FX.co ★ Fractal analysis of major currency pairs on April 20, 2021

Outlook on April 20:

Analysis of popular currency pairs on the hourly (H1) chart:

The key levels for the EUR/USD pair are 1.2218, 1.2195, 1.2160, 1.2128, 1.2088, 1.2046, 1.2022, 1.1994 and 1.1943. The price has formed a local upward trend from April 19, which allows expanding the upside potential. We expect this trend to extend after the level of 1.2088 is broken. The target is set at 1.2128. After that, a short-term growth and consolidation is possible in the 1.2128 - 1.2160 range. If the last value breaks down, this will allow us to further move to the potential target of 1.2218. After reaching this level, the price may consolidate in the range of 1.2195 - 1.2218, from which a downward pullback is possible.

A short-term decline, in turn, is likely in the range of 1.2046 - 1.2022. If the latter breaks down, a deep correction will occur. The target is set at 1.1994, which is also the key support level. Its breakdown will lead to the downward trend development. In this case, the potential target is 1.1943.

The main trend is the upward trend from March 31, local upward trend from April 19.

Trading recommendations:

Buy: 1.2088 Take profit: 1.2126

Buy: 1.2030 Take profit: 1.2160

Sell: 1.2046 Take profit: 1.2023

Sell: 1.2021 Take profit: 1.1995

The key levels for the GBP/USD pair are 1.4167, 1.4122, 1.4096, 1.4031, 1.4004, 1.3967, 1.3937 and 1.3894. The price has been developing the bullish trend from April 12. Here, we expect a short-term growth in the range of1.4004 - 1.4031. If the level of 1.4031 is broken, strong growth will continue to the next target of 1.4096. The price may consolidate in the 1.4096 - 1.4122 range. The final potential upward target is 1.4167. After reaching this level, a downward pullback can be expected.

On the other hand, a short-term decline is expected in the 1.3967 - 1.3937 range. If the latter is broken, a deep correction will occur. The target is set at 1.3894, which is also the key support level.

The main trend is the upward trend from April 12.

Trading recommendations:

Buy: 1.4005 Take profit: 1.4030

Buy: 1.4033 Take profit: 1.4094

Sell: 1.3965 Take profit: 1.3940

Sell: 1.3935 Take profit: 1.3900

The key levels for the USD/CHF pair are 0.9248, 0.9226, 0.9187, 0.9161, 0.9108, 0.9086, 0.9049, 0.9026 and 0.8977. The price has been moving in a downward trend since April 1. We expect the downward movement to resume to the level of 0.9108. Afterwards, the price may consolidate in the range of 0.9108 - 0.9086. If the last value breaks down, strong decline will continue to the next target of 0.9049. Another price consolidation can be expected in the range of 0.9049 - 0.9026. The final potential downward target is 0.8977. After reaching this level, an upward pullback can be expected.

Meanwhile, short-term growth is likely in the 0.9161 - 0.9187 range. If the latter is broken, a deep correction will occur. The target is set at 0.9226 and the key support is in the range of 0.9226 - 0.9248.

The main trend is the downward trend from April 1.

Trading recommendations:

Buy: 0.9161 Take profit: 0.9185

Buy: 0.9188 Take profit: 0.9226

Sell: 0.9085 Take profit: 0.9050

Sell: 0.9024 Take profit: 0.8980

The key levels for the USD/JPY pair are 109.11, 108.82, 108.63, 108.29, 108.13, 107.80, 107.66 and 107.43. The price has been moving in a local downward trend since April 9. In this case, there is a short-term decline and consolidation in the range of 108.29 - 108.13. If the last value breaks down, this will lead to the development of a strong decline to the target of 107.80. Afterwards, the price may consolidate in the 107.80 - 107.66 range. The final potential downward target is 107.43. An upward pullback is expected after reaching this level.

Alternatively, a short-term growth is possible in the range of 108.63 - 108.82. Once the last value breaks down, a deep correction will occur. The target is set at 109.11, which is also the key support level.

The main trend is the local downward trend from April 9.

Trading recommendations:

Buy: 108.63 Take profit: 108.80

Buy: 108.84 Take profit: 109.10

Sell: 108.12 Take profit: 107.83

Sell: 107.64 Take profit: 107.44

The key levels for the USD/CAD pair are 1.2578, 1.2554, 1.2535, 1.2501, 1.2487, 1.2463, 1.2449 and 1.2416. The price is monitoring the bearish trend from April 13. Thus, we expect the decline to continue after the price breaks through the range of 1.2501 - 1.2487. The next target is set at 1.2463. The price may consolidate in the range of 1.2463 - 1.2449. If the latter breaks down, the downward movement will extend to a potential target of 1.2416. After reaching this level, an upward pull back can be expected.

A short-term growth is expected in the range of 1.2535 - 1.2554. If the last value breaks down, this will lead to a deep correction. The target is set at 1.2578, which is also the key support level.

The main trend is the downward trend from April 13.

Trading recommendations:

Buy: 1.2535 Take profit: 1.2552

Buy: 1.2555 Take profit: 1.2578

Sell: 1.2485 Take profit: 1.2464

Sell: 1.2447 Take profit: 1.2416

The key levels for the AUD/USD pair are 0.7915, 0.7882, 0.7860. 0.7813, 0.7783, 0.7756 and 0.7721. The price has been moving in a bullish trend since April 1. We expect this trend to resume after the level of 0.7813 is broken. The target is set at 0.7860 and the price may consolidate in the 0.7860 - 0.7882 range. The ultimate potential upward target is set at 0.7915. After reaching it, the price may consolidate and pullback downwards.

A short-term decline can be expected in the range of 0.7783 - 0.7756. If the level of 0.7756 is broken, a deep correction will occur. The target is set at 0.7721, which is also the key support level.

The main trend is the upward trend from April 1.

Trading recommendations:

Buy: 0.7814 Take profit: 0.7860

Buy: 0.7884 Take profit: 0.7915

Sell: 0.7783 Take profit: 0.7758

Sell: 0.7754 Take profit: 0.7724

The key levels for the EUR/JPY pair are 131.90, 131.72, 131.22, 130.95, 130.61, 130.33, 129.97 and 129.65. The price is forming a potential for the high of April 19. Here, we expect a short-term growth in the 130.95 - 131.22 range. If the level of 131.22 is broken, strong growth will continue to the target of 131.72. The final potential upward target is set at 131.90. After reaching this level, a price consolidation and downward pull back can be expected.

A short-term decline, in turn, is possible in the 130.61 - 130.33 range. If the latter is broken, a deep correction will occur. The target is set at 129.97, which is also the key support level.

The main trend is the formation of an upward potential from April 19.

Trading recommendations:

Buy: 130.95 Take profit: 131.20

Buy: 131.24 Take profit: 131.70

Sell: 130.60 Take profit: 130.35

Sell: 130.31 Take profit: 130.00

The key levels for the GBP/JPY pair are 154.33, 153.90, 152.92, 152.29, 151.28, 150.70, 149.96 and 149.35. The price has been following the formation of the upward trend from April 16. We expect growth to continue after the level of 152.29 is broken. The target is set at 152.92 and the price may consolidate around it. But before it, the formation of strong initial conditions can be expected to clarify the targets.

A short-term decline can be expected in the 151.28 - 150.70 range. If the latter is broken, a deep correction will occur. The target is set at 149.96, which is also the key support level.

The main trend is the formation of an upward trend from April 16.

Trading recommendations:

Buy: 152.30 Take profit: 152.90

Buy: 152.94 Take profit: 153.90

Sell: 151.28 Take profit: 150.74

Sell: 150.88 Take profit: 150.50