The EUR/USD currency pair
- Prev Open: 1.1729
- Prev Close: 1.1776
- % chg. over the last day: +0.40%
The euro shows a northern rebound on the back of positive data in the Eurozone manufacturing sector and a decrease in trade volumes. The US labor market data will be released today. Traders expect positive data, although the market response may be low ahead of the holiday weekend.
- Support levels: 1.1688, 1.1601
- Resistance levels: 1.1889, 1.1990
The main scenario for EUR/USD is trading in a sideways range. The technical indicators show a likely continuation of the northern trend, as the MACD has consolidated above zero and the price is above the moving averages. The ADX hardly reacted to Thursday's movements, which casts doubt on further growth.
Alternative scenario: if the price manages to gain a foothold above the level of 1.1815, the pair may grow to 1.1889. The breakdown of 1.1688 will indicate the resumption of the southern movement.
- – US Non-Farm Payroll (Mar) at 15:30 (GMT+3);
- – US Unemployment Rate (Mar) at 15:30 (GMT+3).
The GBP/USD currency pair
- Prev Open: 1.3779
- Prev Close: 1.3829
- % chg. over the last day: +0.36%
The sterling rose slightly on Thursday, but continued to trade within the weekly range, showing no signs of a breakout. Given that trading volume is declining and the commodities market is preparing for an early holiday close on Friday, the price may remain close to current levels, although there are signs of growing northern pressure.
- Support levels: 1.3705, 1.3680
- Resistance levels: 1.3846, 1.3929
The main scenario for GBP/USD is buying. The technical indicators point to an increase in bullish pressure on the H1 timeframe. At the same time, on higher timeframes, the indicators point to a flat, and on the H1, the price is close to the overbought area. This suggests a possible short-term rally until Tuesday.
Alternative scenario: if the pair consolidates above 1.3846, the pound may resume its growth to 1.3929. A breakdown of 1.3778 could trigger a further fall to 1.3705.
- – US Non-Farm Payroll (Mar) at 15:30 (GMT+3);
- – US Unemployment Rate (Mar) at 15:30 (GMT+3).
The USD/JPY currency pair
- Prev Open: 110.70
- Prev Close: 110.60
- % chg. over the last day: -0.09%
The dollar-yen pair is showing the first signs of a correction in light of a decline in the US dollar across the entire spectrum of the market. The southern pullback is facilitated by the decline in government bond yields. At the same time, the stock market is prone to growth, which supports the pair.
- Support levels: 109.38, 108.35
- Resistance levels: 111.71, 112.24
The main scenario is trading in a sideways range. The ADX has not yet shown a significant reaction to the decline. The MACD has consolidated below zero, which confirms the beginning of a pullback, but the price is between the moving averages. The overall result is neutral, which indicates an upcoming flat.
An alternative scenario implies the price fixing below 110.30. In this case, the pair could drop to 109.38. A breakout of 110.98 could send the pair towards 111.71.
- – US Non-Farm Payroll (Mar) at 15:30 (GMT+3);
- – US Unemployment Rate (Mar) at 15:30 (GMT+3).
The USD/CAD currency pair
- Prev Open: 1.2557
- Prev Close: 1.2542
- % chg. over the last day: -0.12%
The Canadian dollar rose following oil quotes after the OPEC+ meeting on Thursday. The cartel decided to resume the increase in production volumes. Until June, the supply on the oil market may increase by 1 million barrels per day. After the announcement oil prices has increased slightly, as the expected increase in supplies is only ¼ part of the volume by which production was cut last year.
- Support levels: 1.2574, 1.2446
- Resistance levels: 1.2629, 1.2745
The main scenario is selling. The ADX shows the growth of bearish pressure, which indicates a probability of reaching the first support level. This is also confirmed by the MACD, which has consolidated below zero, and the moving averages, which has turned to the south.
Alternative scenario: if the price manages to gain a foothold above 1.2588, the pair may resume growth to 1.2629.
- – US Non-Farm Payroll (Mar) at 15:30 (GMT+3);
- – US Unemployment Rate (Mar) at 15:30 (GMT+3).
by , 2021.04.02
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