Daily F.X. Analysis, April 29 – Brace for the U.S. GDP & FOMC Today! 

On Wednesday, the dollar was on the rear foot as the slowing range of the coronavirus and progress to re-open economies boosted the trader's mood, ahead of major central bank meetings.

Traders will be waiting to inspect if the U.S. central bank provides any evidence on its projected policy path following it reacted to the economic desolation of the COVID-19 pandemic by severing rates, buying bonds, and backstopping credit markets.

Economic Calendar     

BTC/USD - Daily Analysis

A day before, the leading cryptocurrency Bitcoin continued to trade sideways in the wake of thing trading volume in the market. The trend is bearish while its volatility is increasing. BTC/USD is dancing at $7,683, although it has touched $7,795 (intraday high) to the upside.

So far, the Bitcoin prices continue to move in a tight trading range of 7,625 - 7,800. Traders seem to wait until the bitcoin prices violate this range and determine the apparent trend. Hence, we can do sideways trading until this range gets violated. 

Previously, the BTC/USD abruptly soared over $7,700, indicating the remainder of the weekend, accompanying with the weekly close will generate higher than typical levels of movement. Overall, the BTC/USD prices remained comparatively stable during the weekend and even on Monday, maintaining last week's accumulated gains over $7,500. Nevertheless, the bullish action immediately extended on the upper side, with $8,000 being the immediate resistance. 

BTC/USD - Daily Technical Levels

Support Resistance 

7,694        7,815

7,622        7,864

7,573        7,936

Pivot Point 7,743

BTC/USD – Daily Forecast

On Wednesday, the BTC/USD prices were following a sideways movement, but just now, it has violated the sideways trading range of 7,625 - 7,800. At the moment, the BTC/USD price is holding over 7,800 resistance level, and a bullish breakout of 7,800 is likely to lead the BTC/USD prices further higher until 8,004. While the bearish breakout of 7,625 level can lead the Bitcoin prices further lower towards 7,448 area. On the 4 hour timeframe, the Bitcoin has also formed an upward channel which is suggesting odds of bullish trend continuation in the Bitcoin. Let's look for buying trades over 7,800 levels until the trading range violated.

EUR/USD – U.S. GDP Figures In Focus 

The EUR/USD continues to trade at 1.08450 after soaring to 1.0880 level on Tuesday. The broad-based U.S. dollar draw offers and reporting losses on the day in the wake of risk-on market sentiment, which eventually supports the currency pair. 

At the USD front, the bearish sentiment around the U.S. dollar eased and taking bids due to higher U.S. yields While the 10-year hit 0.65%, the highest level since April 17. As we know, President Donald Trump continues to push for re-opening the U.S. economy keeps the U.S. dollar bullish. Market's risk-tone remains mostly inactive with the U.S. 10-year Treasury yield taking rounds to 0.65% and getting mixed performances from the Asian stocks.

The German Chancellor Merkel showed some willingness to offer almost EUR 1 trillion as financial support for a coronavirus recovery package. The leaders failed to reach an agreement on the size of the fund, and it should share the burden of financing with those countries that run fiscal and trade surpluses.

Later today, the eyes will remain on the U.S. GDP figures and Federal Reserve FOMC rate decision to determine further trends in the market. 

EUR/USD - Daily Technical Levels

Support Resistance 

1.0798 1.0878

1.0764 1.0924

1.0718 1.0958

Pivot Point 1.0844

EUR/USD – Daily Forecast

The EUR/USD is trading at 1.0845 level, and it's expected to face a resistance level of 1.0880, which is stretched by a bearish trendline on the 4-hour timeframe. The 50 EMA is suggesting buying, while the Stochastic is also holding above 50, both are suggesting a bullish trend in the EUR/USD. Today, the EUR/USD may find support around 1.0770 area while the breakout of this level may extend selling until 1.0720. On the higher side, resistance continues to hold around 1.08860 level, and selling should be preferred below this level. 

GBP/USD - Choppy Sessions 

On Wednesday, the GBP/USD shows a bullish trend as the U.S. dollar weakens while catching the bids to 1.2475, up 0.40% on a day before the start of the European session. The pair observed a pullback on the previous day amid uncertainties over the U.K. government's coronavirus (COVID-19) figures. Nevertheless, the pre-FOMC, US GDP mood appears to restore the pair's strength.

At present, the GBP/USD is training at 1.2475 and consolidates in the range between the 1.2520 - 1.2420. The Sterling crawled higher versus the U.S. dollar as traders turned their focus to Federal Reserve and European Central Bank conferences this week while officials could publish further incentives to ease the shock on their economies of the coronavirus crisis.

At the Brexit front, the European Union's (E.U.) E.U.'s Chief Negotiator Michel Barnier said that the discussions of Brexit have been disappointing so far. The major reason behind could be the Tory government's refrain from extending the Brexit deadline from December 31, 2020.

At the USD front, the bearish sentiment around the U.S. dollar eased and taking bids due to higher U.S. yields, while the 10-year hit 0.65%, the highest level since April 17. President Donald Trump continues to push for re-opening the U.S. economy keeps the U.S. dollar bullish.

Market's risk-tone remains mostly inactive with the U.S. 10-year Treasury yield taking rounds to 0.65% and getting mixed performances from the Asian stocks. 

GBP/USD - Daily Technical Levels

Support Resistance 

1.2387 1.2502

1.2338 1.2568

1.2272 1.2617

Pivot Point 1.2453

GBP/USD – Daily Forecast

The GBP/USD pair trading bullish around 1.2476 level, and it's exhibiting strong bullish bias, especially due to profit-taking in the U.S. dollar. On the 4 hour timeframe, the GBP/USD has formed a bullish engulfing candle, which is suggesting strong odds of bullish trend continuation in the GBP/USD pair. 

Continuation of a bullish trend may lead the GBP/USD prices further higher until 1.2522 level, while support holds around 1.2453 level today. The 50 periods EMA and RSI are staying in a bullish zone. Hence we should look for buying trades in the Cable today. 

Good luck!