FX.co ★ Fractal analysis of major currency pairs on April 28, 2021

Outlook on April 28:

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. Thus, we expect a short-term growth in the range of 1.2128 - 1.2160. If the last value breaks down, 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.

The price can possibly consolidate in the 1.2088 - 1.2062 range. If the latter breaks down, a deep correction will occur. The potential target is set at 1.2023, which is the key support level.

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: Take profit:

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 trend. 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 is likely 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 range of 1.3809 - 1.3791, 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 moving in a bearish trend since April 1. Therefore, we expect a short-term decline in the 0.9108 - 0.9086 range. If the last value is broken, strong decline will continue to the target of 0.9049. After that, 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 can be expected in the 0.9166 - 0.9187 range. If the last value 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 109.88, 109.67, 109.55, 109.23, 109.11, 108.80, 108.65 and 108.42. The price has been following the development of the upward trend from April 23. We expect growth to continue after the price breaks through the range of 109.11 - 109.23. Here, the target is 109.55 and the price may consolidate in the range of 109.55 - 109.67. The ultimate potential upward target is set at 109.88. After reaching this level, the price may consolidate and pullback downwards.

Meanwhile, a short-term decline can be expected in the 108.80 - 108.65 range. If the level of 108.65 is broken, a deep correction will occur. The target is set at 108.42, which is the key support level.

The main trend is the upward trend from April 23.

Trading recommendations:

Buy: 109.24 Take profit: 109.55

Buy: 109.68 Take profit: 109.88

Sell: 108.80 Take profit: 108.66

Sell: 108.63 Take profit: 108.44

The key levels for the USD/CAD pair are 1.2538, 1.2506, 1.2459, 1.2424, 1.2383, 1.2341, 1.2311, 1.2251 and 1.2190. The price has been moving in a downward trend since April 21. We expect this trend to continue after the level of 1.2383 is broken. The target is set at 1.2341. After that, the price may consolidate in the 1.2341 - 1.2311 range. If the last value breaks down, strong decline will continue to the level of 1.2251. The price may consolidate near this level. The ultimate potential downward target is set at 1.2190. After reaching this level, an upward pullback can be expected.

On the other hand, a short-term growth is possible in the range of 1.2424 - 1.2459. If the latter is broken, a deep correction will occur. The target is set at 1.2506. The key support for this decline is the range of 1.2506 - 1.2538.

The main trend is the downward trend from April 21.

Trading recommendations:

Buy: 1.2424 Take profit: 1.2458

Buy: 1.2460 Take profit: 1.2506

Sell: 1.2382 Take profit: 1.2341

Sell: 1.2310 Take profit: 1.2253

The key levels for the AUD/USD pair are 0.7911, 0.7893, 0.7847, 0.7818, 0.7785, 0.7725 and 0.7698. We are monitoring the formation of the initial conditions for the April 22 high. Currently, the price is close to the cancellation of this structure, which requires a breakdown of 0.7725. The first target is set at 0.7698. We expect the formation of strong initial conditions for the downward trend up to this level.

Alternatively, the upward movement is likely to resume after the level of 0.7785 is broken. The target is set at 0.7818. After that, a short-term growth and consolidation can be expected in the 0.7818-0.7847 range. If the latter breaks down, it should be accompanied by a strong growth. The target is 0.7893. The final potential upward target is the level of 0.7911, from which a downward pullback may occur.

The main trend is the formation of the initial conditions from April 22 high.

Trading recommendations:

Buy: 0.7785 Take profit: 0.7816

Buy: 0.7818 Take profit: 0.7845

Sell: 0.7725 Take profit: 0.7700

Sell: Take profit:

The key levels for the EUR/JPY pair are 132.64, 132.17, 131.96, 131.65, 131.32, 131.15, 130.93 and 130.55. The price has been moving in a bullish trend since April 23. We expect this trend to extend after the level of 131.65 is broken. The target is set at 131.96. Afterwards, a short-term growth and consolidation is possible in the range of 131.96 - 132.17. The ultimate potential upward target is 132.64. After reaching it, a downward pullback can be expected.

In turn, a short-term decline is expected in the 131.32 - 131.15 range. If the latter is broken, a deep correction will follow. The target is set at 130.93, which is also the key support level. Its breakdown will be conducive to the formation of initial conditions for a downward trend. The target is 130.55.

The main trend is the upward trend from April 23.

Trading recommendations:

Buy: 131.65 Take profit: 131.96

Buy: 131.97 Take profit: 132.17

Sell: 131.32 Take profit: 131.16

Sell: 131.13 Take profit: 130.95

The key levels for the GBP/JPY pair are 153.14, 152.54, 152.23, 151.82, 151.40, 150.87, 150.53 and 150.00. The price has been developing the upward trend since April 23. We expect further growth after the level of 151.40 is broken. The target is set at 151.82. A price consolidation can be expected close to this level. If the specified target is broken, it will allow us to move to the next level of 152.23. After that, a short-term growth and consolidation can be expected in the 152.23 - 152.54 range. The ultimate potential upward target is set at 153.14. After reaching this level, a downward pullback can be expected.

A short-term decline is likely in the range of 150.87 - 150.53. If the level of 150.53 is broken, a deep correction will occur. The target is set at 150.00.

The main trend is the upward trend from April 23.

Trading recommendations:

Buy: 151.40 Take profit: 151.80

Buy: 151.84 Take profit: 152.23

Sell: 150.87 Take profit: 150.55

Sell: 150.50 Take profit: 150.05