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Daily Technical analysis for April 06, 2021

EUR/USD

Current level – 1.1769

During the last few trading sessions, the euro recovered some of its recent losses against the dollar, but it is still too early to say whether this is a reversal of the downtrend or not. The correction is forecasted to continue in the short term, but should be limited to the critical resistance at 1.1890, after which the downtrend is expected to continue. The first important support is the level at 1.1714. Investors’ attention this week will be drawn towards the data on the producer price index for the U.S. (Friday; 12:30 GMT).

USD/JPY

Current level –  110.51

During Friday’s trading session, the currency pair started with a downward move in an attempt to correct the upward trend. However, this correction turned out to be quite short-lived and, by the end of the trading session, the dollar had already recovered all of its losses that it had incurred earlier that day. The forecast is for the upward movement to continue during today’s trading session and for the pair to test the local high and key resistance at 110.85. The first important support is the level of 110.39.

GBP/USD

Current level – 1.3832

During Friday’s trading session, the pound tested, but failed to breach, the key resistance at 1.3843. In the first hours of today’s session, a second test of this resistance seems to be developing. Should it remain unbreached, the forecasts are for the correction to end and for the downward movement to resume. The first important support is the level of 1.3676.

Gold price exits the channel 

Gold price confirmed breaching the bearish channel’s resistance, showing new positive trades by today’s open, which leads the price to achieve more expected gains on the intraday and short term basis, on its way to visit 1765.00 as a next main target.

The EMA50 supports the suggested positive scenario, which will remain valid unless we witnessed clear break and hold below 1709.00.

The expected trading range for today is between 1715.00 support and 1760.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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