FX.co ★ Fractal analysis of major currency pairs on April 6, 2021

Outlook on April 6:

Analysis of popular currency pairs on the hourly (H1) chart:

The key levels for the EUR/USD pair are 1.1915, 1.1898, 1.1873, 1.1859, 1.1834, 1.1812, 1.1783, 1.1765 and 1.1743. The price has been moving in an upward trend since March 31. We expect a short-term growth in the 1.1812 - 1.1834 range. If the last value breaks down, strong growth will continue to the next target of 1.1859. The price may consolidate in the range of 1.1859 - 1.1873. Once the latter is broken, it will allow us to move towards a potential target of 1.1915. Another price consolidation may occur in the range of 1.1898 - 1.1915 and a downward pullback.

A short-term decline, in turn, is possible in the range of 1.1783 - 1.1765. If the last value breaks down, it will lead to a deep correction. The target is set at 1.1743, which is also the key support level.

The main trend is the upward trend from March 31.

Trading recommendations:

Buy: 1.1814 Take profit: 1.1832

Buy: 1.1836 Take profit: 1.1859

Sell: 1.1783 Take profit: 1.1766

Sell: 1.1763 Take profit: 1.1744

The key levels for the GBP/USD pair are 1.4065, 1.4006, 1.3979, 1.3938, 1.3877, 1.3850 and 1.3814. The price has been moving in an upward trend since March 25. We expect this trend to continue after the level of 1.3938 is broken. The target is set at 1.3979. The price may consolidate in the range of 1.3979 - 1.4006. The final potential upward target is the level of 1.4065. After reaching this level, the price may consolidate and pullback downwards.

A short-term decline is likely in the range of 1.3877 - 1.3850. If the level of 1.3850 breaks down, it will lead to a deep correction. The target is set at 1.3814, which is also the key support level.

The main trend is the upward trend from March 25.

Trading recommendations:

Buy: 1.3938 Take profit: 1.3979

Buy: 1.3980 Take profit: 1.4006

Sell: 1.3877 Take profit: 1.3852

Sell: 1.3848 Take profit: 1.3814

The key levels for the USD/CHF pair are 0.9473, 0.9412, 0.9385, 0.9338, 0.9309, 0.9262 and 0.9226. The downward trend from April 1 is seen as potential initial conditions for a downward cycle. Now, we expect a short-term decline in the range of 0.9338 - 0.9309. If the latter breaks down, strong decline will resume to the target of 0.9262. The final potential downward target is the level of 0.9226. After reaching it, the price may consolidate and pullback upwards.

Meanwhile, a short-term growth is possible in the 0.9385 - 0.9412 range. In the event that the level of 0.9412 breaks down, this will encourage the formation of an upward trend. The potential target is set at 0.9473.

The main trend is the downward initial conditions from April 1.

Trading recommendations:

Buy: 0.9385 Take profit: 0.9411

Buy: 0.9414 Take profit: 0.9470

Sell: 0.9338 Take profit: 0.9310

Sell: 0.9307 Take profit: 0.9262

The key levels for the USD/JPY are 112.22, 111.92, 111.43, 111.22, 110.98, 110.43, 110.07 and 109.68. The price has been following the mid-term upward trend from March 23. We expect growth to continue after breaking through the level of 110.98. The target is set at 111.22. The price may consolidate around it. If the price breaks through the range of 111.22 - 111.43, strong growth will continue towards the target of 111.92. The ultimate potential upward target is 112.22. After reaching this level, the price may consolidate and pullback below.

A short-term decline can be expected in the range of 110.43 - 110.07. If the level of 110.07 is broken, a deep correction will occur. The target is set at 109.68, which is also the key support level.

The main trend is the mid-term upward trend from March 23.

Trading recommendations:

Buy: 110.98 Take profit: 111.22

Buy: 111.45 Take profit: 111.90

Sell: Take profit:

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. The price, which is currently in correction, has been moving in an upward trend since March 18. Currently, it is forming a downward potential from March 30. We expect the upward movement to continue after the level of 1.2595 is broken. The first target is set at 1.2626. If the price breaks through the range of 1.2626 - 1.2650, further growth will resume to the level of 1.2700. The price is expected to consolidate around it. After the breakdown of the level of 1.2700, strong growth will resume to the next target of 1.2753.The final potential upward target is 1.2788. After reaching this level, a downward pullback is possible.

Alternatively, a short-term decline is expected in the 1.2529 - 1.2498 range. If the 1.2498 level is broken, a deep correction will occur. The target is seen at 1.2458, which is also the key support level.

The main trend is the upward trend from March 18 and formation of the 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. The price has been moving in a bearish trend since March 18. However, it is currently in the correction stage and is forming an upward potential from April 1. We expect the downward movement to continue after the price breaks through the noise range of 0.7588 - 0.7554. The target is set at 0.7467. The price may consolidate in the range of 0.7467 - 0.7442. The final potential downward target is 0.7378. A movement to this level can be expected after the level of 0.7441 is broken.

A short-term growth is possible in the range of 0.7646 - 0.7686. If the latter breaks down, a deep correction may follow. The target is set at 0.7742, which is also the key support level.

The main trend is the downward trend from March 18, correction stage.

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. The price has been moving in a bullish trend since March 25. We expect a short-term growth in the 130.27 - 130.61 range. If the level of 130.61 is broken, strong movement will resume to the next target of 130.98. After that, the price may consolidate in the range of 130.98 - 131.22. The ultimate potential upward target is set at 131.72. A downward pullback can be expected after reaching this level.

In turn, a short-term decline may occur in the range of 129.86 - 129.57. If the latter breaks down, a deep correction is possible. The target is set at 129.16, which is the key support level.

The main trend is the upward trend 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. The price has been moving in an upward trend since March 24. We expect this growth to continue after the level of 153.38 is broken. Once this happens, strong growth will extend towards the target of 154.27. Meanwhile, a short-term growth and consolidation is possible in the range of 154.27 - 154.76. The final potential upward target is set at 155.69. After reaching it, a downward pullback is possible.

A short-term decline is possible in the range of 152.61 - 152.04. If the latter breaks down, a deep correction will occur. The target is set at 151.53, which is also the key support level. The breakdown of which will lead to the formation of initial conditions for the downward trend. The potential target is seen at 150.76.

The main trend is the upward trend 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