Daily Technical Analysis April 16th 2024

1. EUR/USD Analysis:
News Summary:
Although Eurozone trade grew significantly in February, the impact of trade on the Eurozone economy appears to have turned positive in the first few months of this year. Eurozone trade jumped sharply in January and the surplus narrowed this month, but the trend of improvement in eurozone goods trade remains, and services exports will also drive net trade in the first quarter.

Trend Analysis:
We can see EUR/USD fluctuated and rebounded, but it still ran below the 48 hours moving average on H4 chart. In addition, the MACD double line and the energy column expanded below the zero axis. The buy limit could be placed, stop loss is mandatory.

Today's Key Price Levels:
Key Support Levels: [1.0570]
Key Resistance Levels: [1.0720]
Pivot Points [1.0600]

2. USD/JPY Analysis:

News Summary:
After the release of strong US retail sales data for March, investors reduced their bets on the Federal Reserve to cut interest rates, indicating that the interest rate differential between the United States and Japan may continue to remain high. The USD/JPY stood at 154.00, setting a new high since 1990, exceeding some institutions warned of level that could trigger direct Japanese intervention. Japanese officials said they were prepared to take action to support the yen if needed.

Trend Analysis:
We can see USD/JPY oscillates upwards and is still running above the 48 hours moving average on H4 level. On the other hand, the MACD energy column and double line is shrinking above the zero axis. The sell limit could be arranged, stop loss is necessary.

Today's Key Price Levels:
Key Support Levels: [153.40]
Key Resistance Levels: [155.70]
Pivot Points [155.00]