Forex Trading News & Analysis

Daily analysis of major pairs for April 3, 2017

EUR/USD: The EUR/USD pair tested the resistance line at 1.0900 last week and then nosedived to almost test the support line at 1.0650. This has now resulted in a Bearish Confirmation Pattern in the chart and the price could move further and further southwards, testing the support lines at 1.0600 and 1.0550. The outlook on EUR pairs is bearish for April and dips would be witnessed in most cases.

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USD/CHF: This pair went upwards last week after testing the support level at 0.9850. From that support level, the price went upwards by 180 pips, closing above the support level at 1.0000 which is a significant psychological level. The next targets for this week are located at the resistance levels of 1.0050 and 1.0100 which would render the recent bearish outlook on the market invalid. The movement on the USD/CHF pair would largely be determined by whatever happens to the EUR/USD pair.

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GBP/USD: In spite of what
happened here last week, the Cable remains bullish. The price went slightly upwards
in the beginning last week and then fell towards the accumulation territory at
1.2400 and then rose towards the distribution territory at 1.2550. The Price would
rise further upwards, testing the distribution territory at 1.2600 (which was
also tested last week). GBP pairs would trend upwards and downwards strongly
this month; though most movement would be downwards.

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USD/JPY: This currency trading
went upwards by 170 pips last week – in a bullish trend that was not as strong
as it was expected. The price could go further upwards, but that would not
be strong, because the hope of any significant rally on the USD/JPY pair is gone. In
fact, the outlook on the market (as well as other JPY pairs) is bearish.
Long-term long trades are not currently recommended.

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EUR/JPY: The EUR/JPY
consolidated from March 22 to March 31, in the context of a downtrend. The price
broke southwards on March 31, closing below the supply level at 119.00 that
day. The expectation of any meaningful bullish movement is now invalid, as the
outlook on JPY pairs is bearish for April; plus the EUR/JPY pair would be
going further and further south as EUR shows more weakness.

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The material has been provided by InstaForex Company – www.instaforex.com

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