FX.co ★ Fractal analysis of major currency pairs on April 26, 2021

Outlook on April 26:

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

The key levels for the EUR/USD pair are 1.2268, 1.2218, 1.2195, 1.2160, 1.2128, 1.2088, 1.2062 and 1.2023. The price has formed a local upward trend from April 19. In this case, we expect a short-term growth in the 1.2128 - 1.2160 range. If the latter is broken, this will lead to a strong growth towards the target of 1.2195. After that, a short-term upward movement, with consolidation can be expected in the range of 1.2195 - 1.2218. The final potential upward target is set at 1.2268. After reaching this level, the price may consolidate and pullback downwards.

In turn, a short-term decline is likely in the range of 1.2088 - 1.2062. If the last value breaks down, a deep correction will occur. The potential target is set at 1.2023.

The main trend is the local upward trend from April 19.

Trading recommendations:

Buy: 1.2130 Take profit: 1.2160

Buy: 1.2162 Take profit: 1.2195

Sell: 1.2088 Take profit: 1.2063

Sell: 1.2060 Take profit: 1.2025

The key levels for the GBP/USD pair are 1.4008, 1.3965, 1.3935, 1.3867, 1.3836, 1.3809, 1.3791 and 1.3754. The price considered the downward trend from April 20 as the medium-term initial conditions. The key support is the range of 1.3935 - 1.3965 for the downward cycle. The price breaking through it will encourage the formation of initial conditions for the upward trend. The target is set at 1.4008.

A short-term decline can be expected in the range of 1.3867 - 1.3836. If the latter is broken, it will favor the development of a downward trend from April 20. The target is set at 1.3809. If the price breaks through the 1.3809 - 1.3791 range, it will move to a potential target of 1.3754.

The main trend is the downward trend from April 20.

Trading recommendations:

Buy: 1.3935 Take profit: 1.3965

Buy: 1.3967 Take profit: 1.4008

Sell: 1.3867 Take profit: 1.3837

Sell: 1.3835 Take profit: 1.3810

The key levels for the USD/CHF pair are 0.9226, 0.9187, 0.9166, 0.9108, 0.9086, 0.9049, 0.9026 and 0.8977. The price has been following the downward trend from April 1. We expect a short-term decline in the 0.9108 - 0.9086 range. If the latter is broken, strong decline will continue to the target of 0.9049. The price may consolidate in the range of 0.9049 - 0.9026. The final potential downward target is set at 0.8977. After reaching this level, an upward pullback can be expected.

A short-term growth is possible in the range of 0.9166 - 0.9187. If the level of 0.9187 breaks down, this will provoke the formation of upward initial conditions. The potential target is set at 0.9226.

The main trend is the downward trend from April 1.

Trading recommendations:

Buy: 0.9166 Take profit: 0.9186

Buy: 0.9188 Take profit: 0.9226

Sell: 0.9108 Take profit: 0.9087

Sell: 0.9084 Take profit: 0.9050

The key levels for the USD/JPY pair are 108.52, 108.35, 108.04, 107.70, 107.50, 107.36, 107.11 and 106.84. The price has been moving in a local downward trend since April 9. Thus, we expect a short-term decline in the 107.70 - 107.50 range. In the event that the price breaks through the noise range of 107.50 - 107.36, the downward trend will continue to the 107.11 mark. The final potential downward target is seen at 106.84. After reaching this level, an upward pullback may occur.

A price correction can be expected after the level of 108.04 is broken. The target is set at 108.35. The key support is in the range of 108.35 - 108.52.

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

Trading recommendations:

Buy: 108.06 Take profit: 108.35

Buy: 108.54 Take profit: 109.00

Sell: 107.70 Take profit: 107.50

Sell: 107.34 Take profit: 107.09

The key levels for the USD/CAD pair are 1.2652, 1.2576, 1.2538, 1.2512, 1.2459, 1.2415, 1.2341. 1.2311 and 1.2251. The price canceled the development of the upward trend and so, we are now watching the formation of the downward trend from April 21. We expect this trend to continue after the level of 1.2459 is broken. The target is set at 1.2415 and the price may consolidate around it. The breakdown of this target will lead to the development of the strong decline towards the target of 1.2341. After that, the price may consolidate in the range of 1.2341 - 1.2311. The final potential downward target is set at 1.2251. After reaching this level, an upward pullback is possible.

A short-term growth is possible in the 1.2512 - 1.2538 range. If the latter breaks down, a deep correction will occur. The target is set at 1.2576, which is also the key support level.

The main trend is the downward trend from April 21.

Trading recommendations:

Buy: 1.2512 Take profit: 1.2537

Buy: 1.2539 Take profit: 1.2574

Sell: 1.2458 Take profit: 1.2417

Sell: 1.2413 Take profit: 1.2341

The key levels for the AUD/USD pair are 0.7779, 0.7754, 0.7698, 0.7669, 0.7628, 0.7610 and 0.7560. The price has been monitoring the initial conditions for the downward trend of April 20 and is currently in a deep correction. We expect this trend to resume after the level of 0.7698 is broken. The target is set at 0.7669 and the price may consolidate around it. If the specified target is broken, strong decline will continue to the next target of 0.7628. Another price consolidation can be expected in the range of 0.7628 - 0.7610. The ultimate potential downward target is 0.7560. An upward pullback is expected after reaching this level.

Meanwhile, the price is likely to consolidate in the range of 0.7754 - 0.7779. If the latter is broken, it will encourage the formation of initial conditions for an upward trend. In this case, the potential target is set at 0.7818.

The main trend is the initial conditions for the downward trend from April 20.

Trading recommendations:

Buy: Take profit:

Buy: 0.7781 Take profit: 0.7818

Sell: 0.7698 Take profit: 0.7670

Sell: 0.7667 Take profit: 0.7630

The key levels for the EUR/JPY pair are 131.22, 130.91, 130.57, 130.30, 129.70, 129.55, 129.19, 128.89, 128.59 and 128.38. The price is forming a potential for the downward trend from April 20. We expect this trend to extend after the price breaks through the range of 129.70 - 129.55. The target is set at 129.19. After that, a short-term decline and consolidation can be expected in the range of 129.19 - 128.89. The final potential downward target is set at 128.38. After reaching this level, the price may consolidate and pullback upwards.

On the other hand, a short-term growth is expected in the 130.30 - 130.57 range. If the level of 130.57 is broken, the upward trend will develop. The first potential target is 130.91.

The main trend is the formation of a downward trend from April 20.

Trading recommendations:

Buy: 130.32 Take profit: 130.57

Buy: 130.59 Take profit: 130.90

Sell: 129.55 Take profit: 129.20

Sell: 129.17 Take profit: 128.90

The key levels for the GBP/JPY pair are 150.91, 105.34, 149.96, 149.24, 148.78, 148.02, 147.61 and 146.88. The price has been moving in a bearish trend since April 20. Here, we expect a short-term decline in the 149.24 - 148.78 range. If the latter is broken, it should be accompanied by a strong decline towards the target of 148.02. Afterwards, the price may consolidate in the range of 148.02 - 147.61. The ultimate potential downward target is set at 146.88. After reaching this level, an upward pullback can be expected.

A short-term growth, in turn, is possible in the 149.96 - 150.34 range. If the level of 150.34 is broken, a deep correction will follow. The target is 150.91.

The main trend is the downward trend from April 20.

Trading recommendations:

Buy: 149.96 Take profit: 150.34

Buy: 150.36 Take profit: 150.90

Sell: 149.24 Take profit: 148.80

Sell: 148.76 Take profit: 148.02