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Daily Technical analysis for April 07, 2021

EUR/USD

Current level – 1.1873

The common european currency’s appreciation against the dollar continues as the currency pair managed to violate the important resistance level of 1.1820 during yesterday’s trading session. The upward movement is expected to gain momentum and test the next support level of 1.1890, possibly followed by another test of the 1.1943 level. In the negative direction, the first important support is found at 1.1820.

USD/JPY

Current level –  109.61

During yesterday’s trading session, the currency pair managed to breach the support level of 109.80, but said breach is yet to be confirmed. In case the price goes back to above 109.80, then the corrective phase may be considered as complete and the pair would head towards a test of the resistance at 110.40. If the breach at 109.80 is confirmed, the correction will likely continue, eventually leading to a test of the next support level of 109.20.

GBP/USD

Current level – 1.3831

The Cable continues its corrective movement after it had previously violated the support level of 1.3843 during yesterday’s trading session. The expectations are for the correction to continue, with a test and a breach of the next support level at 1.3793, while the bulls might return around the level of 1.3700. In the positive direction, the first resistance is found at 1.3901. Today, the focus of investors will shift towards the PMI services data for the UK (08:30 GMT).

Gold price needs the positive momentum

Gold price shows some slight bearish bias, affected by stochastic negativity that appears clearly on the four hours’ time frame, waiting to gather enough positive momentum to push the price to continue the expected bullish trend for the upcoming period, which targets 1765.00 as a next station.

The EMA50 continues to support the price from below, to keep our bullish overview conditioned by the price stability above 1723.00 and the most important above 1706.00.

The expected trading range for today is between 1720.00 support and 1760.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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