Forex Analysis & Reviews: 15.04.2021 - Trading recommendations for...

15.04.2021 01:18 PM

Trading recommendations for starters of EUR/USD and GBP/USD on April 15, 2021

Yesterday's economic calendar did not have a wide flow of statistical data, so traders only focused their attention of European data.

Here's the details for the economic calendar on April 14:

The European Union released its data on the volume of industrial production, where the growth rate of 0.1% was replaced by a decline of -1.6%, which is quite a lot and indicates a lack of recovery.

What is industrial production?

Industrial production data published by the Statistical Office of the European Union (Eurostat) reflect the volume of production in factories and manufacturing enterprises.

A decline in industrial production negatively affects the Euro currency.

The euro weakened slightly during the publication of statistics.

Analysis of trading charts from April 14:

On Wednesday, the Euro currency (EUR/USD) managed to keep the previously set inertial increase on the market. As a result, the quote sharply moved towards the 1.1987 mark.

It should be noted that the price movement is within the borders of the psychological level of 1.2000 (1.1950/1.2000/1.2050).

The trading recommendation on April 14 considered the slowdown of the upward movement based on a set of factors from technical and fundamental analysis, where speculators still managed to move a little further along the upward trajectory.

Meanwhile, the British currency (GBP/USD) still stayed at the levels of 1.3780/1.3800, although it showed local speculative interest.

It is noteworthy that the trading recommendation of April 14, which considered the local price movement towards the level of 1.3750, coincided. This eventually brought us about 50 points of profit, which is equivalent to $ 50 with a transaction volume of 1 Instalot.

Trading recommendations of EUR/USD and GBP/USD on April 15, 2021

Today, the United States will release its data on the volume of retail sales, where the rate is expected to rise from 6.3% to 7.9%. This is quite good and can be positively assessed by investors.

It should be noted that changes in retail sales are considered the main indicator of consumer spending. The growth of this indicator will be a positive signal, which leads to the strengthening of the US dollar.

USA 12:30 Universal time - retail sales data

Along with retail data, America's weekly unemployment claims figures will also be published and their volume is expected to decline.

Volume of initial applications for benefits may decline from 744 thousand to 700 thousand.
Volume of repeated applications for benefits may decline from 3,734 thousand to 3,700 thousand.

USA 12:30 Universal time - Applications for benefits

The application rate reflects the number of currently unemployed citizens and receiving unemployment benefits. This indicator reflects the state of the labor market, where the growth of the indicator negatively affects the level of consumption and economic growth.

To put it simply, an increase in the number of applications leads to a weakening of the national currency, while a decrease leads to growth.

Looking at the EUR/USD trading chart, it can be seen that the price is moving in the lower part of the area of the psychological level 1.1950/1.2000. Considering the prolonged upward movement and the strong resistance level, it is likely that a decrease in the volume of long positions and an increase in the volume of short positions will be observed.

Sell positions will be considered if the price is held below the level of 1.1950, with the prospect of moving to 1.1920-1.1875.
Buy positions will be considered if the price is held above the level of 1.2000, where the initial expectations may be approximately +20/35 points.

As for the GBP/USD trading chart, one can see price fluctuations in the range of 1.3750/1.3800, which is very similar to the accumulation process before the upcoming acceleration in the market.

In this situation, the most optimal trading tactic is considered to be the method of breaking a particular range boundary, working on the outgoing impulse.

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*这里的市场分析是为了增加您对市场的了解，而不是给出交易的指示。

If you have any content questions, please contact editorial-board@instaforex.com

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