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10.12.2019

Morning Market Review

EUR shows moderate growth against USD during today's Asian session, continuing the development of the "bullish" impulse formed yesterday. At the same time, buying activity for the instrument in the market remains reduced, as investors expect the Fed meeting on Wednesday and the ECB meeting on Thursday. The euro is adding only 0.03%. Published on Monday, macroeconomic statistics from Europe provides the pair with moderate support.

GBP/USD: wave analysis

The pair may grow.

On the 4-hour chart, the first wave 1 develops within the started third wave (3) of the higher level. Now, a downward correction has ended as the wave iv of 1, and the fifth wave v of 1 develops, within which the third wave of the lower level (iii) of v is forming. If the assumption is correct, the pair will grow to the levels of 1.3275–1.3387. In this scenario, critical stop loss level is 1.3026.

EUR/USD: wave analysis

The pair may grow.

On the 4-hour chart, the first wave of the higher level 1 of (1) of 3 develops, within which the formation of the third wave iii of 1 started. Now, the first entry wave (i) of iii has formed, and the local correction (ii) of iii has ended. If the assumption is correct, the pair will grow to the levels of 1.1176–1.1252. In this scenario, critical stop loss level is 1.0981.

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 above the price chart, current cloud is ascending. 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 (142.81). One of the previous maximums of Chikou Span line is expected to be a resistance level (143.10).

CAD/CHF: 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 is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Kijun-sen line (0.7464). The closest resistance level is Tenkan-sen line (0.7470).

AUD/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is approaching the price chart from below, current cloud is descending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (74.20). The closest resistance level is the lower border of the cloud (74.35).

Consumer Price Index. China, 03:30 (GMT+2)

At 03:30 (GMT+2), data on the consumer price index in the PRC for November will be released. It is the main indicator of the inflation rate in the country and determines the change in the level of retail prices for a certain “basket” of goods and services: food, transport, utilities, healthcare and so on. It has a significant impact on monetary policy decisions. It is expected that CPI will grow from 3.8% to 4.2% YoY and slow down growth from 0.9% to 0.1% MoM.