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Daily Technical analysis for April 09, 2021

EUR/USD

Current level – 1.1914

The pullback phase was limited to the level of 1.1865 and, as of the time of writing, the EUR/USD has recovered its recent losses. The currency pair breached the resistance zone at 1.1899 and the pair is currently holding above the mentioned level. The breach of the abovementioned level will most likely be confirmed and will pave the way towards a test of the next target at 1.1943. If the bears re-enter the market and successfully breach the support at 1.1807, we might see a deeper sell-off towards the local low at 1.1714.

USD/JPY

Current level –  109.23

The USD continues to lose ground against the JPY and the pair has successfully breached the support zone at 109.54. If the bearish attack continues, a successful test of the next target at 108.85 could deepen the sell-off towards 108.44. The first resistance for the bulls can be found at the mentioned level of 109.54, but only a breach of 109.88 could draw a more bullish picture for the future path of the USD/JPY.

GBP/USD

Current level – 1.3733

The Cable continues to trade in the zone between 1.3713 and 1.3760. If the bears prevail, a violation of the lower border could easily lead to a test of the next target at 1.3677. This scenario would strengthen the negative expectations and could result in future losses for the GBP/USD. In the positive direction, the first resistance for the buyers lies at the zone of 1.3760, followed by the next important level of 1.3830.

Gold price resumes the rise

Gold price provided clear positive trades yesterday to settle above 1750.00, reinforcing the expectations of continuing the bullish trend, and the way is open to achieve our waited positive target at 1765.00.

The EMA50 continues to support the price from below, to keep the bullish trend valid and active for the upcoming period, noting that surpassing the targeted level will extend the bullish wave to reach 1800.00 as a next station, while holding above 1731.00 represents initial condition to continue the suggested rise.

The expected trading range for today is between 1735.00 support and 1770.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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