BTCUSD, “Bitcoin vs US Dollar”

As we can see in the H4 chart, after reaching the post-correctional extension area between 138.2% and 161.8% fibo at 4878.75 and 3929.75 respectively, BTCUSD is still correcting upwards. By now, it has slowed down a bit at 38.2% fibo but after a short pause may continue growing towards 50.0% and 61.8% fibo at 7210.70 and 7987.75 respectively. The support is the low at 3929.75.

In the H1 chart, there is a divergence on MACD, which may indicate a new pullback. The targets may be 23.6%, 38.2%, and 50.0% at 6378.80, 6009.60, and 5706.50 respectively. The resistance is the high at 6983.00.

ETHUSD, “Ethereum vs. US Dollar”

As we can see in the H4 chart, after rebounding from the psychologically important level at 100.00, the pair is correcting. The first correctional wave has already reached 23.6% fibo; right now, the instrument is consolidating. The next correctional targets may be at 38.2% and 50.0% fibo at 166.13 and 189.40 respectively. The support is the low at 89.80.

The H1 chart shows more detailed structure of the current consolidation around 23.6% fibo.

GBPUSD continues to recover, ignoring the news about new outbreaks of the coronavirus.

The British Pound continues growing against the USD on Friday. The current quote for the instrument is 1.2227.

The national currency is not responding to the news that the British Prime Minister Boris Johnson was diagnosed with the coronavirus. The Pound remained indifferent, just like when it ignored a similar piece of news about Prince Charles.

Yesterday, the Bank of England had a scheduled meeting and decided to keep the key interest rate intact at 0.1%. The regulator has already revised the rate twice this month and the current value is the lowest ever, that’s why it was pointless to expect another cut. The Quantitative Easing program also remained unchanged at £645B.

The statistics published a bit earlier showed that the CPI in the United Kingdom in February was 1.7% y/y (the same as expected) after being 1.8% y/y in the previous month. The Core CPI also showed 1.7% y/y but still improved after being 1.5% y/y in January.

The PPI Input in February lost 1.2% m/m, better than expected but still worse than before. The PPI Output lost 0.3% m/m, although it wasn’t expected to change.

It can be clearly seen that manufacturers were the first to notice the contraction in demand and decided to revise prices in order not to increase stock reserves.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, USDJPY is trading above 5/8. In this case, the price is expected to continue growing towards the resistance at 8/8. However, this scenario may no longer be valid if the price breaks 6/8 to the downside. After that, the instrument may continue trading downwards to reach the support at 5/8.

In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue moving upwards to reach 8/8 from the H4 chart.

USDCAD, “US Dollar vs Canadian Dollar”

In the H4 chart, the pair is moving not far from 3/8. In this case, USDCAD may break this level and then continue falling towards the support at 2/8. However, this scenario may no longer be valid if the price breaks 4/8 to the upside. After that, the instrument may trade upwards to reach the resistance at 5/8.

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue trading downwards.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after updating its highs, USDCAD is still correcting; it has formed a Harami reversal pattern and right now is trying to reverse. In this case, the downside target is at 1.4290. The current situation implies that after testing the channel’s downside border the instrument may form a reversal pattern and then resume growing with the target at 1.4780.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the pair continues the correction within the descending tendency. After completing a Hammer reversal pattern near the support level, AUDUSD is still reversing and testing the resistance level. Later, the price may complete the correction at 0.6077 and then resume trading upwards to reach 0.6270. Still, the instrument may choose a different scenario and continue falling towards 0.5752 or even 0.5520.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the pair is still forming a new ascending channel; by now, USDCHF has formed a Harami reversal pattern near the support level. The current situation suggests that the pair may reverse and then start a new growth with the target at 0.9950. However, one shouldn’t ignore another scenario, according to which the instrument may fall and return to 0.9739.

EURUSD, “Euro vs US Dollar”

After forming the ascending impulse towards 1.0887 and completing the correction at 1.0744, EURUSD is moving upwards. If later the price breaks 1.0815 to the upside, the market may continue growing towards 1.0943; if 1.0740 to the downside – resume trading downwards with the target at 1.0700.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has finished the ascending impulse towards 1.1800; right now, it is consolidating below this level. Possibly, the pair may break this level to the upside and then trade upwards to reach 1.1910. After that, the instrument may break the latter level as well and then continue growing with the target at 1.2145.

USDCHF, “US Dollar vs Swiss Franc”

After finishing the correction towards 0.9842, USDCHF is falling to break 0.9760. Later, the market may continue trading downwards with the short-term target at 0.9686.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating around 110.70; it has expanded the range up to 111.70 and right now it falling to test 110.70 from above. After that, the instrument may start another growth to reach 111.90 and then form a new descending structure with the target at 110.70.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still trading upwards to reach 0.6136. After that, the instrument may correct to the downside with the target at 0.5822.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is falling towards 78.38. Later, the market may break this level and continue trading downwards with the short-term target at 76.02.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is falling. Possibly, today the pair may reach 1.4333 and then consolidate below it. After that, the instrument may break 1.4333 to the downside and continue the descending wave with the target at 1.4171.

XAUUSD, “Gold vs US Dollar”

After completing the ascending structure at 1577.50 and forming a new consolidation range around it, Gold has broken the range to the upside. Possibly, the pair may continue trading upwards. Today, the price may reach 1650.50 and then start another correction with the target at 1577.50.

BRENT

Brent is still consolidating around 27.77. Today, the pair may grow to break 28.70 and then continue trading upwards with the target at 30.80.

BTCUSD, “Bitcoin vs US Dollar”

BTCUSD is consolidating around 6500.00. The main scenario implies that the instrument may resume growing to reach 7500.00 and then correct towards 5700.00. After that, the instrument may start another growth with the target at 7000.00.

On Wednesday morning, GBPUSD intends to recover despite weak statistics.

The British Pound is still correcting against the USD. The current quote for the instrument is 1.1831.

The statistics published yesterday showed that the CBI Industrial Order Expectations dropped to -29 points in March after being -18 points in February and against the expected reading of -38 points.

The preliminary report on the Manufacturing PMI showed 48.0 points in March after being 51.7 points in the previous month and against market expectations of 45.1 points. The Services PMI plummeted by much more, down to 35.7 points after being 53.2 points and against the expected reading of 45.0 points.

So far, only one of the three reports was much weaker than expected. However, for the tertiary sector is okay: due to quarantine restrictions, the country’s population stays at home, so the final reports on these indicators might be even worse.

Later today, the United Kingdom will continue publishing the statistics. This time, it will be the CPI and the Core CPI, the PPI Input and Output, the RPI and the HPI. All these reports are for February, that’s why might be significantly outdated.

The major currency pair is slowly growing in the middle of the week; investors have an attitude for risks.

On Wednesday, EURUSD remains positive. The current quote for the instrument is 1.0817.

Market players see that the US Federal Reserve is quite aggressive when it comes to the stimulus program and start moving away from “safe haven” assets, such as the USD, thus helping other traded currencies to recover.

The New Home Sales in the USA showed 765K in February, which is a bit better than expected, 750K. the month before, the indicator was 800K.

The Markit Services PMI dropped to 39.1 points in March after being 49.4 points in the previous month. The Markit Manufacturing PMI went from 50.7 points to 49.2 points over the same period of time.

It’s clearly seen that due to slump in demand the tertiary industry suffers more serious but may recover at the same pace. The decline of the manufacturing sector is not so obvious but it may continue for a long time, thus causing much more serious consequences.

Later in the evening, market players should pay attention to the Durable Goods Orders, which may lose 1.0% m/m in February. The report itself is rather volatile because it contains a lot of variables.

BTCUSD, “Bitcoin vs US Dollar”

BTCUSD is trading at 6676.00; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 6185.00 and then resume moving upwards to reach 8210.00. Another signal to confirm further ascending movement is the price’s rebounding from the rising channel’s downside border. However, the scenario that implies further growth may be canceled if the price breaks the cloud’s downside border and fixes below 5635.00. In this case, the pair may continue falling towards 4965.00.

AUDCAD, “Australian Dollar vs Canadian Dollar”

AUDCAD is trading at 0.8661; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.8565 and then resume moving upwards to reach 0.9005. Another signal to confirm further ascending movement is the price’s rebounding from the descending channel’s upside border. However, the scenario that implies further growth may be canceled if the price breaks the cloud’s downside border and fixes below 0.8675. In this case, the pair may continue falling towards 0.8675.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.5890; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at 0.5785 and then resume moving upwards to reach 0.6195. Another signal to confirm further ascending movement is the price’s rebounding from the upside border of a Triangle pattern. However, the scenario that implies further growth may be canceled if the price breaks the cloud’s downside border and fixes below 0.5665. In this case, the pair may continue falling towards 0.5575. After breaking the cloud’s upside border and fixing above 0.5985, the price may resume moving upwards.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the daily chart, GBPUSD is trying to fix below the low at 1.1958. At the same time, the current slight growth may be considered as a test of the broken low from below and a rising correction. After finishing the pullback, the pair may continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.1366 and 1.0996 respectively. the resistance is 61.8% fibo at 1.2552.

In the H1 chart, the convergence made the pair reverse and correct upwards to reach 23.6% fibo. The next upside targets may be 38.2% and 50.0% fibo at 1.2095 and 1.2305 respectively. the support is the low at 1.1409.

EURJPY, “Euro vs. Japanese Yen”

As we can see in the daily chart, after testing the low at 115.86 and rebounding from it, EURJPY may start a new long-term rising impulse. Right now, the pair is trying to break the resistance at 38.2% fibo (120.19). If the pair succeeds, it may grow to reach the fractal high at 122.87. If this level is broken as well, the instrument may start a new long-term growth with the first target at 38.2% fibo (124.13).

In the H4 chart, the pair is re-approaching 38.2% fibo at 120.19. In the future, the instrument is going to break this level. It’s only a matter of time.