FX.co ★ Fractal analysis of major currency pairs for April 2, 2021

For the Euro/Dollar pair, the price is in correction and forms a potential upward structure of March 31. For the Pound/Dollar pair, we expect a continuation of the upward movement after the breakdown of 1.3850, the level of 1.3782 is the key support within the day. For the Dollar/Franc pair, we expect the subsequent development of the upward structure from March 17 after the breakdown of 0.9454, the level of 0.9373 is the key support within the day. The Dollar/Yen pair is expected to continue moving up after the breakout of 110.98, the level of 110.07 is the key support within the day. The Euro/Yen pair is expected to continue moving up after the breakout of 130.27, the level of 129.57 is the key support within the day. And for the Pound/Yen pair, we expect the subsequent development of the upward structure from March 24 after the breakdown of 153.40, the level of 151.53 is the key support.

Forecast for April 2:

Analytical review of currency pairs on the H1 scale:

The key levels for the EUR/USD pair are 1.1812, 1.1788, 1.1726, 1.1709, 1.1680, 1.1662, and 1.1625. Here we are following the development of the descending structure from March 18. At the moment, the price is in correction. Consolidation is expected in the range of 1.1726 - 1.1709, a breakdown of the last value will lead to a pronounced downward movement with the target of 1.1680. A short-term downward movement, as well as consolidation, is expected in the range of 1.1680 - 1.1662. The potential value for the low is the level of 1.1625, where we expect a rollback upward.

A short-term upward movement is possible in the range of 1.1767 - 1.1812. We expect the formation of pronounced initial conditions for the upward trend up to the level of 1.1812.

The main trend is the descending structure from March 18, the stage of correction.

Trading recommendations:

Buy: 1.1788 Take profit: 1.1812

Buy: Take profit:

Sell: 1.1707 Take profit: 1.1680

Sell: 1.1661 Take profit: 1.1627

The key levels for the GBP/USD pair are 1.4006, 1.3979, 1.3938, 1.3896, 1.3850, 1.3815, 1.3782, and 1.3748. Here we are following the upward structure from March 25. The continuation of the upward movement is expected after the breakdown of 1.3850 with the target of 1.3896. Consolidation may take place near this level. A breakdown of 1.3896 will lead to a movement to the level of 1.3938, near which consolidation is also expected. We consider the level of 1.4006 as a potential value for the high, upon reaching which we expect a consolidated movement in the range of 1.3979 - 1.4006, as well as a pullback downward.

A short-term downward movement is possible in the range of 1.3815 - 1.3782. A breakdown of the last value will lead to a deep correction with the target at 1.3748, which is a key support for the high.

The main trend is the upward structure from March 25.

Trading recommendations:

Buy: 1.3850 Take profit: 1.3895

Buy: 1.3897 Take profit: 1.3938

Sell: 1.3815 Take profit: 1.3784

Sell: 1.3780 Take profit: 1.3748

The key levels for the USD/CHF pair are 0.9566, 0.9544, 0.9495, 0.9406, 0.9373, and 0.9338. Here we are following the upward structure from March 17. The continuation of the upward movement is expected after the breakdown of 0.9454, with the target of 0.9495. There is a price consolidation near this level. The breakdown of the 0.9497 mark should be accompanied by a pronounced development of the trend towards the level of 0.9544. We consider the level of 0.9566 as a potential value for the high, upon reaching which we expect consolidation in the range of 0.9544 - 0.9566, as well as a pullback downward.

A short-term downward movement is possible in the range of 0.9406 - 0.9373. A breakdown of the last value will lead to a deep correction with the target of 0.9338, which is a key support for the high.

The main trend is the upward structure of March 17.

Trading recommendations:

Buy: 0.9456 Take profit: 0.9495

Buy: 0.9497 Take profit: 0.9544

Sell: 0.9406 Take profit: 0.9375

Sell: 0.9371 Take profit: 0.9338

The key levels for the USD/JPY pair are 112.22, 111.92, 111.43, 111.22, 110.98, 110.43, 110.07, and 109.68. Here we are following the medium-term upward structure from March 23. The continuation of the upward movement is expected after the breakdown of 110.98, with the target of 111.22. There is a price consolidation near this level. The price breakout of the noise range 111.22 - 111.43 should be accompanied by a pronounced upward movement with the target of 111.92. We consider the level of 112.22 as a potential value for the high, upon reaching which we expect consolidation, as well as a rollback downward.

A short-term downward movement is expected in the range of 110.43 - 110.07. A breakdown of the last value will lead to a deep correction with the target of 109.68, which is a key support for the high.

Main trend: medium-term upward structure of March 23.

Trading recommendations:

Buy: 110.98 Take profit: 111.22

Buy: 111.45 Take profit: 111.90

Sell: 110.43 Take profit: 110.08

Sell: 110.05 Take profit: 109.70

The key levels for the USD/CAD pair are 1.2788, 1.2753, 1.2700, 1.2650, 1.2626, 1.2595, 1.2529, 1.2498, and 1.2458. Here we are following the development of the ascending structure from March 18. At the moment, the price is in a correction and forms a potential downward movement from March 20. We expect the continuation of the upward movement after the breakdown of 1.2595, with the first target of 1.2626. The price breakout of the noise range 1.2626 - 1.2650 will allow us to count on a movement to the level of 1.2700, with a consolidation near this level. The breakdown of the 1.2700 mark will lead to the development of a pronounced upward movement with the target at 1.2753. We consider the level of 1.2788 as a potential value for the high, upon reaching which we expect a rollback downward.

A short-term downward movement is expected in the range of 1.2529 - 1.2498. A breakdown of the last value will lead to a deep correction with the target of 1.2458, which is a key support for the high.

Main trend: ascending structure from March 18, building up potential for the March 30 low.

Trading recommendations:

Buy: 1.2595 Take profit: 1.2626

Buy: 1.2650 Take profit: 1.2700

Sell: 1.2527 Take profit: 1.2490

Sell: 1.2497 Take profit: 1.2458

The key levels for the AUD/USD pair are 0.7742, 0.7686, 0.7646, 0.7588, 0.7554, 0.7467, 0.7442, and 0.7378. Here we are following the development of the descending structure from March 18. The continuation of the downward movement is expected after the price breaks through the noise range of 0.7588 - 0.7554, with the target of 0.7467. There is a price consolidation in the range of 0.7467 - 0.7442. The potential value for the low is the level of 0.7378, the movement to which is expected after the breakdown of 0.7441.

A short-term upward movement is possible in the range of 0.7646 - 0.7686. A breakdown of the last value will lead to a deep correction with the target of 0.7742, which is a key support for the low.

The main trend is the descending structure from March 18.

Trading recommendations:

Buy: 0.7646 Take profit: 0.7685

Buy: 0.7887 Take profit: 0.7741

Sell: 0.7554 Take profit: 0.7468

Sell: 0.7441 Take profit: 0.7378

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. Here we are following the upward structure from March 25. A short-term upward movement is expected in the range of 130.27 - 130.61. A breakdown of the last value will lead to a pronounced movement, with the target of 130.98, and price consolidation in the range of 130.98 - 131.22. We consider the level of 131.72 as a potential value for the high, upon reaching which we expect a rollback downward.

A short-term downward movement is expected in the range of 129.86 - 129.57. A breakdown of the last value will lead to a deep correction with the target of 129.16, which is a key support for the high.

The main trend is the upward structure from March 25.

Trading recommendations:

Buy: 130.28 Take profit: 130.60

Buy: 130.63 Take profit: 130.98

Sell: 129.86 Take profit: 129.58

Sell: 129.55 Take profit: 129.16

The key levels for the GBP/JPY pair are 155.69, 154.76, 154.27, 153.38, 152.61, 152.04, 151.53, and 150.76. Here we are following the development of the ascending structure from March 24. The continuation of the upward movement is expected after the breakdown of 153.38, which will lead to a pronounced upward movement, with the target of 154.27. There is a short-term upward movement, as well as consolidation in the range of 154.27 - 154.76. We consider the level of 155.69 as a potential value for the high, upon reaching which we expect a rollback downward.

A short-term downward movement is expected in the range 152.61 - 152.04. A breakdown of the last value will lead to a deep correction with the target of 151.53, which is a key support for the high. The breakdown of which will dispose to the formation of initial conditions for a downward movement with the potential target of 150.76.

The main trend is the upward structure from March 24.

Trading recommendations:

Buy: 153.38 Take profit: 154.27

Buy: 154.77 Take profit: 155.69

Sell: 152.60 Take profit: 152.06

Sell: 151.50 Take profit: 150.80