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04 April chart overview for EURUSD, GBPUSD and AUDUSD

Pair EURUSD continues its withdrawal from Friday after encountering resistance at 1.11870. The euro quickly retreated below 1.11000 and the MA200 moving average.
The pound is currently consolidating at 1.31000 levels below the MA20 and MA50 moving averages, and we are very close to the bottom trend line.
Pair AUDUSD has been moving sideways in the range of 0.74500-0.75500 for the last week.
In February, German exports recovered faster than expected, today’s Destatis data showed on Monday.

EURUSD chart analysis

Pair EURUSD continues its withdrawal from Friday after encountering resistance at 1.11870. The euro quickly retreated below 1.11000 and the MA200 moving average. During the Asian session, we consolidated around 1.10500, and as the European session began, the euro continued to weaken and made a break below 1.10500. Today’s low was at 1.10200. From the bottom, we will soon come across a March line of support, and if the euro stays above, we can expect a new recovery. We need a break below the support line and 1.10000 support levels for the bearish option. We are looking for the next support zone at 1.090000, and if it does not last, our next support is at 1.08000 in March, a lower low. For the bullish option, we need a new positive consolidation from which a new bullish impulse will emerge. We need a jump above 1.110000 and MA200 for a more specific bullish sign on the chart. Our first target is the previous high at 1.11870, and we need EURUSD to form a new higher high above 1.12000 in order to form a positive shift for the bullish option. Our next target is the 1.13000 level, the consolidation zone from February. Our February maximum was at 1.15000, where the previous pullback started.

GBPUSD chart analysis

The pound is currently consolidating at 1.31000 levels below the MA20 and MA50 moving averages, and we are very close to the bottom trend line. If the strengthening of the dollar continues, we will probably see a break below this line. The first lower support is at 1.30000, the March and this year’s minimum. Despite the fact that BOE has increased its interest rate, the pound is still failing to consolidate for a potential recovery. Also, from the top, we have a resistance line formed since February 23 (higher high). The next attempt at the bullish trend was stopped at 1.33000 on March 23. After that, the pair formed a lower high on the chart, which is an indicator of the continuation of the bearish trend. The good thing about the pound is that it has not formed a new lower low that would confirm the bearish trend. We need a break above the top resistance line and 1.32000 levels for the bullish option. In the zone around 1.32500, we find the MA200 moving average. Our next target is the zone from the beginning of March 1.33000-1.34000. If the GBPUSD pair breaks above this zone, it would be a logical sign that we are returning to the bullish long-term trend.

AUDUSD chart analysis

Pair AUDUSD has been moving sideways in the range of 0.74500-0.75500 for the last week. Since the beginning of February, we have been in the bullish trend after the pair AUDUSD found support at 0.69640. At the bottom, a trend line has already been formed that supports this bullish trend. Our technical support is 0.74500, and if a break occurs below, then we can expect a pullback down to a zone around 0.73500 on the support line. For the bullish option, we need a break above the upper zone of the current resistance at 0.75500. After that, our target is the 0.76000-0.67500 zone in which the following consolidation could take place for further bullish continuation.

Market overview

Positive trade balance for Germany

In February, German exports recovered faster than expected, today’s Destatis data showed on Monday.

Exports rose 6.4 percent on a monthly basis, offsetting a 3.0 percent drop in January. The previous forecast was that deliveries would increase by 1.5 percent.

Imports rose 4.5 percent in February, from a 4.0 percent drop in January. Economists forecast a monthly growth of 1.4 percent.

As a result, the trade surplus rose to seasonally adjusted 11.5 billion euros from 8.9 billion euros in the previous report. This report was very positive above the economists’ forecast of 9.6 billion euros.

Year-on-year, exports rose 14.4 percent after rising 11.1 percent in the previous month. Over the same period, import growth fell to 24.5 percent from 25.9 percent.

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