Fractal analysis of major currency pairs as of April 17

Source: Forex Analysis

Dear colleagues.

For the currency pair Euro/Dollar, we expect the continuation of the upward cycle from April 2 after the breakdown of 1.1327 and the level of 1.1280 is the key support. For the currency pair Pound/Dollar, the price is in equilibrium: 1.3088 is the key resistance for the top, 1.3027 is the key resistance for the downward movement. For the currency pair Dollar/Franc, subsequent key targets were determined from the local upward structure on April 12. For the currency pair Dollar/Yen, we follow the development of the upward structure from April 10 and we expect the upward movement to continue after the breakdown of 112.17. For the currency pair Euro/Yen, we continue to monitor the upward structure of April 10; the level of 126.95 is the key resistance and the level of 126.18 is the key support. For the currency pair Pound/Yen, the price is in a deep correction from the upward structure and the level of 145.64 is the key support.

Forecast for April 17:

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: 1.1370, 1.1352, 1.1327, 1.1291, 1.1280 and 1.1259. We continue to monitor the development of the upward structure from April 2.We expect the upward movement to continue after the breakdown of 1.1327. In this case, the target is 1.1352 and the potential value for the top is considered the level of 1.1370, after reaching which we expect consolidation in the range of 1.1370 – 1.1352, as well as a possible rollback to the correction.

The short-term downward movement is possible in the area of 1.1291 – 1.1280 and the breakdown of the latter value will lead to a prolonged correction. The goal is 1.1259 and this level is the key support for the top.

The main trend is the ascending structure of April 2.

Trading recommendations:

Buy 1.1328 Take profit: 1.1350

Buy 1.1354 Take profit: 1.1370

Sell: 1.1290 Take profit: 1.1280

Sell: 1.1278 Take profit: 1.1262

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For the currency pair Pound/Dollar, the key levels on the H1 scale are: 1.3189, 1.3123, 1.3088, 1.3027, 1.2984, 1.2959, 1.2924 and 1.2876. The price entered the equilibrium state. The continuation of the downward movement is possible after the breakdown of 1.3027. In this case, the first target is 1.2984. The short-term downward movement is expected in the area of 1.2984 – 1.2959 and the breakdown of the latter value will lead to the movement to the level of 1.2924, near this value we expect consolidation. The potential value for the bottom is the level of 1.2876, from which we expect a correction.

The short-term upward movement is possible in the area of 1.3088 – 1.3123 and the breakdown of the latter value will have to develop an upward trend. The first potential target is 1.3189.

The main trend is the equilibrium situation.

Trading recommendations:

Buy: 1.3090 Take profit: 1.3120

Buy: 1.3124 Take profit: 1.3187

Sell: 1.3025 Take profit: 1.2987

Sell: 1.2984 Take profit: 1.2960

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For the currency pair Dollar / Franc, the key levels on the H1 scale are: 1.0125, 1.0114, 1.0096, 1.0082, 1.0064, 1.0055 and 1.0041. We determined the subsequent goals for the top from the local structure on April 12. The short-term upward movement is possible in the area of 1.0082 – 1.0096 and the breakdown of the latter value should be accompanied by a pronounced upward movement. The target is 1.0114. The potential value for the top is considered the level of 1.0125, after reaching which we expect consolidation, as well as a rollback to the top.

The short-term downward movement is possible in the area of 1.0064 – 1.0055 and the breakdown of the latter value will lead to a prolonged correction. The target is 1.0041 and this level is the key support for the top.

The main trend – local upward structure from April 12.

Trading recommendations:

Buy: 1.0082 Take profit: 1.0094

Buy: 1.0098 Take profit: 1.0114

Sell: 1.0064 Take profit: 1.0055

Sell: 1.0053 Take profit: 1.0041

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For the currency pair Dollar/Yen, the key levels on the scale of H1 are: 113.06, 112.88, 112.57, 112.34, 112.17, 111.87, 111.74 and 111.48. We follow the development of the ascending structure from April 10. The short-term upward movement is expected in the area of 112.17 – 112.34 and the breakdown of the latter value will lead to the movement to the level of 112.57, near which we expect consolidation. The breakdown of 112.60 should be accompanied by a pronounced upward movement. The goal is 112.88. The potential value for the top is the level of 113.06, upon reaching which we expect consolidation, as well as a rollback to the correction.

The short-term downward movement is possible in the area of 111.87 – 111.74 and the breakdown of the latter value will lead to a prolonged correction. The target is 111.50 and this level is the key support for the upward structure.

The main trend is the rising structure of April 10.

Trading recommendations:

Buy: 112.17 Take profit: 112.32

Buy: 112.36 Take profit: 112.55

Sell: 111.87 Take profit: 111.75

Sell: 111.72 Take profit: 111.55

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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. The price is still close to the cancellation of the upward structure from April 9, which requires a breakdown of the level 1.3306. In this case, the first potential target is 1.3283. We expect a resumption of the upward movement 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 price consolidation. The passage of the price of the range of 1.3421 – 1.3438 should be accompanied by a pronounced upward movement. The goal is 1.3479, near this level consolidation. The potential value for the top believes the level of 1.3509 at which the expected roll back down.

The main trend is the formation of the upward potential of April 9, the stage of deep correction.

Trading recommendations:

Buy: 1.3374 Take profit: 1.340

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: 0.7268, 0.7250, 0.7220, 0.7209, 0.7186, 0.7173, 0.7157 and 0.7137. We follow the development of the ascending structure from April 11. We expect the upward movement to continue after the price passes the range of 0.7209 – 0.7220. In this case, the target is 0.7250. The potential value for the top is the level of 0.7268, upon reaching this value, we expect consolidation, as well as a rollback to the bottom.

The short-term downward movement is possible in the range of 0.7186 – 0.7173 and the breakdown of the latter value will lead to an in-depth correction. The goal is 0.7157 and this level is the key support for the top Its price passage will have to form the initial conditions for the downward cycle. In this case, the goal is 0.7137 .

The main trend is the local structure for the top of April 11.

Trading recommendations:

Buy: 0.7220 Take profit: 0.7250

Buy: 0.7252 Take profit: 0.7266

Sell: 0.7186 Take profit: 0.7173

Sell: 0.7170 Take profit: 0.7158

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For the currency pair Euro/Yen, the key levels on the H1 scale are: 127.58, 127.16, 126.95, 126.77, 126.38, 126.18 and 125.89. We follow the development of the ascending structure from April 10. The short-term upward movement is expected in the area of 126.77 – 126.95, the breakdown of the latter value will lead to the movement to the level of 127.16, near which we expect consolidation. The potential value for the top is considered to be the level of 127.58, the movement to which is expected after the breakdown of 127.18.

The short-term downward movement is possible in the area of 126.38 – 126.18 and the breakdown of the latter value will lead to a prolonged correction. In this case, the target is 125.90 and this level is a key support for the top.

The main trend is the rising structure of April 10.

Trading recommendations:

Buy: 126.77 Take profit: 126.95

Buy: 126.97 Take profit: 127.16

Sell: 126.38 Take profit: 126.20

Sell: 126.14 Take profit: 125.90

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For the currency pair Pound/Yen, the key levels on the H1 scale are: 147.80, 147.54, 147.13, 146.81, 146.54, 145.94, 145.64 and 145.23. The price is in the correction area from the upward structure on April 9 and the resumption of the upward movement is expected after the breakdown of 146.54. In this case, the first goal is 146.81. The breakdown of 146.81 will allow us to count on the movement to 147.13, near this level, the price consolidation. Breakout of the level of 147.13 must be accompanied by a strong upward movement, the potential target here – 147.80, reaching this level of consolidation is expected in the area of 147.54 – 147.80, as well as a pullback in a correction of the downward structure of April 14, here the first potential target is 145.23.

The main trend is the ascending structure of April 9, the stage of deep correction.

Trading recommendations:

Buy: 146.54 Take profit: 146.80

Buy: 146.83 Take profit: 147.10

Sell: 145.94 Take profit: 145.66

Sell: 145.62 Take profit: 145.28

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