EUR and CAD: the Canadian dollar collapsed after the revision of the economic growth forecast. The euro is declining amid

The British pound reacted with growth in the first half of the day against the US dollar after the publication of the report, according to which the net borrowings of the UK public sector remained at a fairly low level in the fiscal year ending in March, which coincides with the strategy of the Minister of Finance. Back in the early fiscal year, Philip Hammond gave the fellowship to keep borrowing low, and he fulfilled it.

According to data, for 12 months to March this year, the government's borrowings amounted to 24.7 billion pounds, which is 17.2 billion pounds less than in the previous financial year. Let me remind you that last year, the UK national debt amounted to 1.8 trillion pounds or 83.1% of GDP.

Economists had expected loans of 22.8 billion pounds. Tax revenues for 12 months increased by 5%, while expenses only by 3%.

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As for the technical picture of the GBPUSD pair, the trade continues to be conducted in a narrow side channel with a bearish advantage. After sellers today failed to cope with yesterday's support level in the area of 1.2915, there is a small upward correction, which now rests on the resistance of 1.2950. Its breakthrough will lead to larger growth of the trading instrument and an update of the maximum of 1.3015.

The European currency continued to decline in pair with the US dollar after the publication of reports, which indicated a decrease in the sentiment of German companies in April this year. Especially the mood worsened among manufacturers.

According to the IFO German Institute, the IFO business sentiment index in April 2019 fell to 99.2 points against the March value of 99.7 points. Economists had expected the index to be 99.9 points in April.

The IFO President noted that the German economy continues to lose momentum, which causes a number of concerns. On the one hand, the export-oriented industry continues to be in a recession, but support is provided by the domestic economy, which is doing quite well.

The index of expectations of companies also fell after a slight increase in March

As for the technical picture of the EURUSD pair, the update of the last day's minimum keeps the market on the side of the euro sellers, which can lead to the update of the lows in the area of 1.1170 and 1.1120.

The Canadian dollar collapsed today after the Bank of Canada left the one-day interest rate target unchanged at 1.75%, and said that the soft policy of interest rates is still justified. The regulator also noted that it closely monitors household spending, the oil market, and international trade policy.

Serious pressure on the Canadian dollar was formed immediately after the Canadian regulator revised the forecast for GDP growth in 2019 to 1.2% from 1.7%.

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Australian suffered from weak inflation, the dollar is preparing to go up

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The Australian dollar was knocked down by lower than expected inflation rates. This has reinforced the prospect of a lower interest rate, while the US dollar continues to feel more than confident within the 22-month high reached during the previous session. The dollar has strengthened thanks to strong data on housing in the US — another indicator showing that the US economy is much superior to competitors. This optimism encourages investors to buy the dollars in recent weeks. It remains to wait until Friday when the most important data on GDP for the first quarter will be published. According to most experts, the US GDP will show strong growth, which will push the dollar even higher.

Consider in more detail the situation with the Australian. Given the significant decline over the past 24 hours, we can expect a small rebound due to profit taking, but in general, the outlook for the currency is weak. Plus, there are too many AUD sellers on the market.

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The euro weakened by 0.1 percent to 1.12165 dollars but holds above Tuesday's lows of 1.1192 dollars. Although the German business climate index was lower than forecast, it had little effect on the already weaker single currency. The euro cannot rise, as negative sentiment persists after the disappointing PMI data, and only short positions keep it above the annual low. The currency can be saved by more positive economic data, good political news and higher yield of government bonds.

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The Australian dollar fell sharply

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On Wednesday, April 24, experts recorded a rapid decline in the Australian dollar. It suddenly fell after the publication of data on the consumer price index in the country. The slowdown in inflation also contributed to the decline in the cost of AUD.

According to Nick Twidale, Chief Operating Officer of Rakuten Securities Australia, in the event of increased sales of AUD on the London Stock Exchange, the Australian currency may become even cheaper and fall below 70 US cents. The expert is confident that in the near future, we should expect increased pressure on the "Australian".

At the moment, the price of the Australian dollar fell by 0.9% to $ 0.7037. Analysts believe this is the lowest rate since March 11 this year. The catalyst for the fall was the publication of data on the consumer price index in Australia for the first quarter of 2019. The Green Continent also recorded a slowdown in inflation, which had a negative impact on the AUD rate.

In the current situation, pressure on the regulator is increasing with respect to maintaining a soft monetary policy with the possibility of further lowering interest rates.

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Bitcoin analysis for April 24, 2019

Technical picture:

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According to the H4 time-frame, BTC did exactly what we expected yesterday. BTC did reject from the upper diagonal of the upward channel at the price of $5.626. Our first downward target at the price of $5.365 has been met. We are expecting more downside.

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On the Futures market we found buying climax in the background, which is sign of the weakness and big warning for buyers. After the climatic action, there was no buying interest and we got few no demand bars on the 2H time-frame, which is another sign of the weakness. Watch for selling opportunities. Next downward targets are set at the price of $5.192 and $4.650.

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Technical analysis of USD/CHF for April 24, 2019

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Overview:

The USD/CHF pair continues moving in a bullish trend from the support levels of 1.0123 and 1.0177. Currently, the price is in an upward channel. This is confirmed by the RSI indicator signaling that the pair is still in a bullish trend. As the price is still above the moving average (100), immediate support is seen at 1.0177. Consequently, the first support is set at the level of 1.0177. So, the market is likely to show signs of a bullish trend around 1.0177. In other words, buy orders are recommended above the level of 1.0177 with the first target at the level of 1.0265. Furthermore, if the trend is able to breakout through the first resistance level of 1.0265, we should see the pair climbing towards the point of 1.0314. It would also be wise to consider where to place a stop loss; this should be set below the second support of 1.0123 .

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Technical analysis of NZD/USD for April 24, 2019

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Overview:

The NZD/USD pair is showing signs of weakness following a breakout of the lowest level of 0.6648. On the H1 chart. the level of 0.6648 coincides with 23.6% of Fibonacci, which is expected to act as minor support today. Since the trend is below the 23.6% Fibonacci level, the market is still in a downtrend. But, major resistance is seen at the level of 0.6690. Furthermore, the trend is still showing strength above the moving average (100). Thus, the market is indicating a bearish opportunity below the above-mentioned support levels, for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. Therefore, strong resistance will be found at the level of 0.6690 providing a clear signal to buy with a target seen at 0.6575. If the trend breaks the minor resistance at 0.6575, the pair will move downwards continuing the bearish trend development to the level 0.6544.

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BOC Monetary Policy Report news trading, USD/CAD analysis for 24.04.2019

USD/CAD is trading near the critical resistance at the price of 1.3466. The background suggests further upward price and potential new highs.

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We want to suggest play for the incoming Bank of Canada Monetary Policy Report. According to the Daily time-frame there was the upward breakout of the 2-week rectangle pattern (sideways base), which is sign that buyers are in control. Our advice is to place pending buy stop order at 1.3470 with target at 1.3523 and stop at 1.3380. You want to go in the direction of the overall trend and the momentum. Second play can be if the USD/CAD drop on the news, to watch for buying at 1.3400 with the target at 1.3523 and stop at 1.3333.

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EUR/USD, GBP/USD, USD/JPY. Simplified wave analysis and forecast for April 24

EUR/USD

The downward wave structure continues to form on the euro chart from March 20. The first 2 parts are formed in its structure. In the final part (C), an internal zigzag is formed.

Forecast:

Before the final breakthrough down the price, it is necessary to work out a counter rollback. The maximum calculated level of the rise is within the resistance zone.

Recommendations:

Given that the upcoming price growth goes against the trend direction of the main wave, euro purchases are risky. At the same time, a sharp increase in volatility cannot be ruled out. In transactions, it is worth reducing the lot and operating with the smallest TF. Completion of the rollback will be a good starting point for opening short positions.

Resistance zones:

- 1.1295 / 1.1325

Support zones:

- 1.1220 / 1.1190

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GBP/USD

As seen on the chart of the pound, a complex bearish wave develops, which takes the place of correction in a larger wave formation. The final part is formed in the structure. The rollback phase yesterday was over.

Forecast:

Until the end of the week, the main vector of the price movement of the pound will be a downward move. On small TF quotes, the pair formed the first part of the upward rollback, the completion of which is worth waiting for in the upcoming sessions.

Recommendations:

The upcoming rate rise is expected to be no further than the upper level of the resistance zone. Price fluctuations today can create very good conditions for the opening of transactions for the sale of the instrument. The active phase of the decline is possible at the end of the day or tomorrow.

Resistance zones:

- 1.2950 / 1.2980

Support zones:

- 1.2850 / 1.2820

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USD/JPY

As seen on the chart of the yen, a bullish wave is formed with very high movement potential from March 35. For analysis and trading, its last section, dated April 10, is of interest. In the structure of this wave, the first 2 parts (A + B) are fully completed.

Forecast:

Since yesterday, a distinct reversal pattern has been formed on the chart of the pair, preceding the start of intensive price growth. A downward pullback is formed, which can stretch over the entire current day. Reversal and the beginning of growth are more likely tomorrow.

Recommendations:

The pair's sales are irrelevant. In the area of settlement support, it is recommended to monitor the signals of instrument purchase generated on your vehicle. A sharp increase in volatility cannot be ruled out before a change of course.

Resistance zones:

- 112.90 / 113.20

- 112.00 / 112.30

Support zones:

- 111.70 / 111.40

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Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A – B – C). The last unfinished wave is analyzed. Zones show areas with the highest probability of reversal. The arrows indicate the wave marking according to the method used by the author, the solid background is the formed structure, the dotted ones are the expected movements.

Note: The wave algorithm does not take into account the duration of tool movements over time.

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GBP/USD. April 24th. The trading system "Regression Channels". The UK's rejection of Brexit could save the pound

4-hour timeframe

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Technical details:

The upper linear regression channel: direction - up.

The lower linear regression channel: direction - down.

The moving average (20; smoothed) - down.

CCI: -167.0337

The volatility of the GBP/USD currency pair rose slightly yesterday, the dollar went up against the British pound, the downward trend in the pair remained. As we said the day before, the pound passed an important level of 1.3000, which previously restrained it from further depreciation against the US currency. Now, the way down is open. And given the absence of any fundamental background, and certainly positive for the British currency, the obstacles to the continuation of the fall of the pair is very small. Today, the only news that can be paid attention to is the change in the volume of borrowings of the UK public sector, but it is unlikely that this report will cause a serious surge of emotions in the foreign exchange market. In the future, we now expect the pair to fall first to 1.2800, and then to 1.2450. Unless, unexpectedly, there is information that will provide substantial support to the pound. Given the fact that the EU has once again refused to revise the current version of the agreement on Brexit, the hope for such information is extremely small. A few months ago, Theresa May's resignation could have become such information, but now this withdrawal will give nothing. Brexit in any case postponed, and the Prime Minister, in any case, will have to negotiate with Parliament (how – is unknown if the current version of the transaction will remain unchanged) or to abandon Brexit. Perhaps it is the rejection of Brexit that can bring the pound back to life, but this option is now the least possible scenario.

Nearest support levels:

S1 - 1.2909

S2 - 1.2878

Nearest resistance levels:

R1 - 1.2939

R2 - 1.2970

R3 - 1.3000

Trading recommendations:

The pair GBP/USD continues its downward movement. Thus, it is recommended to trade short positions with targets at 1.2909 and 1.2878 before turning Heiken Ashi's indicator to the top, which will indicate a round of upward correction.

Buy orders will become relevant after fixing the pair above the moving average line with targets at 1.3031 and 1.3062. In the current circumstances, this option is unlikely.

In addition to the technical picture should also take into account the fundamental data and the time of their release.

Explanations for illustrations:

The upper linear regression channel is the blue lines of the unidirectional movement.

The lower linear channel is the purple lines of the unidirectional movement.

CCI is the blue line in the indicator regression window.

The moving average (20; smoothed) is the blue line on the price chart.

Murray levels - multi-colored horizontal stripes.

Heiken Ashi is an indicator that colors bars in blue or purple.

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Gold analysis for April 24, 2019

Gold has been trading sideways in past 20 hours. Gold price made new low yesterday at $1.266.50 and we still expect more downside. As long as the key short-term resistance at the price of $1.281.00 we are bearish.

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According to the H4 time-frame, we found more acceptance below the key support cluster (purple rectangle) at the price of $1.280.00, which is sign that sellers are in big control on the Gold. The 4-month long complex head and shoulders is dominating the background that sellers are very active on the Gold. There is no any serious indication of potential reversal and the price action suggests more downside. Gold price made series of the lower lows and lower highs and it is trading inside of the downward channel, which is clear indication of the downtrend.

Our recommendation: We are bearish from $1.275.00 but we will add after every decent upward correction structure more selling position. Our advice is to watch for selling positions only. The downward targets are set at $1.211.30 and $1.196.50.

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GBP / USD plan for the American session on April 24. Divergence did not allow bears to continue the decline of the pair

To open long positions on the GBP / USD pair, you need:

Pound buyers took advantage of the morning support level around 1.2909, after the update of yesterday's low and formed divergence on the MACD indicator then returned to the market. The task for the second half of the day will be a breakthrough and consolidation above 1.2948 resistance, which will lead to a new rising GBP / USD wave with the update of the highs around 1.2985 and 1.3017, where I recommend taking profits. In the case of a repeated decline of the pound to the minimum of the day, it is best to open long positions from 1.2916 only if a false breakdown is formed or to rebound from the level of 1.2888.

To open short positions on the GBP / USD pair, you need:

As long as the bears are keeping the pair below 1.2948 resistance, the probability of a further decrease in the pound remains rather high. The formation of the next false breakout on this range will be a signal to open short positions, which will again lead the GBP / USD pair to the support area of 1.2916. Its breakdown will open the opportunity to update the minimums of 1.2888 and 1.2855, where I recommend to fix the profit. If the growth scenario is above 1.2948 in the second half of the day, it is best to return to short positions on a rebound from the maximum of 1.2985 and 1.3017.

Indicator signals:

Moving averages

Trade is conducted below 30 and 50 moving averages, which indicates the preservation of the bearish nature of the market.

Bollinger bands

The volatility of the Bollinger Bands indicator is very low, which does not give signals to enter the market.

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Description of indicators

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

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EUR / USD plan for the American session on April 24. Data from the IFO did not support the euro

To open long positions on EUR / USD pair, you need:

Weak reports from the IFO did not support the euro, however, the buyers did not stand aside, after it managed to form new support around 1.1195 and prevented the yesterday's minimum update. The challenge for the North American session will be a breakthrough and consolidation above the resistance of 1.1225, which will lead to the formation of a new upward correction with an update of the maximum of 1.1247 and 1.1262, where I recommend taking profits. In the case of a second EUR/USD decline in the second half of the day to the support area of 1.1195, long positions from this level are best to look at a false breakdown or buy a rebound from a larger range, which is located in the 1.1175 area.

To open short positions on EUR / USD pair, you need:

Bears require the formation of a false breakdown in the area of 1.1225, where the moving averages are also concentrated, which will keep the pair in a side channel and leave the market on the side of euro sellers. The main task for the second half of the day will be a breakthrough and consolidation below the support of 1.1195, which will lead to a new wave of EUR/USD sales to the area of 1.1175 and 1.1149 minimums, where I recommend taking profits. f the growth scenario is higher than 1.1225, you can take a closer look at short positions after updating the resistance of 1.1247.

Indicator signals:

Moving averages

Trading is below 30 and 50 moving averages, which indicates the bearish nature of the market.

Bollinger bands

The volatility of the Bollinger Bands indicator is very low, which does not give signals to enter the market.

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Description of indicators

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20

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

EUR/USD. April 24th. The trading system "Regression Channels". The euro is still prone to fall

4-hour timeframe

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Technical details:

The upper linear regression channel: direction - down.

The lower linear regression channel: direction - up.

Moving average (20; smoothed) - down.

CCI: -118.4486

On Wednesday, April 24, the EUR/USD currency pair retains the downward movement that began yesterday, there are no signs of the beginning of the correction at the moment. The pair worked out the Murray level of "-1/8" - 1,1200, and, as we have repeatedly noted, this level is extremely important for determining the further trend for the instrument. If, with the n-th attempt, traders still manage to overcome this level, the downward movement will continue with the goal of 1.1169, at a minimum. Otherwise, we believe that the pair may again move away from multi-month lows to a level of 1.1322 and higher. Today is another day without macroeconomic reports from the Eurozone and the States. Yesterday, the bears were still able to take the initiative in their hands and lower the pair by another 40 points, which, in principle, is not so much. However, will the downward movement continue today, given the presence of the level of 1.1200 and the absence of fundamental events? Even the data on the topic of the trade war between the EU and the USA is not coming now. Thus, reducing the volatility of the EUR/USD pair to the minimum today will be quite logical, and you need to be ready for this. In general, we believe that bears will sooner or later push the level of 1.1200, and perhaps this will even happen in the coming days, as the downward trend is clearly visible on the 24-hour time frame.

Nearest support levels:

S1 - 1.1200

S2 - 1.1169

Nearest resistance levels:

R1 - 1.1230

R2 - 1.1261

R3 - 1.1292

Trading recommendations:

The EUR/USD currency pair has resumed its downward movement. Thus, now it is still recommended to consider short positions with targets at 1.1200 and 1.1169. There is a high probability of the pair reversing upward around the level of 1.1200.

Buy positions are recommended to open no earlier than fixing the pair above the moving average with targets 1.1229 and 1.1322. The calendar of macroeconomic events today is again empty, so volatility may decrease.

In addition to the technical picture should also take into account the fundamental data and the time of their release.

Explanations for illustrations:

The upper linear regression channel is the blue lines of the unidirectional movement.

The lower linear regression channel is the violet lines of the unidirectional movement.

CCI - blue line in the indicator window.

The moving average (20; smoothed) is the blue line on the price chart.

Murray levels - multi-colored horizontal stripes.

Heiken Ashi is an indicator that colors bars in blue or purple.

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

Fundamental Analysis of EURCAD for April 24, 2019

The EUR/CAD pair has been trading between 1.50 and 1.51 recently. It is likely to consolidate around this area. Meanwhile, the Canadian currency supported by today's BOC statement may regain momentum in the coming days.

The loonie has been struggling to resist the single currency lately as the weak Employment reports affected the economy and discouraged the CAD buyers. The Bank of Canada is expected to hold policy steady for the rest of this year, with calls for the next hike in early 2020 resting on a knife's edge, a Reuters poll showed, the latest dulling of rate expectations for a major central bank. The Canadian economy has taken a hit from the mandatory production cut of oil – its biggest export – a slowdown in the housing market and wilting business sentiment over worries surrounding the US-China trade war. All economists polled said the BoC will hold rates at 1.75 percent at its meeting today and about 60 percent of them say they will stay there through to the end of this year.

On the other hand, Europe is facing an economic slowdown as well as Brexit. Germany's ZEW economic sentiment survey, a key gauge of investor confidence, showed an increase last week. The reading had been in negative territory for the past 12 months and climbed into positive territory in April 2019. The Eurozone's ZEW indicator also improved to 4.5 from -2.5. It is also a positive sign. During the last meeting, the ECB mentioned that its focus would be to ensure the continued sustained conjunction of inflation close to 2% over the medium term. The leading indicator is important for traders and investors to measure market sentiment. The euro area's real Gross Domestic Product rose by 0.2% in the fourth quarter of 2018, following an increase of 0.1% in the Q3.

Last Week, the Consumer Price Index remained unchanged of 1.4% along with the Core CPI at 0.8%. The French Flash Service PMI rose from 49.1 to 50.5, while the German Flash Manufacturing PMI came out at 44.5 undershooting the forecast of 45.2. The Spanish Unemployment rate is in the spotlight this week. It is anticipated to remain unchanged at 14.5%.

As of the current scenario, CAD will have more chances to gain momentum over EUR if the upcoming economic reports and events turn out to be positive for the Canadian economy.

Now, let us look at the technical view. The price is currently retreating from the 1.5100 resistance area with a strong bearish momentum which is expected to lead the price lower towards 1.50 support area in the coming days. Though the price has been quite volatile earlier, breaking below 1.50 will trigger strong bearish bias or even a long-lasting bearish trend. As far as the price remains below the 1.51 area with a daily close, the bearish bias is forecast to continue.

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Review of EUR / USD and GBP / USD pairs on 04.24.2019: Not yet moved away from the holidays

Something went wrong or rather everything went wrong. Instead of growing, the single European currency and the pound continued to lose ground with a vengeance and as always, the same characters are to blame for this. With persistence and worthy of better use, they cut the bough on which they themselves sit. The parade of inconsistencies began in the European Commission. The press service of which said that there would be no more delays in Brexit like they did not want to give the last postponement. But for a certain group of heads of state, members of the European Union, they made that incomprehensible decision. And so, the alleged office of Jean-Claude Juncker categorically against any concessions and the like. It is necessary to firmly defend the interests of Germany at the expense of the interests of Great Britain. So no more for everything. But now, politicians on the other side of the Channel are clearly not enough and representatives of the Conservative Party in the House of Commons, who are headed by Iron Lady 2.0. First, they stated that they needed to prepare for elections to the European Parliament and even put forward their candidates for this exciting competition.

In short, the Conservatives themselves are trying to postpone Brexit indefinitely. Apparently, intending to torture Her Majesty's subjects so much that they all demand for the cancellation of the referendum results in unison. They say that you have got us so much that it doesn't matter for all this democracy and let it be as you wish, although this does not correspond to our choice made during the referendum. However, this was not enough for the conservatives and they asked Theresa May to give her the date of her resignation. Everybody was stunned by such a thing and even Jeremy Corbin now doesn't understand at all what to negotiate with the Prime Minister. Thus, it feels like in the Old World they forgot to stock up after a stormy celebration of Easter but if all of these were not enough and data on sales of new homes in the United States did not decline by 2.5% and increased by 4.5% instead.

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Today, the disposition from the heads of Europeans should already have dismissed, especially because of the single European currency and the pound. It is clearly time to somewhat adjust after such impressive falls. Therefore, let's hope that sober European politicians will guess at least a day just to keep silent. In turn, no macroeconomic data will come out in the United States and investors will only be attracted on the data on the net borrowings of the UK public sector, which could drop another 0.4 billion pounds. Thus, reducing the debt burden of the United Kingdom may contribute to the long-awaited correction.

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The single European currency can only follow the pound. Given the serious overbought of the dollar, we can expect growth to 1.1250.

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The pound against the background of reducing the debt burden of the state, as well as substantial oversold, may well rise to 1.2975.

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EURUSD: Eurozone consumer confidence falls again, which is a bad signal

Yesterday, a good report on new home sales in the US provided significant support to the US dollar, which strengthened against a number of world currencies, and weak consumer confidence in the eurozone only increased the pressure on the euro.

According to the US Department of Commerce, sales of new homes in March 2019 increased by 4.5% and amounted to 692,000 homes per year. Economists, on the contrary, expected sales to fall by 2.5%. Compared to the same period of the previous year, sales increased by 3.0%.

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The increase in sales indicates the excellent state of the real estate market in the United States, even at current interest rates. However, recent data on the number of new home mortgages and building permits declined in March, which indicates a still weakness in housing construction.

A report from Retail Economist-Goldman Sachs did not put pressure on the US dollar, despite the fact that sales in US retail chains declined during the reporting week. According to the data, during the week from April 14 to April 20, sales fell by 1.4% compared with the previous week. It happened mainly due to rainy weather. The retail sales index for the week increased by 1.4% compared to the same period of the previous year.

Yesterday, a report was published showing that eurozone consumers were less optimistic about their future in April 2019. The report of the European Commission stated that the preliminary index of consumer confidence in the eurozone in April 2019 fell sharply to -7.9 points against -7.2 points in March. Let me remind you that growth has been observed over the past three months. Economists had expected the index to rise in April as well, due to lower unemployment and rising wages.

Yesterday, a report by the EU statistics agency was published, in which it was stated that the cumulative eurozone budget deficit in 2018 amounted to 0.5% of the region's GDP, against 1% of GDP in 2017. This suggests that the eurozone continues to get rid of its debt burden.

However, not all EU member states follow this path. For example, the Italian government plans to increase the volume of borrowing in 2019 to stimulate economic growth.

According to the data, the total amount of outstanding loans in 2018 decreased to 85.1% of GDP from 87.1% in 2017, but the level of debt remains above the pre-crisis 65%. In 2018, eight of the 19 eurozone countries reduced the budget with a surplus.

As for the technical picture of the EURUSD pair, after yesterday's decline, the bulls will try to keep above the support level of 1.1200, which may form a new upward correction and lead to the return of the trading instrument to the level of 1.1250. The break of 1.1200 will only increase the pressure on risky assets and will lead to the renewal of the minimum 1.1150.

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Bitcoin. Bearish signal for the correction of Bitcoin

Another large wave of Bitcoin growth allowed reaching the resistance level of 5670, but a bearish divergence is formed on the MACD indicator. This suggests that the rate in the near future will either remain in the side channel, or a downward correction will be formed. Therefore, I do not recommend to hurry with the purchase at the current levels.

Signal to buy Bitcoin (BTC):

Now, a new signal for buying will be the formation of a false breakdown in the support area of 5520, as it was yesterday, or a rebound from a larger minimum in the area of 5400 and 5220. The main task of the bulls for today will be to hold the support level of 5520, as well as a breakthrough and consolidation above 5660, which will resume the upward trend and lead to an update of the highs in the region of 5880 and 6000 USD, where I recommend taking profits.

Signal to sell Bitcoin (BTC):

The bears' task for today will be to return and consolidate under the intermediate support level of 5520, which will lead to a larger downward correction to the level of 5400 and 5220, where I recommend taking profits. The formation of a false breakout with the update of yesterday's high around 5660 and confirmation of this false breakout by divergence on the MACD indicator will also be a good signal to open short positions in Bitcoin. Otherwise, you can sell on a rebound from 5880.

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BITCOIN to retain bullish pressure? April 24, 2019

Bitcoin sank impulsively lower after a jump above $5,500 with strong bullish non-volatile momentum recently. BTC is trading sideways after reaching a 6-month high. The price is expected to create further upward pressure in the coming days.

BTC steady rally created a Cup and Handle bullish pattern on the daily chart. Bullish momentum in the coming days can be measured in technical Analysis. The overall trend is bullish, non-volatile, and impulsive that indicates steady bullish pressure in the near future.

Despite the current dip below $5,500 on the intraday H1 chart, this price move is assumed as a correctional decline. This correction will be followed by a climb higher towards $6,000 price area in the coming days. The dynamic level of 20 EMA which was restraining Bitcoin for a certain period has been been broken. As long as the price remains below $5,500, BTC is going to trade with higher volatility, making corrections.

SUPPORT: 5,000, 5,250

RESISTANCE: 5,500, 6,000

BIAS: BULLISH

MOMENTUM: VOLATILE

Intraday Perspective:

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Trading Plan on 04/24/2019

The big picture: We are waiting for the start of the EURUSD trend.

There is quite a bit of time before the trend develops until the summer lull in the market.

The EUR/USD rate has formed a close consolidation.

From the point of view of the foundation, important data will be released on Thursday and the report on US GDP for the 1st quarter on Friday.

We are ready to buy euros from 1.1325.

We are ready to sell the euro from 1.1180.

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Fundamental Analysis of USD/CAD for April 24, 2019

USD has been the dominant currency in the pair while CAD has been not quite firm recently. As a result, the price was trading at near 1.3450 resistance area from where there is a greater probability of falling deeper again in the coming days.

The pullback of the US Dollar index was unexpected for USD Buyers. Recently, the index jumped to the highest level since November of 2018. Due to the general demand for risky assets and softening of the Fed's stance, USDX has been struggling for gains since the final quarter of 2018 to 1st quarter of 2019. But now, if US fundamental data supports USD, its index could touch the 100 area in coming days. The core retail sales show a solid growth from -0.2% to 1.2% while retail sales improved from -0.2% to 1.6%. Though the Building permits show a weaker than expected result, unemployment claims decreased from 197K to 192K. Core durable goods orders are expected to rebound from -0.1% to 0.2%. Besides, preliminary GDP is predicted to be unchanged. The Federal Reserve has expressed confidence about the current labor market. US GDP is expected to remain flat at 2.2% in Q2 of 2019.

On the CAD side, the Bank of Canada is likely to hold monetary policy steady for the rest of this year. The regulator signals the next hike in early 2020 resting on a knife's edge, a Reuters poll revealed. Canada's economy has taken a hit from the mandatory cut of oil production (its biggest export), a slowdown in the housing market, and wilting business sentiment due to worries about the US-China trade war. All economists polled said the BoC will hold rates at 1.75 percent at its meeting today and about 60 percent of them say they will stay steady through to the end of this year.

This week, the pair is set to trade with higher volatility ahead of flash US GDP on Friday and BOC Rate Statement today. Any positive report from Canada will cause price corrections and volatility. Otherwise, USD is expected to reinforce the impulsive bullish momentum which is going to push the price higher in the future.

Now let us look at the technical view. The price has been trading sideways in the range from 1.3300 to 1.3450 for over a month now. The pair is expected to drop lower towards 1.3300 area as the price is held by the strong resistance area between 1.3450 and 1.3500. As the price remains below 1.3500, the odds are that the price could sink deeper. Alternatively, a break above 1.3500 area with a daily close will push the price much higher in the future.

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Wave analysis of EUR / USD for April 24. The news background does not support the euro

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Wave counting analysis:

On Tuesday, April 23, trading ended for EUR / USD by 30 bp lower. Wave 2 (assumed) takes a more complex form, but the current wave marking is still preserved, since there was no exit beyond the minimum of wave b. However, on the one hand, such a depth of wave 2 suggests that the pair is not ready to further increase. On the other hand, if you look at all the previous waves, it becomes clear that the correctional waves are approximately the same size as the impulse waves. Thus, such a depth of wave 2 may still end up with the transition to the construction of an ascending wave 3. Unfortunately, the news background does not provide any support for the euro currency. This is the main factor against the growth of the euro currency.

Sales targets:

1.1177 - 0.0% Fibonacci

Purchase goals:

1.1448 - 100.0% Fibonacci

1.1476 - 76.4% on the highest Fibonacci grid.

General conclusions and trading recommendations:

The pair presumably remains within the framework of the construction of wave c, and its internal wave 2 takes an extended form. Thus, now you can still buy a pair based on the construction of wave 3 with targets located near the estimated levels of 1.1349 and 1.1387, but going out of quotations beyond the minimum of wave b will mean the need to make adjustments to the current wave marking.

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Wave analysis of GBP / USD for April 24. Brexit continues to put pressure on the pound sterling

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Wave counting analysis:

On April 23, the GBP / USD pair dropped another 40 basis points. and finally made a successful attempt to break through the lower generatrix of a narrowing triangle and the level of 0.0%. Thus, the conclusion suggests itself that the instrument is ready for the construction of a downward wave 3, which can take a very long form. The news background for the pair is now exactly on the background, which can surely allow the markets to get rid of the pound sterling. Yesterday, the European Commission said that there would be no revision or new negotiations on Brexit with the UK. Thus, London will have to solve the issue with the option of Brexit alone. The odds of an orderly Brexit, despite the postponement, are falling again.

Purchase goals:

1.3118 - 61.8% Fibonacci

1.3168 - 50.0% Fibonacci

Sales targets:

1.2839 - 127.2% Fibonacci

1.2693 - 161.8% Fibonacci

General conclusions and trading recommendations:

The wave pattern still involves building a downtrend trend, especially after breaking through the bottom line of the triangle. Now, I recommend selling a pair with targets located near the calculated levels of 1.2839 and 1.2693, which corresponds to 127.2% and 161.8% in Fibonacci.

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Trading recommendations for the EURUSD currency pair - placement of trading orders (April 24)

For the last trading day, the euro / dollar currency pair showed a high volatility of 69 points, as a result of having a pulse downward movement. From the point of view of technical analysis, we see that the short rollback from 1.1225 was replaced by a pulse train, bringing us close to the key coordinates 1.1180 in the face of the local minimum on April 2. The news and news background came to life after long holidays, where volatility jumped after it. The information background again continued to justify the "divorce" process of Brexit. At a briefing on April 23, the deputy head of the press service of the European Commission, Mina Andreeva, said that the European Union would not revise the agreement on the UK's withdrawal from the block. The current agreement is the best possible solution. You tell me, somewhere I have already heard it, quite right, we constantly heard these words, but after a slight lull, these phrases began to play again in the market, especially in small volumes. In support of the dollar, the statistics on sales of new housing in the United States, which went out yesterday, predicted a decline from 662K to 647K, but received 692K.

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Today, in terms of the economic calendar , there are no statistics on the EU or the States. However, do not forget about the information background, which can spontaneously fly out.

Further development

Analyzing the current trading chart, we see that after approaching the key coordinates 1.1180, short positions began to slam abruptly, and the price began to draw long shadows. It is likely to assume that the quotation will feel temporary support in the face of the level of 1.1180, where stagnation (flat) or rollback is possible. In any case, traders are carefully eyeing this coordinate, monitoring the possible breakdown. This is where further short positions will be made.

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Indicator Analysis

Analyzing a different sector of timeframes (TF ), we see that in the short term there was an upward interest against the background of a rebound from the key coordinate. Intraday and mid-term perspectives keep their downward interest in the market.

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Weekly volatility / Measurement of volatility: Month; Quarter; Year

Measurement of volatility reflects the average daily rate.

(April 24 was based on the time of publication of the article)

The current time volatility is 24 points. In the case of the average daily rate. In the case of slowing down and finding a point of support, volatility can be clamped within the framework of the average daily rate.

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Key levels

Zones of resistance: 1.1300 **; 1.1440; 1.1550; 1.1650 *; 1.1720 **; 1.1850 **; 1.2100

Support areas: 1.1180; 1.1000

* Periodic level

** Range Level

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Analysis of EUR/USD divergences for April 24th. The euro is falling again, but will it be able to update previous lows?

4h

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After the formation of the bearish divergence at the CCI indicator, the EUR/USD pair on the 4-hour chart performed a reversal in favor of the American currency and closed under the Fibo level of 76.4% (1.1241). As a result, on April 24, the process of falling can be continued in the direction of the next retracement level of 100.0% (1.1177). The rebound of the pair from the Fibo level of 100.0% will allow traders to count on a reversal in favor of the EU currency and some growth in the direction of the retracement level of 76.4%. There are no emerging divergences today.

The Fibo grid was built on extremums from March 7, 2019, and March 20, 2019.

Daily

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As seen on the 24-hour chart, the pair performed a consolidation under the retracement level of 127.2% (1.1285). Thus, the fall of the pair can be continued in the direction of the next retracement level of 161.8% (1.0941). However, as before, there are big doubts that the pair will be able to close under the two previous lows. The closing of the pair above the Fibo level of 127.2% can be interpreted as a reversal in favor of the euro currency and expect some growth in the direction of the retracement level of 100.0% (1.1553).

The Fibo grid was built on extremes from November 7, 2017, and February 16, 2018.

Forecast for EUR/USD and trading recommendations:

Buy deals on EUR/USD pair can be opened with the target at 1.1241 if the pair rebounds from the retracement level of 100.0%. The stop loss order should be placed below the level of 1.1177.

Sell deals on EUR/USD pair can be opened with the target at 1.1177 as the pair completed closing below the level of 76.4%. The stop loss order should be placed above the level of 1.1241.

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Analysis of GBP/USD divergences for April 24th. The British performed an important consolidation under 1.2976

4h

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As seen on the 4-hour chart, the GBP/USD pair completed closing under the Fibo level of 61.8% (1.2969). Thus, the pair quotes continue the process of falling in the direction of the next retracement level of 50.0% (1.2868). The rebound of the pair on April 24 from the retracement level of 50.0% will allow traders to expect a reversal in favor of the British currency and some growth in the direction of the retracement level of 61.8%. Closing the pair's rate above the level of 61.8% will similarly work in favor of the beginning of growth in the direction of the Fibo level of 76.4% (1.3094).

The Fibo grid is built according to the extremes of September 20, 2018, and January 3, 2019.

1h

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As seen on the hourly chart, the GBP/USD pair performed a reversal in favor of the US dollar and fell almost to the Fibo level of 127.2% (1.2917). The rebound of the pair from this level will allow to count on a reversal in favor of the pound and some growth in the direction of the retracement level of 100.0% (1.2976). The consolidation of quotations below the Fibo level of 127.2% will increase the chances of the pair to further fall in the direction of the next retracement level of 161.8% (1.2842).

The Fibo grid is built according to the extremes of March 29, 2019, and April 3, 2019.

Forecast for GBP/USD and trading recommendations:

Buy deals on GBP/USD pair can be opened with the target at 1.2976 and a stop loss order under the retracement level of 127.2% if the pair will perform the rebound from 1.2917 (hourly chart).

Sell deals on GBP/USD pair can be opened with the target at 1.2842 and a stop loss order above the level of 127.2% if the pair closes below the level of 1.2917 (hourly chart).

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Markets are already waiting for lower rates not only in the States: priority sale of AUD/USD and USD/CAD pairs)

Data from the United States had strong support for the US dollar against major currencies, which can probably serve as a noticeable decrease in expectations of a more radical change in the Fed's monetary policy.

According to the data presented, sales of new housing in March rose sharply to 692,000 compared to the February value of 662,000. At the same time, a decrease was expected to 647,000. In percentage terms, sales jumped 4.5% in March against 5.9% in February, but interestingly, they were expected to drop by 3.0%.

The promulgation of these really strong data has provided significant support for the US dollar at the general Forex against most major currencies. In our opinion, this is due to lower expectations that the Fed may not decide to start reducing interest rates in the second half of this year. In this situation, the main currencies will be in a clearly losing situation against the dollar since the central banks to which they belong (for example the RBA, the Central Bank of Canada and the like) are more likely to not only strive to maintain current interest rates but with a high probability to reduce them may begin. For example, it is already expected from the Reserve Bank of Australia and the Central Bank of Canada.

The Australian consumer inflation figures released today only strengthened this opportunity. The consumer price index in annual terms fell to 1.3% from 1.8%. It was assumed that it would fall to 1.5%. In the first quarter, the indicator showed no increase in inflation at all, remaining at zero. Other components of the indicator also showed a decline.

Today, the Central Bank of Canada will have a meeting. It is expected that the key interest rate will be kept at the same level 1.75%. From the session, markets expect the forecasts of the regulator to be in respect to the prospects for the economy of the country and also to interest rates. If the bank makes it clear that it can start lowering interest rates, the Canadian dollar will fall noticeably, despite rising crude oil prices.

It is possible that the local rally of the US dollar will continue today.

Forecast of the day:

The AUD/USD pair can be adjusted up to 0.7060 after a strong fall. We consider it possible to sell it, approximately from this level with targets at 0.7000 and 0.6980.

The USD/CAD pair may continue to grow if the Central Bank of Canada makes it clear that it will not raise interest rates or may even begin to lower them later this year. On this wave, the price can overcome the level of 1.3455 and rush to 1.3530.

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Trading recommendations for the GBPUSD currency pair - placing trading orders (April 24)

Over the past trading day, the currency pair pound / dollar showed volatility, close to the average daily 90 points, where as a result, we got a breakthrough of the previously formed cluster. From the point of view of technical analysis, we have a breakthrough of the 1.2970 / 1.3000 cluster in a downward direction, but this is not all. This accumulation was expressed in the main range level of 1.3000 (1.2970 / 1.3000), where the quotation was moving, and it turns out that this level has fallen. And at the moment, we recall that this coordinate has kept us since February. The information and news background came to life after long holidays, and volatility in the market followed it. Let's start with the information background, where fans revived Brexit, so, then, the press service of the European Commission represented by its deputy Mina Andreeva said: "The agreement on the withdrawal of Britain from the European Union is the best possible solution, and can not be revised. "At the same time, the Conservative Party asked a direct question to Prime Minister Theresa May: "When will she leave her post?" Naturally, on such a positive background in quotes, the British began to decline on a low volume. In support of the decline of the pound, statistics from the United States on sales of new housing also played, where they waited for a decline from 662K to 647K, but received 692K.

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Today, in terms of the economic calendar, there are no statistics on Britain or the United States, but do not forget about the information background, which can spontaneously fly out.

Further development

Analyzing the current trading chart, we see an intensive descending move, where the quote has already reached the value of 1.2920, which is a periodic level in the lyceum of the earlier cluster. Will the bay of short positions continue? Here, it is necessary to analyze the point of fixing the price, as it is still possible to stagnate with rollbacks. In any case, traders still have short positions held in the market. Thus, the inertial move takes place.

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Indicator Analysis

Analyzing a different sector of timeframes (TF), we see that there is a downward interest on the general background of the market in the short, intraday, and medium term.

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Weekly volatility / Measurement of volatility: Month; Quarter; Year

Measurement of volatility reflects the average daily fluctuation, based on monthly / quarterly / year.

(April 24 was based on the time of publication of the article)

The current time volatility is 28 points. It is likely to assume that the incentive to increase volatility in the market.

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Key levels

Zones of resistance: 1.3000 **; 1.3220 *; 1,3300 **; 1.3440; 1.3580 *; 1.3700

Support areas: 1.2920 *; 1.2770 (1.2720 / 1.2770) **; 1.2620; 1,2500 *; 1.2350 **

* Periodic level

** Range Level

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Indicator analysis. Daily review for April 24, 2019 for the pair GBP / USD

Trend analysis (Fig. 1).

On Wednesday, technical analysis demonstrates a downward movement. The first lower target of 1.2910 is the pullback level of 50.0% (blue dotted line). When breaking through - go further down.

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Fig. 1 (daily schedule).

Comprehensive analysis:

- indicator analysis - down;

- Fibonacci levels - down;

- volumes - down;

- candlestick analysis - up;

- trend analysis - down;

- Bollinger lines - down;

- weekly schedule - down.

General conclusion:

On Wednesday, technical analysis demonstrates a downward movement. The first lower target of 1.2910 is the pullback level of 50.0% (blue dotted line). When breaking through - go further down.

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Indicator analysis. Daily review on April 24, 2019 for the pair EUR / USD

Trend analysis (Fig. 1).

On Wednesday, the market will continue to move down. The first lower target 1.1175 is the support line (blue bold line).

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Fig. 1 (daily schedule).

Comprehensive analysis:

- indicator analysis - down;

- Fibonacci levels - down;

- volumes - down;

- candlestick analysis - down;

- trend analysis - down;

- Bollinger lines - down;

- weekly schedule - down.

General conclusion:

On Wednesday, the market will continue to move down. The first lower target 1.1175 is the support line (blue bold line).

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GBP/USD: plan for the European session on April 24. The pound will continue to decline

To open long positions on GBP/USD, you need:

Buyers have missed the support level of 1.2948, and their main task for the first half of the day will be to return and consolidate above this range. Only after that, it will be possible to talk about the upward correction in the area of the maximum 1.2977 and 1.3009, where I recommend fixing the profit. In the scenario of further decline of the pound, in the absence of important fundamental statistics, one can look at long positions on a false breakout in the support area of 1.2909 or on a rebound from the minimum of 1.2855.

To open short positions on GBP/USD, you need:

While trading will be below the range of 1.2948, the pressure on the pound will remain. The main task of the bears will be the test of the minimum 1.2909, the breakthrough of which will necessarily lead to a new wave of sales of GBP/USD with an exit to a minimum of 1.2855, where I recommend taking profits. In the scenario of a return to the resistance of 1.2948, it is best to return to short positions after correction to the maximum area of 1.2977 or to rebound from a large area of 1.3009.

Indicator signals:

Moving Averages

Trading is conducted below 30 and 50 medium moving, which indicates the preservation of the bearish market.

Bollinger Bands

Support will be provided by the lower border of the indicator Bollinger Bands in the area of 1.2909, the breakthrough of which will lead to a new sale of the pound. In the case of growth, the upper limit at 1.2970 will be an excellent level for opening short positions.

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Description of indicators

  • MA (moving average) 50 days - yellow
  • MA (moving average) 30 days - green
  • MACD: fast EMA 12, slow EMA 26, SMA 9
  • Bollinger Bands 20
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EUR/USD: plan for the European session on April 24. The euro remains under pressure before the reports from the IFO

To open long positions on EURUSD, you need:

The repeated test of the level of 1.1207 will lead to a breakdown and a further decline of the euro, so buyers should better look at long positions after updating the weekly minimum around 1.1185 or at a rebound from larger support of 1.1149. The main task of the bulls will be the return and consolidation above the resistance of 1.1227, which can only happen if there are good reports on Germany from the IFO Institute. In this scenario, we can expect an update of weekly highs around 1.1247 and 1.1262, where I recommend taking profits.

To open short positions on EURUSD, you need:

The bears need to return to the support level of 1.1207, which will increase the pressure on the euro and lead to another wave of decline with the update of the lows in the area of 1.1185 and 1.1149, where I recommend taking profits. In case of euro growth in the first half of the day, bad data for Germany will allow forming a false breakdown in the resistance area of 1.1227, which will also be a signal to sell EUR/USD. In a different scenario, it is best to open short positions on a rebound when returning to the highs of 1.1247 and 1.1262.

Indicator signals:

Moving Averages

Trading is conducted below 30 and 50 moving averages, which indicates the preservation of the bearish nature of the market.

Bollinger Bands

In the event of a decline in the euro, support will be provided by the lower bound of the Bollinger Bands indicator around 1.1207, the breakdown of which will lead to a strong sale of EUR/USD. The growth will be limited by the upper limit of the indicator at 1.1235.

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Description of indicators

  • MA (moving average) 50 days - yellow
  • MA (moving average) 30 days - green
  • MACD: fast EMA 12, slow EMA 26, SMA 9
  • Bollinger Bands 20
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EUR / USD: strength of corporate reports and fear of Friday data

The dollar index returned to the 97-point area yesterday and the indicator's growth was rapid, reflecting the situation on the foreign exchange market. Greenback showed character in almost all dollar pairs with the only exception to the USD/JPY pair. Even the pound could not resist the pressure of the American currency, although the British tried to gain a foothold in the 30th figure on Tuesday morning. However, the EUR/USD pair was able to approach the key support level of 1.1180 (the bottom line of the Bollinger Bands indicator on the daily chart) but the bears could not impulsively break through this target.

According to the general opinion of experts, the dollar spread its wings thanks to the favorable corporate report. For this week, more than 150 reports will be published but the dollar has already responded to the release of the largest companies. However, the prospects for further growth of the EUR/USD pair will depend on Friday's data on the growth of the American economy. For example, the cost of Twitter shares jumped immediately by 14%, amid rising company profits. The indicator of "monetized users" increased by more than 10% y/y up to 135 million people, with a growth forecast of 128 million. Other companies also showed growth. In particular, the revenue and profits of such a giant as Coca-Cola increased all indicators exceeded the expectations of experts after which the value of shares increased by 2.5%. The value of shares and UTC increased by almost 4 percent as the profit and revenue of the group in the first quarter of this year grew steadily and were better than expected. One of the largest US banks, JPMorgan Chase, also surprised the market with record profits and revenues. In the first quarter, profits rose immediately by 5% due to the consumer lending segment. Similar dynamics were demonstrated by other large American companies, in particular, the PNC Financial Services and Disney.

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This result really surprised traders because on the eve of the reporting period. Many experts expressed concern about this, which in their opinion, the profits of companies from the S&P 500 index could decline by almost two percent in annual terms. But the initial results exceeded expectations, the key indices including the S & P 500, the Dow Jones Industrial Average and the Nasdaq Composite showed a positive trend. Wall Street news also influenced the dynamics of the foreign exchange market, providing strong support to the dollar.

However, the US currency grew not only due to the stock market. After a long weekend, traders reacted quite vigorously to the first macroeconomic reports. Hence, on Monday and Tuesday, data on the volume of home sales in the primary and secondary markets were published. Moreover, if the "secondary housing market" failed, the indicator decreased by almost 5% after growth in February then the volume of sales of new buildings increased by 4.5%, exceeding the expectations of most experts. In terms of annual rates, this result is the maximum since November of the year before last.

The oil market also provides indirect support to the dollar. According to many analysts, the growth of quotations will have a positive impact on US inflation, thereby strengthening the position of the Fed hawks. Let me remind you that the day before yesterday, the US president said that Washington would not extend the "grace period" for those states that import Iranian oil. Therefore, despite the US sanctions, some countries of the world were "allowed" to buy black gold from Tehran. We are talking about eight countries: China, India, Japan, Greece, Italy, Turkey, South Korea, and Taiwan. Now (or rather, since May 2), Washington may impose sanctions against these countries if they continue to acquire Iranian oil. In turn, Tehran threatened to close the Strait of Hormuz, through which a significant amount of oil passes. The market reacted instantly and Brent jumped to $74.5.

Thus, the US currency enjoys the diverse support of various fundamental factors, which can not be said about the single currency. Hence, after three months of recovery attempts, the indicator of consumer confidence in the eurozone countries again showed negative dynamics, dropping to -7.9 points with a weak forecast to -7.0 p. In addition, traders are discussing the likelihood of lowering the credit rating of Italy by the agency S & P Global. At the moment, this rating is at the level of "BBB" with a negative outlook and S&P will worsen this rating a step lower this Friday, according to some experts.

Such a fundamental background creates a basis for further reducing the EUR/USD pair but a lot will depend on Friday's data on the growth of the American economy. If the US GDP in the first quarter goes below the forecast levels, especially the price index of GDP, then all the optimism of traders will be leveled. Here it is worth noting that the forecasts are rather weak, which in particular, the price index of GDP should drop significantly from 1.7% to 1.3%. This fact may have a strong pressure on the dollar even if the other indicators will be at the forecast level.

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In technical perspective, the situation for the EUR/USD pair has not changed as the bears still need to push the support level of 1.1180 (the bottom line of the Bollinger Bands indicator on D1) and the bulls have to return above 1.1270 (the lower boundary of the Kumo cloud same timeframe). On Friday data, we can determine the motion vector of the pair, either the price will go towards the 10th figure or return to the range of 12-13 figures.

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