Trading plan for April 25

As the geopolitical and trade tensions eased, the US dollar is continuing to rise. The currency is near March highs. However, the situation in markets is unstable.

The EUR/USD pair rebounded from the 100-day MA. For the further movement up, the pair needs to close above the pivot point at 1.2231. So the resistance will lie at 1.2265. However, on Wednesday, the upward movement may slow down as traders will anticipate the ECB meeting on April 26.

UK Public Sector Net Borrowing data was more positive than the forecast and managed to support the pound. GBP/USD did not reach the support at 1.3899 and turned around. The pair is trading near the pivot point. If GBP/USD closes above this level, it will signal an upward movement to the resistance at 1.4003. No important data for the pound is anticipated in next few days.

On Tuesday, the Canadian dollar managed to end a continued upward movement of the USD/CAD pair. The pair was near the resistance at 1.2870 and rebounded. The rise of oil supports the loonie. Today bears need to close the trade below 200-period Moving Average on H4 to continue the movement down. If bears are successful, the support will lie at 1.2676 and then at 1.2740.  

As the geopolitical worries slowed down, USD/JPY is moving up, the pair reached the resistance at 109. If the pair closes above this level, it will move further to 109.46.

Thank you for your attention!


How Powell's hawkish speech will affect the USD and gold?
How Powell's hawkish speech will affect the USD and gold?

The higher prices seen today are generally related to the pandemic, that’s no doubt. US consumer prices jumped in October at the fastest pace in three decades putting the Biden administration on the defensive and increasing prospects that the Federal Reserve will raise interest rates next year. Jerome Powell says Fed will discuss speeding up bond-buying taper at the December meeting. What does it mean for markets?

Latest news

FOMC Meeting, Gold Plunge, and Pound Decrease | Market News
FOMC Meeting, Gold Plunge, and Pound Decrease | Market News

Although the last week was intense, this one may be more dynamic and volatile. After the FOMC meeting and controversial decisions from the Bank of England, we saw a historical pound decrease, and the gold plunge. And there’s even more for you.

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