Majors Monthly Forecast Apr 2018

EURUSD: Around Critical Resistance! GBPUSD: Bullish With Caution! USDJPY Recovers To Dive Again!

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EURUSD: Around Critical Resistance!

As long as 1.2187 support holds on a monthly closing basis, the EURUSD remains neutral with a risk to the upside, resistance comes at the 1.2555 levels, a break will advance the pair further higher to the 1.3100 levels, a halt is likely and it may turn lower from here, but if this fails to happen, the pair will extend gains to the 1.3445 levels.

On the downside, a failure to hold gains above the 1.2555 levels could mean a return to the 1.2187 levels, a cut through 1.2187 levels will open 1.1960 levels (yearly pivot), a halt is likely but a cut through this level will bring a free fall to the 1.1533 levels, further down, support comes at the 1.1267 levels.

Conclusion: The EURUSD sees upside threats above the 1.2187 levels with caution!

Note: Any rejection below 1.2555 levels on a weekly closing basis is a selling opportunity.

Levels to watch during the month: 1.1960, 1.2187, 1.2555

The yearly chart suggests a yearly closing around/below 1.2091 levels.

For further reading: 

Forecast For 2018, EURUSD Bearish Despite Recovery Attempts.

GBPUSD: Bullish With Caution!

As long as 1.3755 support holds on a monthly closing basis, the GBPUSD remains on the upside to the 1.4277 levels, a halt is likely and it may turn lower from here, however; a break above 1.4277 is needed to push the pair for further upside gains, If seen it will aim the 1.5000/1.5238 levels, further upside, resistance comes at the 1.5930 levels.

A failure to close above 1.4277 in April may bring a long bearish candle in May!

On the downside, a failure to break above the 1.4277 levels could mean a return to the 1.3755 levels, it may turn higher from here, but if this fails to happen, it will decline further to the 1.3223 levels, next support comes at the 1.2733 levels.

Conclusion: The GBPUSD continues to face upside threats above the 1.3755 levels with caution.

Levels to watch during the month: 1.3755, 1.4277

USDJPY Recovers To Dive Again!

As long as 110.48 resistance holds on a monthly closing basis, the USDJPY remains on the downside to the 105.50 levels, a cut through support will open the 101.17 levels, a halt is likely and it may test 105.50 before falling once again, however, below 101.17 will aim the 97.60 levels.

A weekly closing above 107.30 will bring open 110.48 where another fall is very likely!

On the upside, resistance comes at the 107.30 levels, a break will open 110.48 levels (main), it should turn lower from here, but above 110.48 will bring recovery to the 116.12 levels.

Conclusion: The USDJPY continues to face downside threats below the 110.48 levels.

Levels to watch during the month: 101.17, 105.50, 107.30, 110.48

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