Currency Analyst since 2010

Forex trading plan for April 19

  By Elizabeth Belugina

Risk sentiment initially suffered on Monday because of decline in oil prices and an earthquake in Ecuador. However, oil was rather quick to recover the initial losses after the world’s leading oil producers failed on Sunday to reach an agreement on production freeze in Doha. WTI oil closed the bearish gap and returned above $40. Brent tested $42.50 area on the upside. All in all, the market seems rather calm for now, but it fells like it still hasn't chosen longer-term direction. The US will release housing market data at 12:30 GMT.

Resistance for EUR/USD lies at 1.1330/45 – this is the important swing area. Next resistance will be at 1.1375. Don’t miss the release of German and the euro area’s ZEW economic sentiment index at 09:00 GMT. The forecasts are rather good. Support is at 1.1300 and 1.1260.  

GBP/USD is volatile in 1.4130/1.4255 area. There’s trend line resistance in the 1.4300 area ahead of 1.4370 and 1.4460. Support is at 1.4165, 1.4130 and 1.4085.

USD/JPY closed the bearish gap and returned from below 108.00 to 108.80. Resistance is at 109.05 and then at 109.75/110.00 and 110.70. Only above 110.70 the bearish pressure will ease. Support is at 108.45 and 107.65. The decline below 107.60 will open the way for the bigger fall towards 106.50.  

AUD/USD closed the gap and returned above 0.7700. Watch the release of the Reserve Bank of Australia’s meeting minutes at 01:30 GMT. The RBA Governor Glenn Stevens will speak at 13:30 GMT. Resistance is at 0.7760/80. Support is at 0.7630. 

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