Fractal analysis of the main currency pairs for Apr 8, 2020

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Forecast for April 8:

Analytical review of currency pairs on the scale of H1:

For the euro / dollar pair, the key levels on the H1 scale are: 1.0978, 1.0916, 1.0876, 1.0791, 1.0761, 1.0704 and 1.0622. Here, we are following the development of the descending structure of March 27. At the moment, the price has formed a pronounced potential for the upward cycle of April 6. The continuation of movement to the bottom is expected after the price passes the noise range 1.0791 – 1.0761. In this case, the target is 1.0704, apart price consolidation is near this level. For the potential value for the bottom, we consider the level of 1.0622. Upon reaching which, we expect a pullback to the top.

Short-term upward movement is possible in the range of 1.0876 – 1.0916. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.0978. This level is a key support for the downward structure.

The main trend is the descending structure of March 27, the formation of potential for the top of April 6.

Trading recommendations:

Buy: 1.0876 Take profit: 1.0914

Buy: 1.0918 Take profit: 1.0978

Sell: 1.0760 Take profit: 1.0705

Sell: 1.0702 Take profit: 1.0622

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For the pound / dollar pair, the key levels on the H1 scale are: 1.2654, 1.2477, 1.2381, 1.2315, 1.2193, 1.2099, 1.2003 and 1.1931. Here, the price forms little potential for the downward movement of April 2. The continuation of the movement to the bottom is expected after the breakdown of the level of 1.2193. In this case, the target is 1.2099, apart price consolidation is near this level. The breakdown of the target level should be accompanied by a pronounced movement to the level of 1.2003. For the potential value for the bottom, we consider the level of 1.1931. Upon reaching this level, we expect a pullback to the top.

Short-term upward movement is possibly in the range of 1.2315 – 1.2381. The breakdown of the latter value will lead to the formation of a local ascending structure, where the potential target is 1.2477. This level is a key resistance for the top. For the potential value for the upward trend of March 19, we consider the level of 1.2654.

The main trend is the upward cycle of March 19, the formation of potential for the bottom of April 2.

Trading recommendations:

Buy: 1.2315 Take profit: 1.2380

Buy: 1.2383 Take profit: 1.2475

Sell: 1.2193 Take profit: 1.2100

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For the dollar / franc pair, the key levels on the H1 scale are: 0.9954, 0.9916, 0.9851, 0.9806, 0.9762, 0.9675, 0.9644, 0.9599 and 0.9569. Here, the price is currently in correction from the downward structure on March 30 and forms the potential for the downward cycle of April 6. The continuation of the movement to the top is expected after the breakdown of the level of 0.9762. In this case, the first target is 0.9806. The breakdown of which, in turn, will lead to the movement to the level of 0.9851. Price consolidation is near this level. On the other hand, passing the price level of 0.9851 should be accompanied by a pronounced upward movement. Here, the goal is 0.9916. For the potential value for the top, we consider the level of 0.9954. Upon reaching which, we expect a pullback to the bottom.

The development of the descending structure of April 6 is expected after the breakdown of the level of 0.9675. In this case, the first target is 0.9644. The breakdown of the latter should be accompanied by a pronounced movement to the level of 0.9599. For the potential value for the bottom, we consider the level of 0.9569. We expect a rollback to the top from this level.

The main trend is the upward structure of March 30, the formation of potential for the downward cycle of April 6.

Trading recommendations:

Buy: 0.9764 Take profit: 0.9804

Buy: 0.9806 Take profit: 0.9850

Sell: 0.9675 Take profit: 0.9645

Sell: 0.9642 Take profit: 0.9600

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For the dollar / yen pair, the key levels on the scale are: 111.11, 110.45, 109.99, 109.32, 108.70, 108.17, 107.58 and 106.88. Here, we are following the formation of the ascending structure of April 1. The continuation of the movement to the top is expected after the breakdown of the level of 109.32. In this case, the target is 109.99. Upon reaching this level, we expect a short-term upward movement, as well as consolidation in the range of 109.99 – 110.45. For the potential value for the top, we consider the level of 111.11. Upon reaching this level, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range of 108.70 – 108.17. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 107.58. This level is a key support for the upward structure.

The main trend: the downward structure of March 25, the formation of potential for the top of April 1.

Trading recommendations:

Buy: 109.32 Take profit: 109.97

Buy: 110.00 Take profit: 110.45

Sell: 108.70 Take profit: 108.20

Sell: 108.15 Take profit: 107.70

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For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.4220, 1.4147, 1.4090, 1.3933, 1.3883, 1.3760 and 1.3670. Here, the subsequent targets on the H1 scale can be determined from the descending structure on March 31. The continuation of movement to the bottom is expected after the price passes the noise range of 1.3933 – 1.3883. In this case, the target is 1.3760. Price consolidation is near this level. For the potential value for the bottom, we consider the level of 1.3670. Upon reaching which, we expect a pullback to the top.

Short-term upward movement is possibly in the range of 1.4090 – 1.4147. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 1.4220. This level is a key support for the downward cycle.

The main trend is the downward cycle of March 31.

Trading recommendations:

Buy: 1.4090 Take profit: 1.4145

Buy: 1.4150 Take profit: 1.4220

Sell: 1.3883 Take profit: 1.3764

Sell: 1.3760 Take profit: 1.3670

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For the Australian dollar / US dollar pair, the key levels on the H1 scale are: 0.6596, 0.6511, 0.6352, 0.6241, 0.6031, 0.5935 and 0.5779. Here, we are following the development of the upward cycle of March 19. At the moment, we expect a movement to the level of 0.6241. Meanwhile, short-term downward movement, as well as consolidation is in the range of 0.6241 – 0.6352. The breakdown of the level of 0.6352 will lead to a pronounced upward movement. Here, the potential target is 0.6595. Price consolidation is in the range of 0.6595 – 0.6511.

Short-term downward movement is possibly in the range of 0.6031 – 0.5935. The breakdown of the last value will lead to an in-depth correction. Here, the target is 0.5779. This level is a key support for the top.

The main trend is the upward structure of March 19 /

Trading recommendations:

Buy: 0.6241 Take profit: 0.6350

Buy: 0.6354 Take profit: 0.6511

Sell: 0.6030 Take profit: 0.5935

Sell: 0.5933 Take profit: 0.5780

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For the euro / yen pair, the key levels on the H1 scale are: 121.07, 120.30, 119.76, 119.05, 117.83, 117.28, 116.35 and 115.23. Here, we are following the initial conditions for the upward cycle of April 2. The continuation of the movement to the top is expected after the breakdown of the level of 119.05. In this case, the target is 119.76. Short-term upward movement, as well as consolidation is in the range of 119.76 – 120.30. We consider the level 121.07 to be a potential value for the upward trend. Upon reaching this level, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range of 117.83 – 117.28. The breakdown of the latter value will lead to the development of a downward trend. Here, the goal is 116.35. For the potential value for the bottom, we consider the level of 115.23. The movement to which is expected after the breakdown of the level of 116.30.

The main trend is the initial conditions for the top of April 2

Trading recommendations:

Buy: 119.05 Take profit: 119.76

Buy: 119.78 Take profit: 120.30

Sell: 117.83 Take profit: 117.30

Sell: 117.25 Take profit: 116.50

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For the pound / yen pair, the key levels on the H1 scale are : 140.54, 138.12, 136.99, 134.93, 133.59, 131.58, 129.78 and 127.47. Here, we are following the development of the upward cycle of March 18. Short-term upward movement is expected in the range of 133.59 – 134.93. The breakdown of the last level should be accompanied by a pronounced upward movement. Here, the target is 136.99. On the other hand, price consolidation is in the range of 136.99 – 138.12. For the potential value for the top, we consider the level of 140.54. Upon reaching this level, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range of 131.58 – 129.78. The breakdown of the latter value will lead to in-depth movement. Here, the target is 127.47. This level is a key support for the upward structure.

The main trend is the upward cycle of March 18

Trading recommendations:

Buy: 133.60 Take profit: 134.90

Buy: 134.95 Take profit: 136.99

Sell: 131.58 Take profit: 129.80

Sell: 129.70 Take profit: 127.50

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

Source:: Fractal analysis of the main currency pairs for April 8

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