FX.co ★ Fractal analysis of major currency pairs on April 29, 2021

Outlook on April 29:

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 latter is broken, this will lead to a strong growth towards the target of 1.2195. After that, a short-term growth, 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 may consolidate in the range of 1.2088 - 1.2062. If the last value is broken, 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 1.4042, 1.4008, 1.3972, 1.3929, 1.3905, 1.3874 and 1.3823. The price has been moving in a bullish trend since April 22. We expect this trend to continue after the level of 1.3972 is broken. The target is set at 1.4008 and the price may consolidate around it. In the meantime, the potential upward target is 1.4042. After reaching this level, a downward pullback can be expected.

A short-term decline is likely in the 1.3929 - 1.3905 range. If the latter is broken, a deep correction will follow. The target is set at 1.3874, which is the key support level.

The main trend is the upward trend from April 22.

Trading recommendations:

Buy: 1.3972 Take profit: 1.4006

Buy: 1.4010 Take profit: 1.4042

Sell: 1.3929 Take profit: 1.3907

Sell: 1.3903 Take profit: 1.3875

The key levels for the USD/CHF pair are 0.9182, 0.9143, 0.9120, 0.9076, 0.9055, 0.9019, 0.9003 and 0.8971. The price has determined its next targets from the local downward trend on April 28. We expect the decline to resume after the price breaks through the range of 0.9076 - 0.9055. The target is set at 0.9019. After that, the price may consolidate in the 0.9019 - 0.9003 range. The ultimate potential downward target is 0.8971. After reaching this level, an upward pullback is possible.

Meanwhile, a short-term growth can be expected in the range of 0.9120 - 0.9143. If the level of 0.9143 is broken, this will provoke the formation of initial conditions for the top. The potential target is 0.9182.

The main trend is the local downward trend from April 28.

Trading recommendations:

Buy: 0.9120 Take profit: 0.9142

Buy: 0.9144 Take profit: 0.9180

Sell: 0.9076 Take profit: 0.9056

Sell: 0.9053 Take profit: 0.9020

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 moving in an upward trend since April 23. Thus, we expect growth to continue after the price breaks through the 109.11 - 109.23 range. The target is set at 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.

Alternatively, a short-term decline can be expected in the range of 108.80 - 108.65. If the latter 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 1.2436, 1.2383, 1.2341, 1.2280, 1.2251, 1.2190 and 1.2149. The price has been moving in a bearish trend since April 21. We expect the downward movement to continue after the price breaks through the range of 1.2280 - 1.2251. The target is set at 1.2190. The ultimate potential downward target is 1.2149. After reaching this level, the price may consolidate and pullback upwards.

On the other hand, a short-term growth is likely in the range of 1.2341 - 1.2383. If the latter is broken, a deep correction will follow. The target is set at 1.2436.

The main trend is the downward trend from April 21.

Trading recommendations:

Buy: 1.2341 Take profit: 1.2381

Buy: 1.2384 Take profit: 1.2436

Sell: 1.2250 Take profit: 1.2192

Sell: 1.2188 Take profit: 1.2150

The key levels for the AUD/USD pair are 0.7911, 0.7893, 0.7847, 0.7818, 0.7773, 0.7752, 0.7725 and 0.7698. We are following the formation of the initial conditions for the April 22nd high. We expect the bullish trend to extend after the level of 0.7818 is broken. The target is set at 0.7847. The price may consolidate within this level. After the breakdown of the level of 0.7850, strong growth will continue to the target of 0.7893. The current potential upward target is the level of 0.7911, from which a downward pullback is expected.

A short-term decline is possible in the range of 0.7773 - 0.7752. If the level of 0.7752 is broken, a deep correction will occur. The target is set at 0.7725, which is the key support level.

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

Trading recommendations:

Buy: 0.7818 Take profit: 0.7846

Buy: 0.7848 Take profit: 0.7892

Sell: 0.7773 Take profit: 0.7753

Sell: 0.7751 Take profit: 0.7725

The key levels for the EUR/JPY pair are 133.14, 132.82, 132.64, 132.17, 131.96, 131.65, 131.43 and 131.14. The price has been moving in an upward trend since April 23. Now, we expect a short-term growth in the range of 131.96 - 132.17. If the latter is broken, strong growth will resume to the target of 132.64. After that, the price may consolidate in the range of 132.64 - 132.82. The final potential upward target is 133.14. A movement to which is expected after the level of 132.82 is broken.

A short-term decline is likely in the 131.65 - 131.43 range. If the last value is broken, a deep correction can be expected. The target is set at 131.14, which is also the key support level.

The main trend is the upward trend from April 23.

Trading recommendations:

Buy: 131.97 Take profit: 132.16

Buy: 132.18 Take profit: 132.64

Sell: 131.65 Take profit: 131.44

Sell: 131.41 Take profit: 131.14

The key levels for the GBP/JPY pair are 153.28, 152.65, 152.35, 151.92, 151.46, 151.18 and 150.75. The price has been moving in an upward trend since April 23. Currently, we expect it to reach the level of 152.35. Afterwards, a short-term growth and consolidation will be observed in the 152.35 - 152.65 range. If the last value is broken, strong growth will continue to the potential target of 153.28.

A short-term decline is likely in the range of 151.46 - 151.18. If the latter is broken, a deep correction will follow. The target is 150.75.

The main trend is the upward trend from April 23.

Trading recommendations:

Buy: 151.94 Take profit: 152.35

Buy: 152.65 Take profit: 153.28

Sell: 151.46 Take profit: 151.18

Sell: 151.16 Take profit: 150.75