Fractal analysis of major currency pairs on April 23

Dear colleagues.

For the currency pair Euro/Dollar, the price is in correction from the downward trend and forms the potential for the top of April 18. For the currency pair Pound/Dollar, we follow the development of the downward structure of April 12 and the main trend is expected after the breakdown of 1.2959. For the currency pair Dollar/Franc, we expect the upward trend to resume after the breakdown of 1.0182. For the currency pair Dollar/Yen, we expect the continuation of the movement to the bottom after the breakdown of 111.74 and the level of 112.00 is the key support. For the currency pair Euro/Yen, we are following the formation of the downward structure of April 17, the development of which, we expect after the breakdown of 125.57 and the level of 126.12 is the key support. For the currency pair Pound/Yen, we follow the development of the downward cycle from April 15, we expect the continuation of the downward movement after the breakdown of 144.87 and the level of 145.69 is the key support.

Forecast for April 23:

Analytical review of H1–scale currency pairs:

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For the currency pair Euro/Dollar, the key levels on the H1 scale are 1.1277, 1.1260, 1.1249, 1.1227, 1.1214, 1.1204 and 1.1184. The price is in the correction zone from the downward structure on April 12 and forms the potential for the top of April 18. We expect the continuation of the movement to the top after the breakdown of 1.1227. In this case, the goal is 1.1214 and in the range of 1.1214 – 1.1204 is the consolidation. The potential value for the bottom is the level of 1.1184, the movement to which is expected after the breakdown of 1.1202.

The short-term upward movement is possible in the range of 1.1249 – 1.1260 and the breakdown of the latter value will lead to an in-depth movement. The goal is 1.1277 and this level is the key support for the downward structure.

The main trend is the downward structure of April 12, the stage of correction.

Trading recommendations:

Buy 1.1250 Take profit: 1.1258

Buy 1.1262 Take profit: 1.1275

Sell: 1.1226 Take profit: 1.1214

Sell: 1.1202 Take profit: 1.1184

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For the currency pair Pound/Dollar, the key levels on the H1 scale are 1.3059, 1.3028, 13007, 1.2984, 1.2959, 1.2924 and 1.2876. We follow the development of the local descending structure of April 12. The short-term downward movement is expected in the range of 1.2984 – 1.2959 and the breakdown of the latter value should be accompanied by a pronounced downward movement. The target is 1.2924 and near this level is the consolidation. The breakout of 1.2922 should be accompanied by a pronounced movement to the potential target – 1.2876, from this level, we expect a rollback to the top.

The short-term upward movement is expected in the range of 1.3007 – 1.3028 and the breakdown of the last value will lead to an in-depth correction. The goal is 1.3059 and this level is the key support for the downward structure.

The main trend is the local downward structure of April 12.

Trading recommendations:

Buy: 1.3007 Take profit: 1.3026

Buy: 1.3029 Take profit: 1.3057

Sell: 1.2983 Take profit: 1.2960

Sell: 1.2957 Take profit: 1.2925

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For the currency pair Dollar/Franc, the key levels on the H1 scale are 1.0217, 1.0182, 1.0165, 1.0127, 1.0114, 1.0096 and 1.0082. We continue to monitor the development of the upward structure from April 12. The short-term upward movement is possible in the range of 1.0165 – 1.0182 and the breakdown of the latter value will lead to a movement to the potential target – 1.0217.

The short-term downward movement is possible in the range of 1.0127 – 1.0114 and the breakdown of the latter value will lead to a prolonged correction. The target is 1.0096 and the range of 1.0096 – 1.0082 is the key support for the top.

The main trend is the upward cycle of April 12.

Trading recommendations:

Buy: 1.0165 Take profit: 1.0180

Buy: 1.0184 Take profit: 1.0215

Sell: 1.0127 Take profit: 1.0114

Sell: 1.0112 Take profit: 1.0096

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For the currency pair Dollar/Yen, the key levels on the scale of H1 are 112.57, 112.34, 112.17, 112.00, 111.74, 111.61, 111.44 and 111.34. The situation is in equilibrium. The breakdown of the level of 112.00 will have to form the initial conditions for the upward cycle. In this case, the first goal is 112.17. The breakdown of which, in turn, will allow us to expect a movement to the level of 112.34, near which we expect consolidation, as well as the registration of the expressed initial structure. The potential value for the top is the level of 112.57.

The short-term downward movement is expected in the range of 111.74 – 111.61 and the breakdown of the last value should be accompanied by a pronounced downward movement. In this case, the target is 111.44. The potential value for the bottom is the level of 111.34, after reaching which, we expect consolidation and rollback to the top.

The main trend: the equilibrium situation.

Trading recommendations:

Buy: 112.00 Take profit: 112.17

Buy: 112.18 Take profit: 112.33

Sell: 111.74 Take profit: 111.61

Sell: 111.60 Take profit: 111.45

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For the currency pair Canadian Dollar/Dollar, the key levels on the H1 scale are 1.3509, 1.3479, 1.3438, 1.3421, 1.3401, 1.3374, 1.3322, 1.3306 and 1.3283. We follow the formation of the upward structure of April 17. The resumption of the movement to the top is expected after the breakdown of 1.3374. The first target is 1.3401 and the breakdown of which will allow us to count on the movement towards the level – 1.3421, near this level is the consolidation of the price. The passage of the range of 1.3421 – 1.3438 should be accompanied by a pronounced upward movement. The target is 1.3479 and consolidation is near this level. The potential value for the top is the level of 1.3509, after reaching which, we expect a rollback to the bottom.

The continuation of the movement to the bottom is expected after the price passes the range of 1.3322 – 1.3306. In this case, the first potential target is 1.3283.

The main trend is the ascending structure of April 17.

Trading recommendations:

Buy: 1.3374 Take profit: 1.3400

Buy: 1.3403 Take profit: 1.3420

Sell: 1.3322 Take profit: 1.3306

Sell: 1.3303 Take profit: 1.3285

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For the currency pair Australian Dollar/Dollar, the key levels on the H1 scale are 0.7168, 0.7153, 0.7141, 0.7119, 0.7111, 0.7084, 0.7066 and 0.7041. We follow the development of the downward structure from April 17th. The continuation of the movement to the bottom is expected after the price passes the range of 0.7119 – 0.7111. In this case, the goal is 0.7084 and in the range of 0.7084 – 0.7066 is the short-term downward movement, as well as consolidation. The potential value for the downward cycle is the level of 0.7041, after which we expect the correction.

The short-term upward movement is possible in the range of 0.7141 – 0.7153 and the breakdown of the latter value will lead to an in-depth correction. The target is 0.7168 and this level is the key support for the downward structure.

The main trend is the downward cycle of April 17.

Trading recommendations:

Buy: 0.7141 Take profit: 0.7152

Buy: 0.7154 Take profit: 0.7166

Sell: 0.7111 Take profit: 0.7184

Sell: 0.7182 Take profit: 0.7066

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For the currency pair Euro/Yen, the key levels on the H1 scale are 126.38, 126.12, 125.93, 125.57, 125.23, 124.80 and 124.48. We follow the formation of the downward structure of April 17. The continuation of the movement to the bottom is expected after the breakdown of 125.57. In this case, the goal is 125.23 and price consolidation is near this level. The breakdown of the level of 125.20 should be accompanied by a pronounced move to the level of 124.80. The potential value for the bottom is the level of 124.48, upon reaching which we expect a rollback to the correction.

The short-term upward movement is possible in the range of 125.93 – 126.12 and the breakdown of the last value will lead to a prolonged correction. In this case, the target is 126.38 and this level is the key support for the bottom.

The main trend is the downward structure of April 17.

Trading recommendations:

Buy: 125.93 Take profit: 126.10

Buy: 126.14 Take profit: 126.35

Sell: 125.55 Take profit: 125.30

Sell: 125.20 Take profit: 124.80

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For the currency pair Pound/Yen, the key levels on the H1 scale are 146.02, 145.69, 145.45, 145.16, 144.87, 144.51, 144.28 and 143.80. We follow the development of the downward structure of April 15. The short-term downward movement is expected in the range of 145.16 – 144.87. The breakdown of the latter value will lead to the movement to the level of 144.51 and in the range of 144.51 – 144.28 is the price consolidation. We consider the level of 143.80 as a potential value for the bottom, from this level, we expect a rollback to the top.

The short-term upward movement is possible in the range of 145.45 – 145.69 and the breakdown of the latter value will lead to a prolonged correction. The target is 146.02 and this level is the key support for the downward structure.

The main trend is the development of the downward cycle of April 15.

Trading recommendations:

Buy: 145.45 Take profit: 145.67

Buy: 145.72 Take profit: 146.00

Sell: 145.16 Take profit: 144.90

Sell: 144.84 Take profit: 144.51

The material has been provided by InstaForex Company - www.instaforex.com

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