Source: PaxForex Premium Analytics Portal, Technical Insight
The Dallas Fed released its Texas Manufacturing Outlook Survey for April.:
- 37.3 versus the expected 30;
- Previous reading 28.9;
- Manufacturing 34.0 vs. previous 48.0;
- Price and Wage Pressure vs. previous reading 66.0.
USD/JPY, 30 min
Pivot: 108.27
Analysis:
Provided that the currency pair is traded above 108.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 108.27
- Take Profit 1: 108.55
- Take Profit 2: 108.70
Alternative scenario:
In case of breakdown of the level 108.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 108.00
- Take Profit 1: 107.85
- Take Profit 2: 107.60
Comment:
Technically RSI shows the possibility of an uptrend during the day.
Key levels:
| Resistance | Support |
| 108.85 | 108.00 |
| 108.70 | 107.85 |
| 108.55 | 107.60 |
USD/JPY, D1
Pivot: 107.88
Analysis:
While the price is below 109.70, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 107.88
- Take Profit 1: 107.00
- Take Profit 2: 105.80
Alternative scenario:
If the level 109.70 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 109.70
- Take Profit 1: 111.00
- Take Profit 2: 112.20
Comment:
RSI shows a medium-term downtrend.
Key levels:
| Resistance | Support |
| 112.20 | 107.00 |
| 111.00 | 105.80 |
| 109.70 | 104.90 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD – sell below 1.2095 with 1.2040 and 1.2020 targets as Take Profit. Alternative scenario - if the level 1.2095 is broken-out, buy with the TP 1.2115 and 1.2130.
GBP/USD - short positions below 1.3910 with 1.3840 and 1.3820 targets as Take Profit. Alternative scenario - if the level of 1.3910 is broken-out, buy with the targets 1.3930 and 1.3950 as Take Profit.
USD/CHF - buy above 0.9135 with 0.9190 and 0.9210 as Take Profit targets. Alternative scenario - if the level of 0.9135 is broken-down, you should consider selling with the targets 0.9120 and 0.9105 as Take Profit.
