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27.03.2020

Morning Market Review

EUR is trading up against USD during today's Asian session, updating local highs of March 17. The instrument is supported by the growth of correctional sentiments in USD, which intensified with the adoption of unprecedented incentives for the US economy. Analysts reckon that approved bills will significantly limit the economic damage from the spread of the coronavirus epidemic. Meanwhile, data from the US labor market, released on Thursday, pointed at rapidly growing risks. Initial Jobless Claims for the week ending March 20 sharply increased from 282K to 3283K, which significantly exceeded expectations of 1000K.

USD/CHF: wave analysis

The pair may fall.

On the daily chart, the third wave of the higher level (3) develops, within which the wave 3 of (3) of the lower level forms. Now, the first wave i of 3 has formed, and a local correction has developed as the second wave ii of 3. If the assumption is correct, the pair will fall to the levels of 0.9167–0.9000. In this scenario, critical stop loss level is 0.9908.

AUD/USD: wave analysis

The pair is in a correction, a fall is possible.

On the daily chart, a downward trend develops as the wave of the higher level (C), within which the wave 3 of (C) forms. Now, the wave iii of 3 of the lower level has formed, and the development of the local correction iv of 3 is ending. If the assumption is correct, the pair will fall to the levels of 0.5260–0.5050. In this scenario, critical stop loss level is 0.6230.

GBP/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (132.155). One of the previous maximums of Chikou Span line is expected to be a resistance level (133.376).

CAD/CHF: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. Kijun-sen and Tenkan-sen lines have become support (0.6802) and resistance (0.6860) levels respectively

AUD/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is descending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Kijun-sen line (65.303). One of the previous maximums of Chikou Span line is expected to be a resistance level (67.419).