after the level of 1.2459 is broken. The target is set at 1.2415 and the price may consolidate near it. A breakout of this target will lead to the development of the strong downward movement towards the target of 1.2341. After that, the price may consolidate in the range of 1.2341 - 1.2311. The final potential downward target is set at 1.2251. After reaching this level, an upward pullback is possible.
A short-term growth can be expected in the range of 1.2512 - 1.2538. If the latter breaks down, a deep correction will occur. The target is set at 1.2576, which is also the key support level.
The main trend is the downward trend from April 21.
Trading recommendations:
Buy: 1.2512 Take profit: 1.2537
Buy: 1.2539 Take profit: 1.2574
Sell: 1.2458 Take profit: 1.2417
Sell: 1.2413 Take profit: 1.2341
The key levels for the AUD/USD pair are 0.7779, 0.7754, 0.7698, 0.7669, 0.7628, 0.7610 and 0.7560. The price has been monitoring the initial conditions for the downward trend of April 20. We expect this trend to resume after the level of 0.7698 is broken. The target is set at 0.7669 and the price may consolidate around it. If the specified target is broken, strong decline will continue to the next target of 0.7628. Another price consolidation can be expected in the range of 0.7628 - 0.7610. The ultimate potential downward target is 0.7560. An upward pullback is expected after reaching this level.
Alternatively, short-term growth is likely in the range of 0.7754 - 0.7779. If the last value is broken, this will encourage the formation of initial conditions for an upward trend. Here, the potential target is set at 0.7818.
The main trend is the initial conditions for the downward trend from April 20.
Trading recommendations:
Buy: 0.7755 Take profit: 0.7779
Buy: 0.7781 Take profit: 0.7818
Sell: 0.7698 Take profit: 0.7670
Sell: 0.7667 Take profit: 0.7630
The key levels for the EUR/JPY pair are 131.22, 130.91, 130.57, 130.30, 130.09, 129.70, 129.55, 129.19, 128.89, 128.59 and 128.38. The price is forming a potential for the downward trend from April 20. We expect the downward movement to continue after the price breaks through the 129.70 - 129.55 range. The target is set at 129.19. There is a short-term decline and consolidation in the range of 129.19 - 128.89. The ultimate potential downward target is set at 128.38. After reaching this level, the price may consolidate and pullback upwards.
A short-term growth is possible in the 130.09 - 130.30 range. If the latter is broken, a deep correction will follow. The target is set at 130.57, which is also the key support level.
The main trend is the formation of the downward trend from April 20.
Trading recommendations:
Buy: 130.10 Take profit: 130.28
Buy: 130.32 Take profit: 130.57
Sell: 129.55 Take profit: 129.20
Sell: 129.17 Take profit: 128.90
The key levels for the GBP/JPY pair are 150.91, 105.34, 149.96, 149.24, 148.78, 148.02, 147.61 and 146.88. After the cancellation of the upward trend, the price is following the development of a small downward trend from April 20. In this case, we expect a short-term decline in the range of 149.24 - 148.78. If the latter is broken, it should be accompanied by a strong decline towards the target of 148.02. Afterwards, the price may consolidate in the range of 148.02 - 147.61. The ultimate potential downward target is set at 146.88. After reaching this level, an upward pullback can be expected.
A short-term growth, in turn, is possible in the 149.96 - 150.34 range. If the level of 150.34 is broken, a deep correction will follow. The target is 150.91.
The main trend is the downward trend from April 20.
Trading recommendations:
Buy: 149.96 Take profit: 150.33
Buy: 150.36 Take profit: 150.90
Sell: 149.24 Take profit: 148.80
Sell: 148.76 Take profit: 148.02
