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24.02.2020

EUR/USD: EUR is consolidating

EUR shows ambiguous dynamics against USD during today’s Asian session, correcting after an active growth of the instrument last Friday. The reason for the appearance of active uptrend, in addition to technical factors, was good data on the euro area's business activity for February. Markit Manufacturing PMI rose from 47.9 to 49.1 points with a forecast of a decline to 47.5 points. Markit Services PMI for the same period strengthened from 52.5 to 52.8 points, which also turned out to be better than market expectations. Composite Manufacturing PMI in February rose from 51.3 to 51.6 points with a forecast of 51 points.

Morning Market Review

EUR shows ambiguous dynamics of trading against USD during today's Asian session, correcting after an active growth of the instrument last Friday. The reason for the appearance of active uptrend, in addition to a number of technical factors, was good data on the euro area's business activity for February. Markit Manufacturing PMI rose from 47.9 to 49.1 points with a forecast of a decline to 47.5 points. Markit Services PMI for the same period strengthened from 52.5 to 52.8 points, which also turned out to be better than market expectations.

XAU/USD: wave analysis

The price may grow.

On the daily chart, an upward trend forms as the wave of the higher level C of (B), within which the fifth wave v of C develops. Now, the fifth wave v of C is developing, within which the third wave of the lower level (iii) of v is developing. If the assumption is correct, the price will grow to the levels of 1675.00–1700.00. In this scenario, critical stop loss level is 1611.03.

XAG/USD: wave analysis

The pair may grow.

On the daily chart, the first wave of the higher level 1 of (3) forms, within which the development of the wave v of 1 started. Now, the first entry wave of the lower level (i) of v has formed, and a local correction has ended as the wave (ii) of v. If the assumption is correct, the price will grow to the levels of 19.66–21.00. In this scenario, critical stop loss level is 17.42.

USD/CHF: wave analysis

The pair may fall.

On the 4-hour chart, the third wave of the higher level (3) develops, within which the wave 3 of (3) forms. Now, the first wave of the lower level i of 3 has formed, and a local correction has ended as the wave ii of 3. If the assumption is correct, the pair will fall to the levels of 0.9612–0.9500. In this scenario, critical stop loss level is 0.9847.

AUD/USD: wave analysis

The pair may fall.

On the 4-hour chart, the fifth wave of the higher level 5 of (5) develops, within which the wave v of 5 forms. Now, the fifth wave of the lower level (v) of v is developing, within which the wave iii of (v) has formed, and a correction is developing as the wave iv of (v). If the assumption is correct, the pair will fall to the levels of 0.6545–0.6500. In this scenario, critical stop loss level is 0.6709.

GBP/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are 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 (143.63) and resistance (144.34) levels respectively