DAILY TECHNICAL ANALYSIS FOR APRIL 20, 2022
EUR/USD
Current level – 1.0788
The sentiment remains unchanged since yesterday, and during the early hours of today`s trading, the EUR/USD is hovering between the levels at 1.0757 and 1.0811. If the bears gain enough momentum and breach the support zone at 1.0757, then the negative expectations for the future path of the currency pair will be strengthened and the sell-off will most likely continue towards the zone at 1.0640. If the bulls prevail, then a successful attack on the zone at 1.0811, followed by a violation of the next target at 1.0850, could lead to a rally and a test of the important level at 1.0922.
USD/JPY
Current level – 129.27
The yen lost quite a bit of ground against the dollar, and at the time of writing this analysis, the price is consolidating under the zone at 129.40. A new attack for the bulls is a highly probable scenario and a successful violation of the mentioned level could easily lead to new gains and continue the rally for the Ninja towards the highs at around 133.70. If the bears take control instead, then a violation of the support at 126.96, followed by a breach of the lower target at 126.48, could deepen the decline and lead to a move towards the major support zone at 125.75.
GBP/USD
Current level – 1.3025
The support zone at 1.2986 withheld the bearish attack and the sterling recovered some of its recent losses against the greenback. If the bulls manage to breach the close resistance at 1.3045, then a recovery towards the upper zone at 1.3104 would be the most probable scenario. If the bears increase the pressure, then a new successful attempt and a violation of the mentioned level at 1.2986 could easily deepen the decline towards the support at 1.2850.
Gold price breaks the support
Gold price ended yesterday below 1960.00 level, to fall under more expected negative pressure in the upcoming sessions, on its way to visit 1925.35 mainly.
Therefore, the bearish bias will be suggested for today, supported by moving below the EMA50, taking into consinderation that breaching 1960.00 and holding above it will reactivate the bullish trend scenario that its next target located at 2000.00.
The expected trading range for today is between 1925.00 support and 1965.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis
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