EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.1018; the instrument is moving below Ichimoku Cloud, thus indicating n descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.1055 and then resume moving downwards to reach 1.0785. Another signal to confirm further descending movement is the price’s rebounding from the descending channel’s upside border. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 1.1125. In this case, the pair may continue growing towards 1.1205.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.4211; 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 1.4095 and then resume moving upwards to reach 1.4475. 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 1.3905. In this case, the pair may continue falling towards 1.3825.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.5950; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 0.5995 and then resume moving downwards to reach 0.5685. Another signal to confirm further descending movement is the price’s rebounding from the descending channel’s upside border. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 0.6095. In this case, the pair may continue growing towards 0.6185.

GBPUSD is updating its six-month lows while investors are trying to escape from risks.

In the middle of the week, the British Pound reached the lowest levels against the USD since September 3rd, 2019. The current quote for the instrument is 1.2014.

It’s all about investors trying to avoid risks due to quarantine restrictions. The United Kingdom is very serious about the matter and has already recommended people older than 70 to quarantine themselves over a long period of time. A relevant official statement will be announced in the nearest future but it is already known that elderly people were advised to stay at home to avoid the coronavirus. The total number of deaths in the United Kingdom is 21 and all of them were older than 60 years old. The older generation is at risk and the country’s authorities are doing their best to protect it.

The statistics published yesterday showed that the Unemployment Rate in the country went from 3.8% in December to 3.9% in January, although it wasn’t expected to change.  The Average Earnings Index added 3.1% 3m/y against the expected reading of +3.0% 3m/y. The Claimant Count Change showed 17.3K in February after being -0.2K the month before and against the expected reading of 6.2K.

Most likely, March numbers on the employment market will be worse due to active quarantine restrictions and contraction in business conditions. In fact, it may have a very significant influence on the country’s economy at the time of Brexit.

EURUSD, “Euro vs US Dollar”

After forming the ascending structure towards the upside border of the consolidation range at 1.1230, EURUSD has finished another descending impulse along with the correction. Today, the pair may fall towards 1.1050 and then start a new correction with the target at 1.1140.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has broken 1.2282 to the downside. Possibly, today the pair may fall towards 1.2150 and then grow to reach 1.2284, thus forming a new consolidation range. If later the price breaks this range to the downside, the market may resume trading downwards with the target at 1.1950; if to the upside – start a new correction towards 1.2444.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still consolidating around 0.9457. Today, the pair may form onу more ascending wave towards 0.9522. Later, the market may start a new decline to return to 0.9457 and then resume trading upwards with the target at 0.9580.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating around 106.42. Possibly, today the pair may grow to reach 107.94. After that, the instrument may form a new descending structure towards 106.50 and then start another growth with the target at 108.70.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD continues falling. Today, the pair may reach 0.6056 and then resume growing with the target at 0.6170.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is consolidating around 74.47. Possibly, today the pair may expand the range up to 76.00. Later, the market may resume trading downwards with the target at 72.05.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is moving upwards. Today, the pair may reach 1.4046 and then start a new correction towards 1.3915. After that, the instrument may resume trading upwards with the target at 1.4200.

XAUUSD, “Gold vs US Dollar”

After reaching another short-term downside target at 1461.50, Gold has completed the ascending impulse towards 1519.00 along with the correction at 1485.70; right now, it is consolidating around 1500.50. If later the price breaks this range to the upside, the market may correct towards 1550.75; if to the downside – resume trading inside the downtrend with the target at 1400.00.

BRENT

Brent continues falling; it has broken 31.00. According to the main scenario, the price may reach 27.98 and then start another correction to return to 31.00. Later, the market may resume trading downwards with the first target at 25.05.

BTCUSD, “Bitcoin vs US Dollar”

BTCUSD, “Bitcoin vs US Dollar”

BTCUSD is trading at 5273.00; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 5445.00 and then resume moving downwards to reach 2655.00. Another signal to confirm further descending movement is the price’s rebounding from the descending channel’s upside border. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 6825.00. In this case, the pair may continue growing towards 7605.00. After breaking the Triangle’s downside border and fixing below 3865.00, the price may resume moving downwards.

XAUUSD, “Gold vs US Dollar”

XAUUSD is trading at 1487.00; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1505.00 and then resume moving downwards to reach 1375.00. Another signal to confirm further descending movement is the price’s rebounding from the rising channel’s downside border. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 1555.00. In this case, the pair may continue growing towards 1605.00.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.6029; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6045 and then resume moving downwards to reach 0.5875. Another signal to confirm further descending movement is the price’s rebounding from the descending channel’s upside border. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 0.6155. In this case, the pair may continue growing towards 0.6225.

The major currency pair is “gaining a bit weight” on Tuesday morning amid another financial meltdown.

On Tuesday morning, EURUSD is slowly rising. The current quote for the instrument is 1.1176.

It was very hot on stock markets yesterday. First of all, investors didn’t like the Fed’s decision to cut the benchmark rate, which was reduced down to zero. At the same time, the regulator announced another buyout of securities.

Also, on Monday, US President Donald Trump said that he didn’t exclude a possibility of the recession in the country’s economy and assumed that the coronavirus pandemic might last at least until the midsummer.

The waters were smoothed by the Trump administration. According to the Markets Insider, the heart of Trump’s plan is a suspension of payroll taxes that would last until the end of the year and cost over $800 billion, according to estimates.

The latest statistics didn’t make any good. The Empire State Manufacturing Index plummeted to -21.5 points in March after being 12.9 points in the previous month. The report is minor but it perfectly describes a possible economic situation in the nearest future.

Today, one should pay attention to the Retail Sales in the USA in February, which may add 0.2% m/m after expanding by 0.3% m/m in January.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the pair continues growing and updating its highs; it has formed an Engulfing reversal pattern close to the resistance level. Right now, USDCAD is expected to start reversing; the downside target is at 1.3850. The current situation implies that after completing a pullback the price may resume growing towards 1.4090. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may continue growing without forming a correction towards 1.3850.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the pair continues the descending tendency. After completing a Hammer reversal pattern near the support level, AUDUSD is reversing. Later, the price may complete a correction at 0.6169 and then resume trading downwards. Still, the instrument may choose a different scenario and continue falling towards 0.5940 without any corrections.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the pair is testing the descending channel’s upside border; by now, USDCHF has formed several reversal patterns, such as Shooting Star, near the resistance level. The current situation suggests that the pair may reverse and then continue the descending tendency with the target at 0.9243. However, one shouldn’t ignore another scenario, according to which the instrument may return to 0.9530.

AUDUSD, “Australian Dollar vs US Dollar”

In the H4 chart, AUDUSD is moving below 3/8. In this case, the pair is expected to break 2/8 and then continue falling to reach the support at 0/8. However, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may continue growing towards 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.

NZDUSD, “New Zealand Dollar vs US Dollar”

As we can see in the H4 chart, NZDUSD is moving inside the “oversold area”. In this case, the pair is expected to break 0/8 and then continue growing to reach the resistance at 2/8. However, this scenario may no longer be valid if the price breaks -2/8. After that, the lines in the chart will be redrawn, thus indicating new downside targets.

In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, may continue moving upwards.

USDJPY is growing on Tuesday morning; however, investors’ demand in the Yen as a “safe haven” asset is still here.

On Tuesday morning, the Japanese Yen is retreating against the USD. The current quote for the instrument is 106.51.

Yesterday, the Bank of Japan decided to expand its easy monetary policy to help the country’s economy fight the consequences of the coronavirus spread and its influence on global economies all over the world. The Japanese regulator made a decision to loosen its monetary policy even more by applying different tools and mechanisms, from buying government bonds to providing liquidity in American dollars.

Moreover, policymakers also introduced a new operation to provide loans against corporate debt as collateral at the interest rate of 0% with maturity up to 1 year.

The core QE program remained unchanged at ¥2T; it will continue at least until September 2020.

The regulator believes that both external and internal financial conditions became less advantageous due to the Covid-19 outbreak. Uncertainty in the global economy remains high, thus making the economic activity weaker.

The BoJ is another large central bank that actively participates in helping global financial conditions reach stability. Meanwhile, the Yen is being used by market players as usual when it is necessary, as a “safe haven” asset.

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, after reaching 38.2% fibo, EURUSD has started a new correction to the downside. If the pair fails to break the low at 1.0777, the next rising wave may reach 50.0% and 61.8% fibo at 1.1665 and 1.1875 respectively. The key support is the low at 1.0777.

The H1 chart shows more detailed structure of the current correction. After reaching 61.8%, the pair is trading sideways. The next downside wave may reach 76.0% fibo at 1.0949. The resistance is the high at 1.1495.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the daily chart, after testing the post-correctional extension area between 138.2% and 161.8% between 101.48 and 99.66 respectively, USDJPY has quickly rebounded for a new correction or a trend reversal. To confirm the trend reversal, the price must break the key resistance at 112.23.

The H4 chart shows a rising correction after a descending impulse. The price has already reached 61.8% fibo and may continue moving towards 76.0% fibo at 109.59. If the price breaks the latter level, the instrument may continue growing to reach the high at 112.23. The support is at 101.18.