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15.04.2021 12:10 PM
Fractal analysis of major currency pairs on April 15, 2021

Outlook on April 15:

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

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The key levels for the EUR/USD pair are 1.2044, 1.2010, 1.1995, 1.1966, 1.1951 and 1.1921. The price has been moving in an upward trend since March 31. We expect a short-term growth in the 1.1995 - 1.2010 range. If the level of 1.2010 is broken, strong upward movement will continue to the target of 1.2044, from which a downward pullback is expected.

A short-term decline, in turn, is likely in the 1.1966 - 1.1951 range. If the latter is broken, a deep correction will occur. The target is set at 1.1921, which is the key support level.

The main trend is the upward trend from March 31.

Trading recommendations:

Buy: 1.1996 Take profit: 1.2010

Buy: 1.2012 Take profit: 1.2044

Sell: 1.1966 Take profit: 1.1953

Sell: 1.1949 Take profit: 1.1924

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The key levels for the GBP/USD pair are 1.3857, 1.3815, 1.3791, 1.3719, 1.3677, 1.3637, 1.3612, 1.3569 and 1.3534. The price has determined its targets for the downward trend from April 6. We expect this trend to extend after the breakdown of the level of 1.3719. The breakdown of the first target set at 1.3677 will allow us to move to the next level of 1.3637. After that, the price may consolidate in the range of 1.3637 - 1.3612. If the last level is broken, strong decline will continue to the next target of 1.3569. The ultimate potential downward target is set at 1.3534. An upward pullback is possible after reaching this level.

After breaking through the level of 1.3791, the upward trend will form. The target is set at 1.3815 and the price may consolidate near it. If the target is broken, further growth will continue towards the level of 1.3857.

The main trend is the downward trend from April 6, correction stage.

Trading recommendations:

Buy: 1.3791 Take profit: 1.3815

Buy: 1.3817 Take profit: 1.3855

Sell: 1.3717 Take profit: 1.3678

Sell: 1.3675 Take profit: 1.3637

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The key levels for the USD/CHF pair are 0.9283, 0.9248, 0.9226, 0.9187, 0.9161, 0.9108, 0.9086 and 0.9049. The price has been moving in a downward trend since April 1. In this case, we expect a short-term decline in the 0.9187 - 0.9161 range. If the latter is broken, strong decline will continue to the target of 0.9108. Afterwards, another short-term decline, with consolidation, can be expected in the range of 0.9108 - 0.9086. The final potential downward target is located at 0.9049. After reaching this level, an upward pullback can be expected.

On the other hand, short-term growth is likely in the 0.9226 - 0.9248 range. If the level of 0.9248 is broken, a deep correction will occur. The target is set at 0.9283, which is also the key support level.

The main trend is the downward trend from April 1.

Trading recommendations:

Buy: 0.9226 Take profit: 0.9248

Buy: 0.9250 Take profit: 0.9283

Sell: 0.9186 Take profit: 0.9163

Sell: 0.9160 Take profit: 0.9108

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The key levels for the USD/JPY pair are 109.44, 109.20. 109.02, 108.78, 108.61, 108.29, 108.13 and 107.80. The next targets from the local downward trend on April 9 are determined. Thus, we expect a short-term decline in the 108.78 - 108.61 range. Once the latter is broken, further decline will extend to the next target of 108.29. After that, the price may consolidate in the range of 108.29 - 108.13. The final potential downward target is set at 107.80. After reaching this level, an upward pullback may occur.

Meanwhile, a short-term growth is possible in the 109.02 - 109.20 range. If the last value breaks down, a deep correction will occur. The target is set at 109.44, which is also the key support level.

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

Trading recommendations:

Buy: 109.02 Take profit: 109.20

Buy: 109.22 Take profit: 109.44

Sell: 108.60 Take profit: 108.30

Sell: 108.12 Take profit: 107.85

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The key levels for the USD/CAD pair are 1.2578, 1.2554, 1.2535, 1.2501, 1.2487, 1.2463, 1.2449 and 1.2416. The price is monitoring the downward potential from April 13. We expect the decline to continue after the price breaks through the noise range of 1.2501 - 1.2487. Here, the target is set at 1.2463. The price may consolidate in the range of 1.2463 - 1.2449. If the last value breaks down, the movement will resume to a potential target of 1.2416. An upward pull back can be expected upon reaching this level.

A short-term growth can be expected in the 1.2535 - 1.2554 range. If the latter is broken, this will lead to a deep correction. The target is set at 1.2578, which is also the key support level.

The main trend is the downward trend from April 13.

Trading recommendations:

Buy: 1.2535 Take profit: 1.2552

Buy: 1.2555 Take profit: 1.2578

Sell: 1.2485 Take profit: 1.2464

Sell: 1.2447 Take profit: 1.2416

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The key levels for the AUD/USD pair are 0.7813, 0.7790, 0.7742, 0.7721, 0.7686. 0.7655, 0.7626, 0.7584 and 0.7534. The price has been moving in a bullish trend since April 1. We expect this trend to extend after the level of 0.7686 is broken. The target is set at 0.7721. The price may consolidate in the range of 0.7721 - 0.7742. If the last value breaks down, strong growth will develop towards the target of 0.7790. Meanwhile, a short-term growth with consolidation is observed in the 0.7790 - 0.7813 range. The ultimate potential upward target is considered at 0.7860. After reaching this level, the price may consolidate and pullback downwards.

Alternatively, a short-term decline is possible in the 0.7686 - 0.7655 range. If the last value is broken, this will lead to a deep correction. The target is set at 0.7626, which is also the key support level.

The main trend is the upward trend from April 1.

Trading recommendations:

Buy: 0.7744 Take profit: 0.7790

Buy: 0.7813 Take profit: 0.7860

Sell: 0.7686 Take profit: 0.7657

Sell: 0.7653 Take profit: 0.7627

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The key levels for the EUR/JPY pair are 131.72, 131.22, 130.98, 130.61, 130.27, 129.86, 129.57 and 129.16. The price has been moving in an upward trend since March 25. We expect it to consolidate in the range of 130.27 - 130.61. If the last value is broken, it will lead to a strong movement towards the target of 130.98. After that, the price may consolidate in the 130.98 - 131.22 range. The final potential upward target is set at 131.72. After reaching this level, a downward pullback is possible.

A short-term decline, in turn, is possible in the range of 129.86 - 129.57. If the latter breaks down, a deep correction can be expected. The target is set at 129.16, which is the key support level.

The main trend is the upward trend from March 25.

Trading recommendations:

Buy: 130.63 Take profit: 130.98

Buy: 131.23 Take profit: 131.70

Sell: 129.86 Take profit: 129.58

Sell: 129.55 Take profit: 129.16

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The key levels for the GBP/JPY pair are 151.64, 150.81, 150.25, 149.42, 148.66, 147.92, 147.45 and 146.45. The price has been moving in a downward trend since April 6. We expect this trend to continue after the level of 149.42 is broken. The target is set at 148.66 and the price may consolidate around it. After the break down of the specified target, the strong decline will resume towards the target of 147.92. The price may consolidate in the range of 147.92 - 147.45. The final potential downward target is set at 146.45, from which an upward pullback is expected.

A short-term growth is possible in the 150.25 - 150.81 range. If the latter is broken, a deep correction may follow. The target is set at 151.64, which is also the key support level.

The main trend is the downward trend from April 6.

Trading recommendations:

Buy: 150.25 Take profit: 150.80

Buy: 150.84 Take profit: 151.60

Sell: 149.40 Take profit: 148.68

Sell: 148.64 Take profit: 147.92

Daichi Takahashi,
Analytical expert of InstaForex
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