Oil was held at $20

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Good afternoon, dear traders!

Yesterday, I made a recommendation to pay attention to the May oil futures at a quote of $ 20 per barrel on evening news about US oil reserves.

The stocks came out huge:

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All things being equal, on such news, the oil should lose several dollars of its value at once. But, apparently, there are forces that were able to restrain sellers and protect the round level of $ 20:

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It also became known about the bankruptcy of the first oil shale company in the United States.

Tomorrow, Trump is scheduled to have a meeting in the White House with the leaders of the country major energy companies. Trump is furious and will obviously take measures, laying on this, oil quotes have grown by $ 1.5.

At the same time, May natural gas futures also updated at least Wednesday night:

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I believe that the growth potential for gas during the current contract is very good at up to $2. And recently, there has been a clear correlation between oil and gas prices. I recommend buying gas from current prices and even lower, every 10 cents to $1 with profit-taking of $2.

Success in trading and control the risks!

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Hot forecast for EUR/USD on 04/02/2020 and trading recommendation

Suddenly and unexpectedly, the market mood dramatically changed, and instead of weakening the dollar, we saw a banal standstill. Of course, this is partly due to the rather strange content of the ADP employment report, which does not beat the growth in the number of applications for unemployment benefits too much. But do not write off the continuing panic about the coronavirus. As yesterday it became known that the number of confirmed cases of infection in Spain has exceeded 100,000. Spain epidemics came in third place, ahead of China. Although in Europe, there are suggestions that the peak of the epidemic has passed and is about to begin to decline.

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At the same time, to be honest, the single European currency had every reason to grow, at least during the first half of the trading day. Contrary to all forecasts, the unemployment rate in Europe fell from 7.4% to 7.3%. However, this is data for February, and not yet clear as to what happened in March. Nevertheless, there is hope that the decline in the unemployment rate in February will ensure that its growth will not be so terrible in March. After all, Europe is known for its social policy, and perhaps the eurozone countries will be able to smooth things over. However, the final data on the index of business activity in the manufacturing sector was slightly worse than the preliminary estimate, which showed a decrease from 49.2 to 44.8. This same index fell to 44.5. But this did not impress anyone at all, since the decline is still quite significant.

Unemployment rate (Europe):

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But the US data really confused the market. After seeing more than three million initial applications for unemployment benefits last week, everyone was waiting with a clear conscience for an unprecedented drop in employment from ADP. It was predicted that it should decrease by 170,000, but it turned out that it decreased by only 27,000, and this is a little strange. This can only happen because the coronavirus epidemic hit the United States around the middle of March. But before that, employment was expected to grow at an all-time high. This picture does not look so plausible. So the results raise a lot of questions. Nevertheless, this was enough to make market participants forget about selling the dollar in confusion.

Employment change from ADP (United States):

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The first thing you should pay attention to today is producer prices in Europe, the decline rate of which should accelerate from -0.5% to -0.7%. And of course, in Europe they can talk a lot about the peak of the spread of the coronavirus epidemic, but economic problems do not go far from this. A further decline in producer prices will clearly put pressure on inflation. So the European Central Bank has every reason to be worried.

Producer Prices (Europe):

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But data on producer prices in Europe today will act as a kind of warm-up, as investors are much more concerned about applications for unemployment benefits in the United States. But they can throw everyone into shock. Not only can the number of initial applications for unemployment benefits reach 3,180 thousand, but the number of repeat applications should jump to 4,920 thousand, meaning that for the second week in a row, the number of initial applications will be near the record high set just last week. And it is clear that such an increase in unemployment should affect the duration of unemployment. The labor market can't digest so many people so quickly. However, in terms of repeated applications, the situation is still far from a disaster, since in 2009 their number sometimes approached the level of seven million. However, there were no such number of initial applications, and it is difficult to say how events will develop further. You can only be sure that nothing good is worth waiting for.

Number of repeated applications for unemployment benefits (United States):

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From the point of view of technical analysis, we see that during the corrective movement from last week's peak of 1.1150, the quote managed to fall to the area of 1.0900, where a variable support was found. In fact, activity is still at high levels, where daily volatility consistently exceeds the 100-point mark.

In terms of general analysis of the trading chart, we see successive inertial fluctuations that are in the structure of a global downward trend.

We can assume a temporary fluctuation within the values of 1.0930/1.0970, where a local acceleration may occur, on the basis of which it will be possible to enter the market. Working within a range doesn't make much sense.

Concretizing all of the above into trading signals:

- We consider long positions if the price is consolidated higher than 1.0970 with the prospect of a move to 1.1030-1.1065.

- We consider short positions if the price is consolidated below 1.0930 with a move towards the 1.0900 level. The main positions will occur after the price is consolidated below 1.0885.

From the point of view of complex indicator analysis, we see that due to the existing correction course, the indicators of technical instruments on the daily periods have changed their interest to neutral. At the same time, hourly segments indicate selling.

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Technical Analysis of ETH/USD for 02/04/2020:

Crypto Industry News:

The digital payments giant PayPal has published a new job offer in which the company is seeking to hire a director of anti-money laundering strategy (AML) and Blockchain in its branch Global Financial Crimes (GFC).

According to the company, the new director - operating from New York - will be responsible for assessing the use of Blockchain to prevent financial crimes such as money laundering and terrorist financing, overseeing the entire AML process.

The post also specifies that an ideal profile must focus on the company's capabilities related to Blockchain in terms of strengthening the company's risk department.

PayPal explained that this role is to regularly review AML-related reports to identify and oversee key trends within the Blockchain portfolio by implementing it according to the company's needs.

PayPal requires that the person previously occupy a position in a finance company using Blockchain technology with a thorough understanding of the risks associated with cryptocurrencies, along with experience in AML compliance or law enforcement.

This is not the first time the digital payments giant has expressed interest in the Blockchain and cryptocurrency environment. On November 19, 2019, reports appeared that PayPal had conducted a $ 4.2 million funding round for TRM Labs, which is a cryptocurrency management platform.

Technical Market Outlook:

The ETH/USD pair has made a new local high after a pull-back towards the level of $128.27. This level will now act as a support for the price, so it is worth to notice, if you are looking for an intraday support. Ethereum is trying to continue rally after the breakout with a target located at the level of $147.22. In a case of a failure, the lower levels will be tested: $118.53 and $114.98. Please notice, there is almost non increase in momentum as the price moves up.

Weekly Pivot Points:

WR3 - $161.35

WR2 - $151.83

WR1 - $136.71

Weekly Pivot - $127.64

WS1 - $112.54

WS2 - $102.86

WS3 - $88.46

Trading Recommendations:

The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $214.67 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.

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Markets, as well as the dollar, will wobble amid uncertainty (a local decline in the USD/CAD pair and an increase in the

The events of the last two weeks clearly show that investors are not ready to fully enter the market for cheaper shares of companies against the background of coronavirus. This dynamic is also fully confirmed by the behavior of the US dollar.

Last week, a generally positive attitude of investors towards buying stocks of companies was noted in the markets. On this wave, government bonds of economically strong countries were sold, the demand for safe-haven currencies such as the yen and the Swiss franc, decreased, and the dollar declined significantly against major currencies. The reason for this was the announcement by the Fed, the US Treasury, and other major global Central Banks of the broadest incentive measures. But this week, the mood turned 180 degrees, already against the background of the first economic statistics coming out over the last coronavirus time. They turned out to be extremely negative for Europe and America, although on the contrary, the figures from China were optimistic.

Why does the market react like that? This is due to the fact that there are reasonable expectations that until demand in Europe and North America is restored, and these are the main consumers of Chinese products, active production in the PRC will stall because there is no one to buy its products. Therefore, the markets stopped responding last week, and the dollar weakened.

In our opinion, this situation will continue until the situation with coronavirus infection in these regions stabilizes. In the meantime, investors will exercise extreme caution. We believe that stocks of companies will be bought at local falls, but volumes will remain low. The dollar will also move in pairs with the main currencies in the "sideways", nervously breaking out up and down.

Now, all the attention of market players will be turned to the publication of data on employment in America on Friday, and today to updated values on applications for unemployment benefits. In this regard, applications are expected to increase by 3.5 million from the previous value of 3.283 million.

So far, stock index futures have shown positive dynamics before the opening of trading in Europe. We believe that it is a kind of strip-wagon. A fall and then growth will continue. On this wave of market behavior, it can be assumed that the American currency may come under pressure against major currencies.

Forecast of the day:

The EUR/USD pair is trading below the level of 1.0970. The positive mood on the trading floors with the opening of Europe may be the reason for the limited growth of the pair. Its increase above the level of 1.0970 will lead to an increase in the price to 1.1035.

The USD/CAD pair is gradually falling amid strong growth in oil prices, which are adding more than 10%. The preservation of such dynamics in the wake of the positive opening of Europe may lead to continued decline in the pair, first to the level of 1.4000, and then to the level of 1.3920.

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Fractal analysis of the main currency pairs for April 2

Forecast for April 2:

Analytical review of currency pairs on the scale of H1:

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For the euro / dollar pair, the key levels on the H1 scale are: 1.1142, 1.1036, 1.0980, 1.0903, 1.0843, 1.0761 and 1.0704. Here, we are following the formation of the descending structure of March 27. The continuation of movement to the bottom is expected after the breakdown of the level of 1.0903. In this case, the target is 1.0843. Price consolidation is near this level. The breakdown of the level of 1.0840 should be accompanied by a pronounced downward movement. Here, the target is 1.0761. For the potential value for the bottom, we consider the level of 1.0704. Upon reaching which, we expect consolidation, as well as a rollback to the top.

Short-term upward movement is possibly in the range of 1.0980 - 1.1036. The breakdown of the latter value will lead to the formation of initial conditions for the upward cycle. In this case, the potential target is 1.1142.

The main trend is the formation of the downward structure of March 27

Trading recommendations:

Buy: 1.0980 Take profit: 1.1034

Buy: 1.1038 Take profit: 1.1120

Sell: 1.0903 Take profit: 1.0845

Sell: 1.0840 Take profit: 1.0845

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For the pound / dollar pair, the key levels on the H1 scale are: 1.2879, 1.2654, 1.2550, 1.2315, 1.2216 and 1.2099. Here, we are following the development of the upward cycle of March 19. Short-term upward movement is expected in the range of 1.2550 - 1.2654. The breakdown of the latter value will lead to a pronounced movement. Here, the potential target is 1.2550. Upon reaching which, we expect consolidation, as well as a pullback to the bottom.

Short-term downward movement is expected in the range of 1.2315 - 1.2216. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.2099. This level is a key support for the top.

The main trend is the upward cycle of March 19

Trading recommendations:

Buy: 1.2550 Take profit: 1.2652

Buy: 1.2655 Take profit: 1.2876

Sell: 1.2315 Take profit: 1.2218

Sell: 1.2214 Take profit: 1.2100

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For the dollar / franc pair, the key levels on the H1 scale are: 0.9851, 0.9806, 0.9741, 0.9696, 0.9636, 0.9608, 0.9567 and 0.9499. Here, we are following the ascending structure of March 30. We expect short-term upward movement in the range of 0.9696 - 0.9741. The breakdown of the last value should be accompanied by a pronounced movement to the top. Here, the target is 0.9806. For the potential value for the top, we consider the level of 0.9851. Upon reaching this level, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range of 0.9636 - 0.9608. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 0.9567. This level is a key support for the top. Its passage at the price will lead to the formation of initial conditions for the downward cycle. In this case, the goal is 0.9499.

The main trend is the upward structure of March 30

Trading recommendations:

Buy : 0.9696 Take profit: 0.9740

Buy : 0.9744 Take profit: 0.9806

Sell: 0.9636 Take profit: 0.9608

Sell: 0.9605 Take profit: 0.9568

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For the dollar / yen pair, the key levels on the scale are : 109.58, 108.72, 108.17, 107.27, 106.56, 106.10 and 105.15. Here, we are following the development of the downward structure of March 25. At the moment, the price is in correction. The continuation of movement to the bottom is expected after the breakdown of the level of 107.27. In this case, the target is 106.56. Price consolidation is in the range of 106.56 - 106.10. For the potential value for the bottom, we consider the level of 105.15. Upon reaching this level, we expect a rollback to the top.

Consolidated movement is possibly in the range of 108.17 - 108.72. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 109.58. This level is a key support for the downward structure.

Main trend: the downward trend of March 25

Trading recommendations:

Buy: 108.17 Take profit: 108.70

Buy : 108.74 Take profit: 109.56

Sell: 107.25 Take profit: 106.56

Sell: 106.10 Take profit: 105.15

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For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.4344, 1.4215, 1.4119, 1.3956, 1.3747, 1.3615 and 1.3425. Here, we are following the development of the downward cycle of March 19. At the moment, the price is in correction. The continuation of the movement to the bottom is expected after the breakdown of the level of 1.3956. In this case, we expect a pronounced movement. Here, the target is 1.3747. Short-term downward movement, as well as consolidation is in the range of 1.3747 - 1.3615. For the potential value for the bottom, we consider the level of 1.3425. Upon reaching this level, we expect a pullback to the top.

Consolidated movement is possibly in the range of 1.4119 - 1.4215. The breakdown of the last value will lead to an in-depth correction. Here, the potential target is 1.4344. This level is a key support for the downward structure.

The main trend is the descending structure of March 19.

Trading recommendations:

Buy: 1.4120 Take profit: 1.4215

Buy : 1.4217 Take profit: 1.4344

Sell: 1.3954 Take profit: 1.3750

Sell: 1.3745 Take profit: 1.3620

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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. 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, 119.67, 118.74, 117.95, 117.12, 116.48, 115.23 and 114.05. Here, we are following the development of the descending structure of March 25. The continuation of the movement to the bottom is expected after the price passes the noise range 117.12 - 116.48. In this case, the target is 115.23. Price consolidation is near this level. For the potential value for the bottom, we consider the level of 114.05. Upon reaching which, we expect a pullback to the top.

Short-term upward movement is possibly in the range of 117.95 - 118.74. The breakdown of the last value will lead to an in-depth correction. Here, the target is 119.67. This level is a key support for the downward structure.

The main trend is the descending structure of March 25

Trading recommendations:

Buy: 117.95 Take profit: 118.72

Buy: 118.76 Take profit: 119.65

Sell: 116.45 Take profit: 115.25

Sell: 115.20 Take profit: 114.05

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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 value should be accompanied by a pronounced upward movement. Here, the target is 136.99. 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

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Continuation Pattern On GBP/USD

The GBP bulls are still in control and could drive the pair higher on the short term. GBP/USD is trading at 1.2420 level, the outlook is bullish after the breakout above a resistance area. The pair has developed a continuation pattern, a valid breakout from it will validate a further increase and it will give us a chance to go long.

The Pound continues to grow versus the US dollar only because the USD is weaker these days and not because UK currency is strong, the dollar drops as the USDX drops again. The US economy is harmed by the COVID-19 effects, the poor data have punished the greenback, even if the dollar remains a safe-haven currency.

  • GBP/USD Triangle Breakout!

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GBP/USD is still trapped within the minor chart pattern, it has moved sideways on the short term after the breakout above the median line (ML) and above the 50% retracement level. I've said in my previous analysis that a valid breakout above the median line (ML) will confirm a further increase.

The price seems determined to resume the upside movement after the current consolidation, the next upside target will be at the 61.8% retracement level. However, a valid breakout from the minor triangle will send the rate way above the 61.8% obstacle.

  • TRADING TIPS

A valid breakout from the minor pattern will signal a further increase, we can go long again if GBP/USD makes another higher high. If it jumps and closes above the 1.2485 level, an important target is seen at the weekly R1 (1.2804) level, while the Stop Loss could be placed below the median line (ML) and below the 50% retracement level.

However, a valid breakout above the 61.8% level and another higher high could signal an increase even towards the R2 (1.3164) and towards the upper median line (UML) because we'll have a potential reversal.

A further increase will be invalidated if the price makes a downside breakout and if it drops and stabilizes below the median line (ML) and below the 50% level, this scenario could give us a selling opportunity.

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Elliott wave analysis of EUR/GBP for April 2, 2020

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The corrective decline in wave iv is more persistent, that we expected and is headed for the 61.8% corrective target of wave iii at 0.8747. This wave iv correction is allowed to move to just above 0.8592 but it can't break below here or else we have an overlap between wave i and iv, which isn't allowed under the Elliott Wave Principle. So the corrective decline, as we continue to favor this decline being, still has room to the downside, but for every step lower it becomes more and more limited.

Only a break above minor resistance at 0.8867 will indicate a possible completion of wave iv, while a break above resistance at 0.8911 confirms its completion and the onset of wave v towards 0.9742.

R3: 0.8953

R2: 0.8910

R1: 0.8867

Pivot: 0.8851

S1: 0.8806

S2: 0.8747

S3: 0.8682

Trading recommendation:

Our stop at 0.8800 was hit for a 100 pip loss. We will re-buy EUR at 0.8760 or upon a break above 0.8867

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Elliott wave analysis of GBP/JPY for April 2, 2020

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Resistance at 134.72 has held up nicely and seems to be able to protect the upside for renewed downside pressure through minor support at 132.72 and more importantly below support at 132.10 confirming wave v is developing for the final decline to below 123.99.

That said, as long as a clear break below 132.72 hasn't been seen, we can't exclude a final push to just above 134.72 to complete the corrective rally in wave iv and set the stage for wave v lower. So for now it's a wait and see game between the bulls and the bears

R3: 135.50

R2: 135.05

R1: 134.72

Pivot: 134.40

S1: 133.45

S2: 132.72

S3: 132.10

Trading recommendation:

We sold GBP at 134.45 with our stop placed at 135.45

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There is a Bearish Pennant spotted on USD/CHF For April 02, 2020

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If we look at the 4-hour chart of USD/CHF, we have spotted the Bearish Pennant Pattern. We see that the last RH (Ross Hook) is a SELL Side Liquidity Pool at 0.9501 will be the first target for this currency pair. This target is likely to be hit when USD/CHF breaks out and closes above 0.9718.

The overall bias of USD/CHF is bearish.

(Disclaimer)

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Bitcoin Analysis For April 02, 2020

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On the 4-hour chart, Bitcoin has halted its upward movement at $6,741.45. It has started moving sideways. This is caused by the risk aversion sentiment as investors want to find a less risky asset rather the high risk asset like cryptocurrencies, including Bitcoin. That's why investors are poised to sell Bitcoin. Now this most popular cryptocurrency is aiming to reach the level of $5,605.90. As long as Bitcoin does not rebound higher than $6,908.25, this level is likely to be hit.

The overall bias of Bitcoin is bearish.

(Disclaimer)

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

Indicator analysis. Daily review of GBP/USD on April 2, 2020

The pair continued to move down on Wednesday, once again testing the pullback level of 14.6% - 1.2336 (blue dotted line) and after that, the price went up. Today, the upward movement will continue. Strong calendar news for the pound is expected at 08:30 UTC, and for the dollar at 12:30 UTC.

Trend analysis (Fig. 1).

Today, from the level of 1.2375 (closing of yesterday's candle) the pair may begin to move up with the first target at 1.2518, a retracement level of 61.8% (red dashed line), upon reaching this level, the continuation of the upper work is with the goal of 1.2779, a retracement level of 76.4% (red dashed line).

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Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - up.

General conclusion:

Today, it is possible to continue to work up with the first target of 1.2518, a retracement level of 61.8% (red dashed line).

Unlikely scenario: from the upper fractal 1.2485 (blue dashed line), work down with the target of 1.2336, a pullback level of 14.6% (blue dashed line).

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COVID-19: number of cases is close to a million

The coronavirus continues to spread around the world: the number of infected people are growing, and so is the number of deaths. At the moment, the virus has not been detected in Antarctica, although a strict quarantine regime has been introduced at polar stations. At the same time, the market has ceased to react sharply to daily reports from the front of the fight against the pandemic. For almost three weeks, global markets have been in a zone of severe turbulence amid the aggressive spread of Covid-19. The situation really developed (and is developing) at a kaleidoscopic speed: it took 67 days to infect 100,000 people, 11 days for 200,000, four days for 300,000, only 2.5 days for 400,000, and less than one day for half a million. To date, this figure is actively approaching a million: at the time of writing, the number of cases of coronavirus is 937,567 people.

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Despite this dynamic, the currency market shows relative stability. At least the updated data no longer shocks traders and does not provoke strong volatility. The market's focus has shifted to other fundamental factors, which, however, are also related to the pandemic. We are talking about the reaction of the world's leading countries, as well as the G20. For example, at the end of March, it became known that the G20 countries will take collective measures to support the world economy – they will invest five trillion dollars in the fight against coronavirus. This news had a positive impact on the mood of traders, and the foreign exchange market increased risk appetite, despite the active spread of Covid-19. Local measures have a local impact on individual currency pairs. In particular, the allocation of $2 trillion to support the US economy provided support to dollar bulls. While the EU countries have not yet been able to come to a similar decision, as a result of which the European currency has fallen in price throughout the market.

In other words, no matter how cynical it sounds, the market is used to the sad statistics that indicate an increase in Covid-19 cases and deaths from this virus. At the same time, traders usually react sharply to any statistical spikes that are out of the general canvas of reports. For example, today the world has recorded a sharp increase in mortality from Covid-19. In particular, in the United States, more than 912 people died from coronavirus during the day. The highest death rate in New York city (1,139 people). The second largest number of deaths is the state of the same name (579 cases). This is the largest daily number of victims of the pandemic in the world. According to the estimates of the administration of Donald Trump, in the worst case scenario, the total number of deaths may exceed 2,200,000. According to the White House, the quarantine will reduce the death rate to 100-240,000 Americans. At the moment, almost 190 thousand people are sick in the country (although the first thousand infected in the United States were reported only five days ago), the victims of the pandemic were 3,900 Americans.

Naturally, no one speaks of any ease of restrictive measures, although at the end of March, Trump announced that "the medicine can be worse than the disease," referring to the negative impact of quarantine on the country's economy. He then promised to restore business activity in the country by Easter on April 12, but then he nevertheless announced the extension of anti-epidemic measures until the end of the month. A sharp increase in fatalities from Covid-19 is recorded in Britain. Over the past day 563 people died from the disease in the country. During the pandemic, almost 30,000 people fell ill on the islands, 2,352 of them died. In France, 509 people have died from coronavirus in the last few days. Moreover, the number of patients in intensive care exceeded 6,000. The situation in Italy and Germany remains grave.

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Thus, already in the next few hours, the overall Covid-19 case rate can exceed the millionth mark. This fact may have a certain impact on the dynamics of defensive assets. And if the US currency, in anticipation of Nonfarms, now demonstrates uncertainty (the dollar index fluctuates in the flat for the second day), then the yen may well "pick up the banner" and act as the main defensive tool.

The USD/JPY pair sharply fell after the general greenback weakened - the price collapsed in just two days by 400 points. But then it got stuck at the boundary of 106-107 figures. Nevertheless, the bears demonstrate a certain perseverance: the price has overcome the support level of 107.50 (the middle line of the Bollinger Bands indicator on the daily chart) while the next support level is located at 106.40 (the Kijun-sen line on the same timeframe) is the goal of the downward movement in the medium term. Strengthening anti-risk sentiment will allow the bears to test this price target by the end of this week, especially if Nonfarms disappoint dollar bulls.

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Indicator analysis. Daily review of EUR/USD on April 2, 2020

The pair continued to move downward on Wednesday, almost testing a pullback level of 50.0% - 1.0893 (blue dashed line). Non-revenue gained to only 11 points. After that, the price went up. Today, the downward movement may continue. Strong calendar news for the dollar is expected at 12:30 UTC.

Trend analysis (Fig. 1).

Today, the pair needs to break through the strong lower fractal 1.0904 to continue moving down, and we work depending on this level. When breaking down, the downward work with the first target of 1.0832 is a retracement level of 61.8% (blue dashed line). At the rebound from the level of 1.0904 (lower fractal), upper work with the first goal of 1.1067, the retracement level of 50.0% (red dashed line).

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Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - up;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - up.

General conclusion:

Today, the price will try to continue moving down with the first target at 1.0832, a retracement level of 61.8% (blue dashed line).

An unlikely scenario: from the lower fractal 1.0904 work up, with the target of 1.1067, a pullback level of 50.0% (red dashed line).

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EUR/USD: plan for the European session on April 2. Euro continues to move down on weak reports. Bears aim for 1.0880

To open long positions on EURUSD, you need:

Yesterday, bulls managed to prevent the euro from sharply falling below 1.1139, however, the bears formed a new resistance at 1.0955 today, at the Asian session. Good reports on the state of the US manufacturing sector amid the COVID-19 pandemic crisis maintained demand for the US dollar yesterday afternoon. Buyers of the euro currently need to break through and consolidate above the resistance of 1.0955, just above which the moving averages pass. If they manage to do this after the release of data on eurozone producer prices, which may fall much more than expected, the demand for EUR/USD will grow, which will lead to an update of the upper boundary of the descending channel, as well as a resistance test of 1.1033, where I recommend taking profits. However, a more rational option would be to buy on the euro's fall in the area of a large support of 1.0880, provided that a false breakout is formed there. Given that the slowdown in producer prices will be another bad signal for the European Central Bank, it is best to open long positions to rebound from the low of 1.0790.

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To open short positions on EURUSD you need:

Bears tried to break below the resistance of 1.0932 yesterday, which is clearly visible on the 5-minute chart, but this did not lead to a more powerful sell-off of the euro. Today, sellers will actively defend the resistance of 1.0955, which was formed in the Asian session after the euro's slight upward correction until the US session ended on Wednesday. The formation of a false breakout there will be another signal to sell EUR/USD in the hope of further pulling down the pair to the lower boundary of the descending channel and updating the weekly lows with a support test of 1.0880, where I recommend taking profits. Sellers should not be upset in case the pair grows above the resistance of 1.0955. You can safely watch short positions from the upper boundary of the descending channel, or sell for a rebound slightly higher, from the resistance of 1.1033.

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Signals of indicators:

Moving averages

Trade is conducted below 30 and 50 moving averages, which indicates a further decline in the euro in the short term.

Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differs from the general definition of the classic daily moving averages on the daily chart D1.

Bollinger bands

A break of the lower boundary of the indicator will lead the euro to a low of 1.0880. Growth above the upper boundary of the indicator will hit stop orders and lead to a more powerful upward correction.

Description of indicators

  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
  • MACD indicator (Moving Average Convergence / Divergence - moving average convergence / divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
  • Bollinger Bands (Bollinger Bands). Period 20
The material has been provided by InstaForex Company - www.instaforex.com

GBP/USD: plan for the European session on April 2. Pound continues to stagnate in one place. Bulls waiting for a breakout

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

Nothing has changed from a technical point of view. The bulls managed to protect the 1.2315 support yesterday, which keeps the market on their side. Now trading is conducted in the middle of the channel, and I do not recommend taking any actions from there. While the pair is above the 1.2315 area, we can expect continued growth of GBP/USD in the resistance area of 1.2487, the breakout of which will provide a direct path to the highs of 1.2605 and 1.2686, where I recommend taking profits. In the scenario of a correction of the pound to the level of 1.2315, you do not need to rush to open long positions. It is best to wait for the support test of 1.2150, or buy immediately for a rebound from the low of 1.1985. Given that the release of important fundamental statistics on the UK economy is not planned for today, most likely in the first half of the day, trading will take place in a side channel.

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

Sellers of the pound have already approached the support of 1.2315 four times, but they have not managed to break below this range. Bears need to try to return the market under their control, and to do this, it is necessary to consolidate below the 1.2315 level, which will lead to a larger sell-off of GBP/USD to the area of the lows of 1.2150 and 1.1985, where I recommend taking profits. The 1.1985 support test will also indicate the resumption of the bear market. In case bulls attempt to regain the upward trend, the formation of a false breakout in the resistance area of 1.2487 will be the first signal to open short positions. Otherwise, it is best to sell the pound on a rebound from the highs of 1.2605 and 1.2686.

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Signals of indicators:

Moving averages

Trade is conducted in the region of 30 and 50 moving average, which indicates the lateral nature of the market.

Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differs from the general definition of the classic daily moving averages on the daily chart D1.

Bollinger bands

Volatility has decreased, which does not provide signals for entering the market based on the indicator.

Description of indicators

  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
  • MACD indicator (Moving Average Convergence / Divergence - moving average convergence / divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
  • Bollinger Bands (Bollinger Bands). Period 20
The material has been provided by InstaForex Company - www.instaforex.com

Forecast for EUR/USD on April 2, 2020

EUR/USD

Recent and weak risk appetites continue to decline in the markets; the S&P 500 lost 4.41% yesterday, the FTSE100 -3.83%, the EuroStoxx50 -3.83%, and the Nikkei 225 is losing around 0.90% this morning. Government bond yields of a number of the G7 countries grow (they are sold, their value falls and the yield increases proportionally, and this is Germany ), but the US yields (and the UK) are falling, they are actively being bought. By this morning, the yield on 5-year US bonds had fallen from 0.726% on Monday to 0.582%. The US national debt as of March 31 was 23.654. 178 trillion. It increased by $284 billion over the month and $127 billion over the week. Dollar liquidity is returning to the US. In the near future, especially after the quarantine is lifted, it will not be enough, which will further increase the demand for the US currency. Against the background of uncertainty with the pandemic and fears, even gold is not growing, the decline from Monday was 2.53%, which indirectly adds to the picture of dollar dominance. At the same time, we note that the risk leaves the markets even with relatively good data on the US – only 27,000 jobs were lost in the US private sector in March, against the forecast of -150 thousand, which in turn can have a positive impact on tomorrow's Nonfarms data, which is forecast in the area of -100,000.

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On the daily scale chart, the euro overcame the support of the embedded price channel line and the 38.2% Fibonacci level. The Marlin oscillator moved into the downward zone. The euro is aiming for the price channel line around 1.0625.

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On the four-hour chart, the MACD line (1.0855) acts as an intermediate target. Consolidating it will provide the euro bears with new strength.

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Overview of the GBP/USD pair. April 2. The pound is calm. The British want to extend the "transition period"

4-hour timeframe

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Technical details:

Higher linear regression channel: direction - downward.

Lower linear regression channel: direction - downward.

Moving average (20; smoothed) - upward.

CCI: 91.3539

The GBP/USD currency pair starts the fourth trading day of the week with a rather weak (for current realities) movement along with the Murray level of "3/8"-1.2451. Over the past few days, the pound/dollar pair has worked out this level several times, but never managed to gain a foothold above it or, on the contrary, push off from it and start a downward correction. Thus, we believe that traders have come to a certain "point of equilibrium" - the balance of supply and demand. In order for the pair to continue the upward trend or complete it, you need serious fundamental reasons or the entry of major players into the currency market with large transactions. During the past day, macroeconomic statistics from overseas could support the US dollar (as was the case with the euro currency), however, quite unexpectedly, the correlation through the US dollar was broken in the last two days. Before that, the EUR/USD and GBP/USD pairs moved almost identically with adjustments for volatility.

In principle, there is no news from the UK at the moment. Except for new reports of those infected with the "coronavirus" and those who died from it. Also, like the States, the UK is beginning to prepare for the peak of the epidemic, which, according to British scientists, could also take place in two weeks. The main focus of infection in the Foggy Albion remains in London. In London, field hospitals are being developed, and shopping and exhibition centers are also taking on the role of temporary hospitals. According to the latest information, the number of infected people in the UK is already about 30,000, while the authorities and representatives of the health sector claim that there are actually more infected Britons. The health care system can conduct about 10-15 thousand tests for "coronavirus" per day. It is clear that these capacities are not enough to establish the real scale of the epidemic as soon as possible.

Meanwhile, the topic of Brexit, which has been bothering the residents of the UK for the past three years and was the source of all the problems for the British pound, has clearly taken a back seat. According to residents of Britain, Brexit should have had a negative impact on the British economy, as well as on the welfare of the country's residents themselves. Now, when the effect of Brexit will be multiplied by the consequences of the "coronavirus", according to many, it will become very bad. Unfortunately, minus on minus gives a plus in mathematics. In real life, two multiplied negative events will have a stronger negative effect than one by one. According to the latest social polls, almost 64% of Britons support extending the "transition period" to allow the British government to focus on fighting the epidemic. 36% of respondents are in favor of leaving the alliance according to the plan, that is, on December 31, 2020. At the same time, among the supporters of the first option were both supporters of the Labor Party and the Conservative one. Meanwhile, the UK, which, according to Boris Johnson, wants to achieve full independence from the European Union, is already beginning to feel the possible consequences of parting with the bloc. This is the EU's early warning and response system. For example, Health Minister Matt Hancock insists that London should retain membership in the organization. The EWRS system allows you to exchange information and assess the risk of diseases, which in the current environment is a very important factor in the fight against the epidemic. British doctors believe that if London withdraws from this program, it will put the health of many British citizens at risk. Opposition political forces believe that Boris Johnson is obliged to ask for an extension of the "transition period".

Thus, the case remains for the self-isolated Boris Johnson. It is not known how official London is going to hold talks with Brussels against the background of the raging epidemic. Common sense really says that the negotiations should be postponed, and now solve much more important problems for humanity. However, will it change the principled position of the Prime Minister of Great Britain?

From a technical point of view, the GBP/USD pair is currently flat. Despite the fact that volatility has decreased in the last few days, it still remains high. Thus, the current movement is not too similar to the "classic" flat. For further upward movement, traders should now wait for the overcoming of the Murray level of "3/8"-1.2451. To date, there are no major publications planned in the UK. But traders, in any case, continue to ignore statistics, so we recommend paying closer attention to technical factors.

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The average volatility of the GBP/USD pair in the last four days has significantly decreased to yesterday's 109 points, which is good news. At the moment, the average value for the last five days is 249 points. However, the activity of traders on the pound/dollar pair still remains quite high, which should be taken into account. On Thursday, April 2, we expect movement within the channel, limited by the levels of 1.2157 and 1.2655. Although now there is a frank flat with much narrower borders.

Nearest support levels:

S1 - 1.2207

S2 - 1.1963

S3 - 1.1719

Nearest resistance levels:

R1 - 1.2451

R2 - 1.2695

R3 - 1.2939

Trading recommendations:

The GBP/USD pair on the 4-hour timeframe retains the prospects of an upward movement. Thus, long positions on the pound with a target volatility level of 1.2655 remain relevant now. It is recommended to open new buy positions if the bulls overcome the level of 1.2451, which now stops further movement to the north. It is recommended to sell the British currency with the goal of 1.1963, if the bears manage to overcome the moving average.

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

Overview of the EUR/USD pair. April 2. Donald Trump is expecting "two difficult and painful weeks" for the United States.

4-hour timeframe

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Technical details:

Higher linear regression channel: direction - downward.

Lower linear regression channel: direction - downward.

Moving average (20; smoothed) - sideways.

CCI: -120.7428

The fourth trading day of the week begins with the continuation of the downward movement, which was initially identified as a correction. However, at the moment, the quotes of the EUR/USD pair are fixed below the moving average line, so the trend is changed to a downward one. The same can be said for the Ichimoku indicator system, where the price overcame the Kijun-sen line. Thus, now the movement can continue with the goal of the Murray level of "1/8"-1.0864 or lower. However, we already warned in yesterday's article that the current downward movement may be nothing more than a "correction against a correction". Thus, according to all the canons of the size of the corrective movement, it can end in the area of 1.0833-1.0893. If this hypothesis is correct, then the downward movement will not continue for long. Moreover, the movement to the south means the growth of the US currency. Yesterday, macroeconomic statistics supported the dollar. However, in addition to statistics, there is now a much more important "epidemic factor" in the world. And, according to the latest information, the United States is preparing for a very serious two weeks of fighting the "coronavirus". This, in fact, was stated by Donald Trump himself. "We are waiting for a very difficult two weeks, and then, I hope, as experts predict, we will see the light at the end of the tunnel, but it will be two very painful weeks," the American President said at a briefing at the White House. According to the latest data, about 190,000 people in the United States were infected, and according to scientists, the peak of the epidemic should not be expected earlier than two weeks. Thus, according to the most conservative estimates, given the current rate of increase in the spread of the epidemic, in two weeks there will be at least a million infected in America. However, as data from various medical studies and simulations of the possible situation show, in reality, everything can be much worse. CNN, for example, reports that the number of victims of the epidemic may be up to 2.2 million people, based on data received from all States. In the most optimistic scenario, this is 100-240 thousand people. The optimistic scenario, however, implies that the quarantine measures will be extended as long as necessary, and will be exactly observed by the Americans. "It is absolutely important for the American people to follow the instructions over the next 30 days. This is a matter of life and death," Donald Trump said. Over the past day in the United States, more than 800 people died from the COVID-2019 virus. At the same time, when Trump was making urgent messages for Americans, health officials continue to criticize the American President. In particular, doctors accuse Trump that he intentionally or not intentionally misled part of the US population, reassuring them with statements like the "coronavirus" is not a serious threat to the country and the virus will not survive the warm season of the year. For several months, which could have been spent on serious preparations for the epidemic, nothing was done, according to doctors. "It was clear to everyone that the situation was not under control, as Trump assured," health officials say. Experts from the Harvard Institute of Health do believe that tens of thousands of Americans will now die, although these deaths could have been prevented. Donald Trump himself seems to have realized that his country is not dealing with avian flu right now, so they are abruptly beginning to change their own rhetoric about the disease. According to the "new version", the US President knew very well that the epidemic is extremely contagious and can affect quite a large number of people. "I knew everything. I knew it could be terrible, but I knew it could be all right. And I don't want to be a pessimist in this situation," Trump said. However, according to the President, in the current situation, he did not want to deprive people of hope and optimism. Thus, now the US leader believes that the virus is extremely dangerous, after Easter, there is no question of any resumption of the economy, and all forces will be directed specifically to the fight against the "coronavirus". Many other politicians, unlike Trump, remain realistic. For example, the White House coordinator for the fight against the "coronavirus", Deborah Birx, believes that up to 200 thousand Americans may die due to the pandemic. Earlier, leading immunologists and virologists of the country have already called similar numbers of possible losses. But until the government representatives started talking about it, it seems that their opinion was not taken seriously.

On Thursday, April 1, there are not many macroeconomic statistics planned in the European Union and the United States. But a single report (on applications for unemployment benefits for the week before March 27) can become a "tub of ice water" for America, the US economy and the US dollar. Recall that the indicator of the week before last was equal to 3.3 million applications. Another 3.5 million applications for benefits are expected last week. If these forecasts come true, the demand for the US currency may fall sharply this afternoon. No more important reports are planned for today.

At the same time, the White House and the US Congress are preparing for a new project to help the economy. This time, we are talking about allocating an additional $2 trillion, which will be directed to roads, bridges, and tunnels in the United States.

From a technical point of view, it is difficult to say which way the currency pair will move in the long term. We still believe that the panic, if it has subsided a little, has not gone away for good. Volatility, although decreasing, remains quite high. Therefore, it is still difficult to expect reasonable and logical actions from the entire market. Moreover, if we understand the scale of economic damage in the United States approximately, thanks to the mass of published and voiced forecasts from competent persons, there is practically no information about the European Union. Obviously, the European economy will also decline, but how much? The latest data shows that in March, unemployment in Germany remained at the usual level of 5%, while business activity fell slightly in the manufacturing sectors and strongly in the services sectors. There is no more information about the European Union. Moreover, the European Central Bank or the European Parliament did not declare any programs to stimulate the economy, such as those already implemented by the Fed and the White House. Thus, it is not clear whether the situation in Europe is better (although, judging by the number of infected people, it is getting worse), or whether the ECB does not want to go the way of the United States, injecting trillions of euros into the economy.

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The volatility of the euro/dollar currency pair remains at high values, but it continues to decrease. The average value for April 2 is 153 points and in the last nine days, the volatility does not exceed the value of 200 points per day, and in the last three – 140 points. We believe that the markets continue to calm down and this is a good sign for traders. Today, we expect a further decrease in volatility and movement within the channel, limited by the levels of 1.0781 and 1.1087.

Nearest support levels:

S1 - 1.0864

S2 - 1.0742

S3 - 1.0620

Nearest resistance levels:

R1 - 1.0986

R2 - 1.1108

R3 - 1.1230

Trading recommendations:

The euro/dollar pair continues its downward movement. Thus, market participants are now recommended to consider selling the European currency with the targets of 1.0864 and 1.0781, since the bears overcame the moving average. It is recommended to buy the EUR/USD pair again only after the bulls are re-anchored above the moving average line with the first goal of 1.1087. When you open any position, it is still recommended to be more cautious as the situation on the market remains turbulent.

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

Forecast for USD/JPY on April 2, 2020

USD/JPY

The second day, the yen is kept in the range of two lines of the price channel (107.02-107.55). Foreign markets, primarily stock indices, are falling, which continues to put pressure on the pair and increases the likelihood of a price drop to the 102.60 target, determined by the price channel on the daily chart. The Marlin oscillator is staying in the declining trend zone. The S&P 500 lost 4.41% yesterday, while the Nikkei 225 is losing 0.86% today in the Asian session.

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A convergence has formed on the four-hour chart according to Marlin, but if a price reduction occurs in the next few hours, then a convergence will not form, the growth of the oscillator will take on the character of an indicator discharge before a further decrease.

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If the price drops below yesterday's low of 106.93, sales may be opened with a target above 102.60, s/l above 107.85.

Overcoming the price of the upper limit of the range does not lead to opening purchases, since the growth rate is uncertain, it ranges from a little above 107.85 (false puncture) to 109.70 - the MACD line on daily, or even higher - up to 109.80, to the MACD line on H4.

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

Forecast for AUD/USD on April 2, 2020

AUD/USD

Yesterday, the Australian dollar showed sharp volatility at the signal level of 0.6078 in the range of 130 points, but it quickly subsided and the price is still at this signal level until this morning. The price broke above the top of the correctional level of 50.0%. The Marlin oscillator smoothly entered the zone of negative values. The goal of the decline is the price channel line around 0.5834.

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The price is located directly on the balance line on the H4 chart, slightly below it. The signal line of the Marlin oscillator is consolidated in the downward trend area. The intermediate target on the way to 0.5834 is the MACD line at the price of 0.5934.

It is possible to open short positions on the market: s/l above 0.6120, t/p above 0.5834.

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

Forecast for AUD/USD on April 2, 2020

AUD/USD

Yesterday, the Australian dollar showed sharp volatility at the signal level of 0.6078 in the range of 130 points, but it quickly subsided and the price is still at this signal level until this morning. The price broke above the top of the correctional level of 50.0%. The Marlin oscillator smoothly entered the zone of negative values. The goal of the decline is the price channel line around 0.5834.

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The price is located directly on the balance line on the H4 chart, slightly below it. The signal line of the Marlin oscillator is consolidated in the downward trend area. The intermediate target on the way to 0.5834 is the MACD line at the price of 0.5934.

It is possible to open short positions on the market: s/l above 0.6120, t/p above 0.5834.

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

Forecast for AUD/USD on April 2, 2020

AUD/USD

Yesterday, the Australian dollar showed sharp volatility at the signal level of 0.6078 in the range of 130 points, but it quickly subsided and the price is still at this signal level until this morning. The price broke above the top of the correctional level of 50.0%. The Marlin oscillator smoothly entered the zone of negative values. The goal of the decline is the price channel line around 0.5834.

analytics5e857a0e4fb52.jpg

The price is located directly on the balance line on the H4 chart, slightly below it. The signal line of the Marlin oscillator is consolidated in the downward trend area. The intermediate target on the way to 0.5834 is the MACD line at the price of 0.5934.

It is possible to open short positions on the market: s/l above 0.6120, t/p above 0.5834.

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

Comprehensive analysis of options for the movement of #USDX vs Gold & Silver (DAILY) in April 2020

Who will reign? The US dollar or noble metals? Here's a comprehensive analysis of options for the movement of #USDX vs Gold & Silver (DAILY) in April 2020

Minor operational scale (daily time frame)

____________________

US dollar index

The movement of the #USDX dollar index in April 2020 will be determined depending on the development and the direction of breakdown of the boundaries of the equilibrium zone (98.80 - 99.90 - 101.10) of the Minor operational scale forks. We look at the details of movement inside this equilibrium zone on the animated chart.

The upward movement of the dollar index can be continued in case of breakdown of the resistance level of 101.10 on the upper boundary of the ISL61.8 equilibrium zone of the forks of the operational Minor scale and the targets of this movement will be :

- the final Shiff Line Minor (101.80);

- maximum 102.99;

with the prospect of reaching the warning line UWL38.2 (103.50) of the Minuette operational scale forks.

Meanwhile, the downward movement of #USDX will become relevant in the event of a breakdown of the support level 98.80 at the lower boundary of the ISL38.2 equilibrium zone of the Minuette operational scale forks and will flow inside the equilibrium zone (98.80 - 97.70 - 96.40) of the Minuette operational scale forks.

The markup of #USDX movement options in April 2020 is shown on the animated chart.

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Spot Silver

The development of the Spot Silver movement in April 2020 will be determined by the development and direction of the breakdown of the boundaries of 1/2 Median Line channel (13.000 - 13.850 - 14.400) of the Minuette operational scale forks. The markup of the development of the above levels is presented on the animated chart.

The breakdown of the support level of 13.000 on the lower boundary of the 1/2 Median Line Minuette channel will make it possible to continue the development of the downward movement of Spot Silver to the goals:

- minimum 11.585;

- SSL start line (11.250) of the Minuette operational scale forks.

On the contrary, in case of breakdown of the upper boundary (resistance level of 14.400) of the 1/2 Median Line Minuette channel, Spot Silver movement will continue within the boundaries of the equilibrium zones of the Minuette operational scale forks (14.000 - 14.800 - 15.570) and Minor (14.400 - 15.200 - 16.030) with the prospect of continuing this movement already in the 1/2 Median Line Minor channel (15.570 - 16.300 - 16.989). The details of the Spot Silver movement options for April 2020 is shown on the animated chart.

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Spot Gold

The development of the Spot Gold movement in April 2020 will depend on the development and direction of the breakdown of the boundaries of the equilibrium zone (1577.00 - 1605.00 - 1640.00) of the Minuette operational scale forks. The details of the development of the indicated levels is presented on the animated chart.

The breakdown of the lower boundary of the ISL38.2 (support level of 1570.00) equilibrium zone of the Minuette operational scale forks will lead to the option of developing the downward movement of Spot Gold to the boundaries of the equilibrium zone (1530.00 - 1474.00 - 1421.00) of the Minor operational scale forks.

Alternatively, the breakdown of the upper boundary of the ISL61.8 (resistance level 1640.00) equilibrium zone of the Minuette operational scale forks will lead to the option for resuming the upward movement of Spot Gold to maximum 1702.84.

The details of the Spot Gold movement in April 2020 can be seen on the animated chart.

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The review was compiled without taking into account the news background. Thus, the opening trading sessions of major financial centers does not serve as a guide to action (placing orders "sell" or "buy").

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