FX.co ★ Fractal analysis for major currency pairs as of April 16

Dear colleagues.

For the of EUR / USD pair, the price forms the initial conditions for the downward movement of April 11 in the area of correction. For the GBP / USD pair, the continuation of the upward movement is expected after the breakdown of 1.4284. For the USD / CHF, the price forms a potential for the upward movement of April 10. For the USD / JPY pair, the continuation of the upward movement is expected after the breakdown of 107.66. For the EUR / JPY pair, we follow the formation of the upward structure of March 22. The continuation of the upward movement is expected after the breakdown of 132.85. For the GBP / JPY pair, we follow the upward cycle from April 2. The continuation of the upward movement is expected after the breakdown of 153.60.

The forecast for April 16:

Analytical review of currency pairs in the scale of H1:

For the EUR / USD pair, the key H1 scale levels are: 1.2456, 1.2433, 1.2400, 1.2384, 1.2358, 1.2341, 1.2293, 1.2275, 1.2243, 1.2227 and 1.2201. Here, we follow the upward structure of April 6. At the moment, the price is in a deep correction. Short-term upward movement is possible in the area of 1.2341 - 1.2358. The breakdown of the last value will allow us to count on the movement towards the level of 1.2348. In the area of 1.2384 - 1.2400 is the consolidation of the price. The breakdown at the level of 1.2400 will lead to the resumption of the upward trend. Here, the first target is 1.2433.

Short-term downward movement is expected in the area of 1.2293 - 1.2275. The breakdown of the last value will initiate the development of the downward structure from April 11. In this case, the target is 1.2243. In the area of 1.2243 - 1.2227 is the consolidation of the price. The potential value for the bottom is the level of 1.2201. Upon reaching this level, we expect a rollback upward.

The main trend is the upward structure from April 6, the stage of deep correction.

Trading recommendations:

Buy: 1.2341 Take profit: 1.2355

Buy 1.2360 Take profit: 1.2384

Sell: 1.2293 Take profit: 1.2277

Sell: 1.2273 Take profit: 1.2246

For the GBP / USD pair, the key H1 scale levels are 1.4335, 1.4281, 1.4258, 1.4216, 1.4186, 1.4139 and 1.4104. Here, we continue to follow the upward structure of April 5. Short-term upward movement is expected in the range of 1.4258 - 1.4281. The breakdown of the last value will allow us to count on the movement towards the potential target of 1.4335. Upon reaching this level, we expect a pullback downwards.

Short-term downward movement is possible in the area of 1.4216 - 1.4186. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.4139. This level is the key support for the top. Its breakdown will lead to a downward structure where the target is 1.4104.

The main trend is the upward structure of April 5.

Trading recommendations:

Buy: 1.4258 Take profit: 1.4280

Buy: 1.4284 Take profit: 1.4333

Sell: 1.4214 Take profit: 1.4188

Sell: 1.4184 Take profit: 1.4144

For the USD / CHF pair, the key levels on the scale of H1 are: 0.9728, 0.9686, 0.9670, 0.9641, 0.9603, 0.9588 and 0.9572. Here, the price has canceled the development of a downward trend and we are following the formation of the upward structure of April 10. The continuation of the upward movement is expected after the breakdown of 0.9641. In this case, the target is 0.9670. In the area of 0.9670 - 0.9686 is the consolidation of the price. The potential value for the top is the level of 0.9728. Upon reaching this level, we expect a pullback downwards.

Short-term downward movement is possible in the area of 0.9603 - 0.9588. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.9572. This level is the key support for the downward structure.

The main trend is the formation of the upward structure of April 10.

Trading recommendations:

Buy: 0.9642 Take profit: 0.9670

Buy: 0.9688 Take profit: 0.9726

Sell: 0.9603 Take profit: 0.9588

Sell: 0.9570 Take profit: 0.9537

For the USD / JPY pair, the key levels on the scale are: 108.75, 108.28, 108.05, 107.66, 106.97, 106.68, 106.25 and 105.62. Here, we follow the local structure from 2 April. The continuation of the upward movement is expected after the breakdown of 107.66. In this case, the target is 108.05. In the area of 108.05 - 108.28 is the consolidation of the price. The potential value for the top is the level of 108.75. Upon reaching this level, we expect a pullback downwards.

Short-term downward movement is possible in the area of 106.97 - 106.68. The breakdown of the last value will lead to in-depth correction. Here, the target is 106.24. This level is the key support for the top.

The main trend is the upward cycle of March 23, the local structure of April 2.

Trading recommendations:

Buy: 107.66 Take profit: 108.05

Buy: 108.30 Take profit: 108.75

Sell: 106.95 Take profit: 106.68

Sell: 106.66 Take profit: 106.27

For the CAD / USD pair, the key levels on the H1 scale are: 1.2711, 1.2643, 1.2601, 1.2540, 1.2503, 1.2455, 1.2426 and 1.2366. Here, we follow the local downward structure of April 2. Short-term downward movement is expected in the area of 1.2540 - 1.2503. The breakdown of the last value should be accompanied by a pronounced downward movement. Here, the target is 1.2455. In the area of 1.2455 - 1.2426 is the consolidation of the price. The potential value for the bottom is the level of 1.2366. Upon reaching this level, we expect a rollback to the top.

Short-term upward movement is expected in the area of 1.2601 - 1.2643. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.2711. This level is the key support for the downward structure.

The main trend is the local structure for the bottom of April 2.

Trading recommendations:

Buy: 1.2601 Take profit: 1.2640

Buy: 1.2650 Take profit: 1.2710

Sell: 1.2540 Take profit: 1.2506

Sell: 1.2500 Take profit: 1.2455

For the AUD / USD pair, the key H1 scale levels are: 0.7833, 0.7805, 0.7793, 0.7773, 0.7746, 0.7733 and 0.7713. Here, we follow the upward structure of April 9. The continuation of the upward movement is expected after the breakdown of 0.7773. In this case, the target is 0.7793. In the area of 0.7793 - 0.7805 is the consolidation of the price. The potential value for the top is the level of 0.7833. Upon reaching this level, we expect a pullback downwards.

Short-term downward movement is possible in the area of 0.7746 - 0.7733. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.7713. This level is the key support for the top.

The main trend is the upward structure of April 9.

Trading recommendations:

Buy: 0.7775 Take profit: 0.7791

Buy: 0.7807 Take profit: 0.7830

Sell: 0.7744 Take profit: 0.7735

Sell: 0.7730 Take profit: 0.7715

For the of EUR / JPY pair, the key levels on the scale of H1 are: 134.70, 133.92, 133.54, 132.85, 131.94, 131.54, 131.09 and 130.36. Here, we continue to follow the formation of the upward structure of March 22. The continuation of the upward movement is expected after the breakdown of 132.85. In this case, the target is 133.54. In the area of 133.54 - 133.92 is the consolidation of the price. The potential value for the upward structure is 134.70.

Short-term downward movement is possible in the area of 131.94 - 131.54. The breakdown of the last value will lead to in-depth correction. Here, the target is 131.09. This level is the key support for the upward structure of March 22.

The main trend is the upward structure of March 22.

Trading recommendations:

Buy: 132.85 Take profit: 133.52

Buy: 133.95 Take profit: 134.70

Sell: 131.90 Take profit: 131.56

Sell: 131.50 Take profit: 131.10

For the GBP / JPY pair, the key levels on the scale of H1 are: 154.79, 154.23, 153.57, 153.29, 152.45, 151.96, 151.40 and 151.03. Here, we continue to follow the upward structure of April 2. The continuation of the upward movement is expected after passing through the noise range of 153.29 - 153.57. In this case, the target is 154.23. The potential value for the top is the level of 154.79. Upon reaching this level, we expect a pullback downwards.

Short-term downward movement is possible in the area of 152.45 - 151.96. The breakdown of the last value will lead to an in-depth movement. Here, the target is 151.40. The range of 151.40 - 151.03 is the key support for the top.

The main trend is the local structure for the top of April 2.

Trading recommendations:

Buy: 153.60 Take profit: 154.20

Buy: 154.26 Take profit: 154.76

Sell: 152.40 Take profit: 151.96

Sell: 151.90 Take profit: 151.40