MARKET UPDATES FOR 28TH APRIL 2020

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Chart Commentary Disclaimer: Adewale’s views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Don’t blindly buy and sell the markets/products discussed in this newsletter, do your own research, and be aware of the risks and rewards.

EUR/USD

Key Zones– 1.0861,1.0636,Support and 1.1137,1.0983 Resistance

Price Action– Smal bearish Pin.

Commentary. Our yesterday commentary, we anticipated the formation of a bearish pin bar in the near term giving the dominant bearish momentum in the recent time. There is a high probability of continuation of the recent downtrend bias.

The next key support is at 1.0636 zones.

AUD/JPY

Key Zone– 69.93, 69.17 resistance, 65.50,64.89 supports

Price Action– Fakey Setup.

Commentary– The pair formed a bullish fakey setup today after the inside bar that was formed last Friday. The dominant trend is bearish. The present rally is more like a retracement in the midterm. We anticipate that the bullish fakey formed my be a bearish trap given the dominant market condition.

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