Forex forecasts and market outlooks

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24.02.2020

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

AUD/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from above, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is crossing the price chart from above, current cloud is going to reverse from ascending to descending. The instrument is trading around lower border of the cloud. Borders of the cloud serve as the closest support (73.65) and resistance (73.86) levels

21.02.2020

CAD/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. 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 Kijun-sen line (83.67). One of the previous maximums of Chikou Span line is expected to be a resistance level (84.73).

EUR/NZD: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. 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 (1.7072). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.7142).

GBP/CAD: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, both lines are directed downwards. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (1.7095). The closest resistance level is Kijun-sen line (1.7174).

Key Releases

USD is weakening against its main competitors – EUR, JPY, and GBP. Due to a lack of publications of significant statistics, American investors follow the comments of the Fed representatives. So, yesterday, the vice-chairman of the US regulator, Richard Clarida, in an interview with CNBC expressed doubt that many market participants expected a rate cut shortly.

Retail Sales. Canada, 15:30 (GMT+2)

Canadian Retail Sales data for December are due at 15:30 (GMT+2). Retail Sales indicator measures the change in the total value of inflation-adjusted sales at the retail level, excluding automobiles and gas stations. It is the primary indicator of consumer spending, which influences the GDP. Sales are expected to slow growth from 0.9% to 0.1%. The implementation of the forecast can put pressure on CAD.

Cryptocurrency Market Review

This week, the cryptocurrency market had ambiguous dynamics. At first, quotes grew but then a recession started, as a result of which most of the leading assets lost the gained positions. Currently, Bitcoin is trading at 9590.00 (–1.6%), Ethereum is at 260.00 (+4.0%), Ripple is at 0.2700 (–4.5%), Bitcoin Cash is at 375.00 (–5.9%), while Bitcoin SV is at 286.00 (+0.5%). The total market capitalization decreased from $284 to $279 billion. The share of Bitcoin in the market decreased to 62.9%.