22.04.202111:22 Forex Analysis & Reviews: Fractal analysis of major currency pairs on April 22, 2021

Outlook on April 22:

Analysis of popular currency pairs on the hourly (H1) chart:

The key levels for the EUR/USD pair are 1.2218, 1.2195, 1.2160, 1.2128, 1.2088, 1.2046, 1.2022, 1.1994 and 1.1943. The price has formed a local upward trend from April 19. We expect this trend to continue after the level of 1.2088 is broken. The target is set at 1.2128. Afterwards, a short-term growth and consolidation can be expected in the range of 1.2128 - 1.2160. If the latter is broken, this will allow us to further rise to the potential target of 1.2218. After reaching this level, the price may consolidate in the 1.2195 - 1.2218 range, from which a downward pullback can be expected.

A short-term decline, in turn, is likely in the 1.2022 - 1.1994 range. If the last value is broken, the downward trend will form. The potential target is set at 1.1943.

The main trend is the local upward trend from April 19.

Trading recommendations:

Buy: 1.2088 Take profit: 1.2126

Buy: 1.2030 Take profit: 1.2160

Sell: 1.1990 Take profit: 1.1945

Sell: Take profit:

The key levels for the GBP/USD pair are 1.4122, 1.4096, 1.4033, 1.4008, 1.3970, 1.3945, 1.3894, 1.3862, 1.3836 and 1.3809. The price has been developing the upward trend since April 12. We expect a short-term growth in the range of 1.3945 - 1.3970. If the last value breaks down, growth will continue to the first target of 1.4008. After that, the price may consolidate in the 1.4008 - 1.4033 range. The breakdown of the last value will lead to a strong growth towards the target of 1.4096. The final potential upward target is set at 1.4122. After reaching this level, the price may consolidate and pullback downward.

Meanwhile, a short-term decline is possible in the 1.3894 - 1.3862 range. If the level of 1.3862 breaks down, a deep correction will occur. The target is set at 1.3836 and the price can consolidate in the range of 1.3836 - 1.3809.

The main trend is the upward trend from April 12, correction stage.

Trading recommendations:

Buy: 1.3945 Take profit: 1.3970

Buy: 1.3973 Take profit: 1.4008

Sell: 1.3894 Take profit: 1.3864

Sell: 1.3860 Take profit: 1.3836

The key levels for the USD/CHF pair are 0.9248, 0.9226, 0.9187, 0.9161, 0.9108, 0.9086, 0.9049, 0.9026 and 0.8977. The price has been moving in a downward trend since April 1. We expect it to further decline to the level of 0.9108. After that, the price may consolidate in the range of 0.9108 - 0.9086. If the level of 0.9086 breaks down, strong decline will continue to the next target of 0.9049. Another price consolidation can be expected in the 0.9049 - 0.9026 range. The final potential downward target is 0.8977. After reaching this level, an upward pullback can be expected.

The price is likely to consolidate in the 0.9161 - 0.9187 range. If the last value is broken, a deep correction will occur. The target is set at 0.9226. The key support is in the range of 0.9226 - 0.9248.

The main trend is the downward trend from April 1.

Trading recommendations:

Buy: 0.9161 Take profit: 0.9186

Buy: 0.9188 Take profit: 0.9226

Sell: 0.9085 Take profit: 0.9050

Sell: 0.9024 Take profit: 0.8980

The key levels for the USD/JPY pair are 109.11, 108.84, 108.52, 108.35, 107.85, 107.70, 107.50, 107.36 and 107.05. The price has been moving in a local bearish trend since April 9. In this case, a short-term decline and a consolidation is observed in the range of 107.85 - 107.70. If the latter is broken, the strong downward trend will continue to the next target of 107.50. After that, the price may consolidate in the 107.50 - 107.36 range. The final potential downward target is set at 107.05. After reaching this level, an upward pullback is possible.

On the other hand, a short-term growth is expected in the 108.35 - 108.52 range. If the last value is broken, it will lead to a deep correction. The target is set at 108.84, which is also the key support level.

The main trend is the local downward trend from April 9.

Trading recommendations:

Buy: 108.35 Take profit: 108.52

Buy: 108.54 Take profit: 108.84

Sell: 107.70 Take profit: 107.50

Sell: 107.34 Take profit: 107.09

The key levels for the USD/CAD pair are 1.2652, 1.2576, 1.2538, 1.2512, 1.2459, 1.2415, 1.2341. 1.2311 and 1.2251. The price canceled the development of the upward trend and so, we are now watching the formation of the downward trend from April 21. We expect the downward movement to resume after the level of 1.2459 is broken. The target is set at 1.2415 and the price may consolidate around it. The breakdown of this target will lead to the development of a strong decline towards the next target of 1.2341. After that, the price may consolidate in the 1.2341 - 1.2311 range. The final potential downward target is set at 1.2251. After reaching this level, an upward pullback is possible.

A short-term growth is possible in the 1.2512 - 1.2538 range. If the latter breaks down, a deep correction will occur. The target is set at 1.2576, which is also the key support level.

The main trend is the downward trend from April 21.

Trading recommendations:

Buy: 1.2512 Take profit: 1.2537

Buy: 1.2539 Take profit: 1.2574

Sell: 1.2458 Take profit: 1.2417

Sell: 1.2413 Take profit: 1.2341

The key levels for the AUD/USD pair are 0.7779, 0.7754, 0.7698, 0.7669, 0.7628, 0.7610 and 0.7560. The price has been monitoring the initial conditions for the downward trend of April 20. We expect this trend to extend after the level of 0.7698 is broken. The target is seen at 0.7669 and the price may consolidate near it. If this target breaks down, strong decline will continue to the next target of 0.7628. Another price consolidation can be expected in the 0.7628 - 0.7610 range. The ultimate potential downward target is 0.7560. An upward pullback is expected after reaching this level.

Alternatively, short-term growth is likely in the 0.7754 - 0.7779 range. If the last value is broken, this will encourage the formation of initial conditions for an upward trend. Here, the potential target is set at 0.7818.

The main trend is the initial conditions for the downward trend from April 20.

Trading recommendations:

Buy: 0.7755 Take profit: 0.7779

Buy: 0.7781 Take profit: 0.7818

Sell: 0.7698 Take profit: 0.7670

Sell: 0.7667 Take profit: 0.7630

The key levels for the EUR/JPY pair are 131.22, 130.91, 130.57, 130.30, 130.09, 129.70, 129.55, 129.19, 128.89, 128.59 and 128.38. The price is forming the downward trend from April 20. We expect this trend to extend after the price breaks through the range of 129.70 - 129.55. In this case, the target is set at 129.19. On the other hand, there is a short-term decline and consolidation in the 129.19 - 128.89 range. The final potential downward target is 128.38. After reaching this level, the price may consolidate and pullback upwards.

A short-term growth can be expected in the 130.09 - 130.30 range. If the level of 130.30 breaks down, a deep correction will occur. The target is set at 130.57, which is also the key support level.

The main trend is the formation of a downward trend from April 20.

Trading recommendations:

Buy: 130.10 Take profit: 130.28

Buy: 130.32 Take profit: 130.57

Sell: 129.55 Take profit: 129.20

Sell: 129.17 Take profit: 128.90

The key levels for the GBP/JPY pair are 154.33, 153.90, 152.92, 152.29, 151.34, 150.34, 149.96 and 149.35. The price has been following the formation of the bullish trend from April 16. We expect it to further rise after the level of 151.34 is broken. The target is set at 152.29. On the other hand, a short-term growth, as well as consolidation can be expected in the 152.29 - 152.92 range. The ultimate potential upward target is set at 154.33. After reaching this level, the price may consolidate in the range of 153.90 - 154.33 and pullback downwards.

A short-term decline can be expected in the range of 150.34 - 149.96. If the latter is broken, this will encourage the downward trend to develop. The potential target is set at 149.35.

The main trend is the formation of an upward trend from April 16.

Trading recommendations:

Buy: 151.35 Take profit: 152.29

Buy: 152.32 Take profit: 152.90

Sell: 150.34 Take profit: 149.97

Sell: 149.94 Take profit: 149.37