Fractal analysis of major currency pairs on April 24

Dear colleagues.

For the currency pair Euro/Dollar, the next targets for the downward movement are determined from the local structure on April 22. For the currency pair Pound/Dollar, the continuation of the movement downwards is expected after the breakdown of 1.2924 and the upward movement is considered as a correction. For the currency pair Dollar/Franc, the continuation of the upward movement is expected after the breakdown of 1.0225 and the downward movement is considered as a correction. For the currency pair Dollar/Yen, the price is in equilibrium. For the currency pair Euro/Yen, the continuation of the downward cycle from April 17 is expected after the breakdown of 125.20. For the currency pair Pound/Yen, the continuation of the main trend is expected after the breakdown of 144.28 and the level of 145.16 is the key support.

Forecast for April 24:

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 1.1261, 1.1239, 1.1226, 1.1200, 1.1184, 1.1175 and 1.1152. We follow the formation of a local downward structure from April 22. We expect the continuation of the downward movement after the breakdown of 1.1200. In this case, the goal is 1.1184 and consolidation is near this level. The passage of the price of the range of 1.1184 – 1.1175 will lead to a pronounced movement. The potential target is 1.1152, from this level, we expect a rollback to the top.

The short-term upward movement is possible in the range of 1.1226 – 1.1239 and the breakdown of the latter value will have to form an upward structure. The potential target is 1.1261.

The main trend is the downward structure of April 12, the local structure of April 22.

Trading recommendations:

Buy 1.1226 Take profit: 1.1237

Buy 1.1241 Take profit: 1.1260

Sell: 1.1200 Take profit: 1.1184

Sell: 1.1175 Take profit: 1.1152

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For the currency pair Pound/Dollar, the key levels on the H1 scale are 1.3028, 1.3007, 1.2978, 1.2953, 1.2924, 1.2891, 1.2870 and 1.2823. We continue to follow the development of the local downward structure from April 12. The continuation of the movement towards the bottom is expected after the breakdown of 1.2924. In this case, the goal is 1.2891 and in the area of 1.2891 – 1.2870 is the price consolidation. The potential value for the bottom is the level of 1.2823, after reaching which, we expect a rollback to the top.

The short-term uptrend is expected in the area of 1.2953 – 1.2978 and the breakdown of the last value will lead to an in-depth correction. The target is 1.3007 and the range of 1.3007 – 1.3028 is the key support for the downward structure. The potential value for the top is the level of 1.3028.

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

Trading recommendations:

Buy: 1.2953 Take profit: 1.2976

Buy: 1.2980 Take profit: 1.3007

Sell: 1.2924 Take profit: 1.2891

Sell: 1.2870 Take profit: 1.2825

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For the currency pair Dollar/Franc, the key levels on the H1 scale are 1.0286, 1.0257, 1.0225, 1.0193, 1.0176 and 1.0146. We continue to monitor the development of the upward structure from April 12. The continuation of the movement to the top is expected after the breakdown of 1.0225. In this case, the goal is 1.0257 and consolidation is near this level, and hence the probability of a turn to the bottom is high. The potential value for the top is the level of 1.0286, after reaching which, we expect a correction.

The short-term downward movement is possible in the area of 1.0193 – 1.0176 and the breakdown of the last value will lead to a prolonged correction. The target is 1.0146 and this level is the key support for the top.

The main trend is the ascending cycle of April 12.

Trading recommendations:

Buy: 1.0225 Take profit: 1.0255

Buy: 1.0258 Take profit: 1.0286

Sell: 1.0193 Take profit: 1.0176

Sell: 1.0174 Take profit: 1.0146

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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 the movement to the level of 112.34, near which we expect consolidation, as well as the registration of the expressed initial structure. We consider the level of 112.57 as a potential value for the top.

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. We consider the level of 111.34 as a potential value for the bottom, 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 1.3554, 1.3509, 1.3480, 1.3422, 1.3401 and 1.3370. We follow the development of the ascending cycle of April 17. The continuation of the movement to the top is expected after the breakdown of 1.3480. In this case, the target is 1.3509 and consolidation is near this level. The potential value for the uptrend is the level of 1.3554, the movement to which is expected after the breakdown of 1.3510.

The short-term downward movement is possible in the area of 1.3422 – 1.3401 and the breakdown of the latter value will lead to an in-depth correction. The target is 1.3370 and this level is the key support for the top.

The main trend is the ascending structure of April 17.

Trading recommendations:

Buy: 1.3480 Take profit: 1.3508

Buy: 1.3510 Take profit: 1.3554

Sell: 1.3422 Take profit: 1.3403

Sell: 1.3400 Take profit: 1.3372

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For the currency pair Australian Dollar/Dollar, the key levels on the H1 scale are 0.7084, 0.7062, 0.7047, 0.7022, 0.7003, 0.6991 and 0.6967. We follow the development of the downward structure from April 17th. The continuation of the movement towards the bottom is expected after the breakdown of the level of 0.7022. In this case, the target is 0.7003 and in the area of 0.7003 – 0.6991 is the price consolidation. The potential value for the bottom is the level of 0.6967, after reaching which, we expect a rollback to the top.

The short-term upward movement is possible in the range of 0.7047 – 0.7062 and the breakdown of the latter value will lead to a deep correction. The goal is 0.7084 and this level is the key support for the downward structure.

The main trend is the downward cycle of April 17.

Trading recommendations:

Buy: 0.7047 Take profit: 0.7060

Buy: 0.7063 Take profit: 0.7082

Sell: 0.7020 Take profit: 0.7003

Sell: 0.6990 Take profit: 0.6967

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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 from April 17. The consolidated movement is expected in the range of 125.57 – 125.23. The breakdown of the level of 125.20 should be accompanied by a pronounced movement 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 area 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: 125.20 Take profit: 124.80

Sell: 124.76 Take profit: 124.48

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For the currency pair Pound/Yen, the key levels on the H1 scale are 145.69, 145.53, 145.16, 144.87, 144.51, 144.28, 143.80 and 143.41. We continue to monitor the development of the downward structure from April 15. The short-term downward movement is expected in the range of 144.51 – 144.28. The breakdown of the latter value will lead to the movement to the level of 143.80 and consolidation is near this level. We consider the level of 143.41 as a potential value for the bottom and we expect a rollback to the top from this level.

The short-term upward movement is possible in the area of 144.87 – 145.16 and the breakdown of the latter value will lead to a prolonged correction. The target is 145.53 and the range of 145.53 – 145.69. Before it, we expect the potential for the upward structure.

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

Trading recommendations:

Buy: 144.88 Take profit: 145.14

Buy: 145.18 Take profit: 145.53

Sell: 144.51 Take profit: 144.30

Sell: 144.26 Take profit: 143.90

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

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