Forex forecasts and market outlooks

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NZD/USD: technical analysis

On the H4 chart, the uptrend is very strong. The instrument is at the upper border of Bollinger Bands; the indicator cloud is expanded, which indicates the preservation of growth in the short term. MACD histogram is in the positive zone preserving a steady signal for opening long positions. Stochastic is crossing the overbought zone boundary from below, keeping a signal to open long positions.

Morning Market Review

EUR shows ambiguous dynamics of trading against USD during today's Asian session, located near its highs since March 11, which the instrument managed to update the day before. On Thursday, EUR showed the strongest growth in recent times, responding to the ECB's decision to sharply increase the volume of the bond purchase program by an additional EUR 600B. In addition, the purchase program will be extended until the end of June 2021. An additional optimistic signal for the instrument was the fact that the German government approved additional incentive measures worth EUR 130B. European investors are focused on April statistics on the dynamics of factory orders from Germany. The main intrigue of the day will be concentrated around the publication of the May report on the US labor market.

USD/CAD: wave analysis

The pair may fall.

On the 4-hour chart, the third wave of the higher level (3) develops, within which a downward correction develops as the second wave 2 of (3). Now, the wave c of 2 is developing, within which the wave (v) of c is forming. If the assumption is correct, the pair will fall to the levels of 1.3400–1.3300. In this scenario, critical stop loss level is 1.3576.

USD/JPY: wave analysis

The pair may grow.

On the 4-hour chart, an upward wave C of the higher level develops, within which the first wave 1 of (1) of C formed, a correction developed as the wave 2 of (1), and the formation of the wave 3 of (1) began. Now, the first entry wave of the lower level i of 3 has formed, the local correction ii of 3 has ended, and the wave iii of 3 is developing. If the assumption is correct, the pair will grow to the levels of 110.75–111.80. In this scenario, critical stop loss level is 108.20.