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GBP/USD is still extending consolidation from 1.3013 and intraday bias remains neutral. On the downside, below 1.2869 will bring deeper correction. But downside should be contained above 38.2% retracement of 1.2248 to 1.3013 at 1.2721. On the upside, break of 1.3013 will resume the rally from 1.2099 towards 1.3433 high.
USD/CAD reversed after edging higher to 1.4414, but stays in established range. intraday bias remains neutral for the moment. Overall, corrective pattern from 1.4791 is still extending. On the upside, break of 1.4414 will argue that it's still in the second leg. Intraday bias will be turned back to the upside fro 1.4541 resistance first, and then 100% projection of 1.4150 to 1.4541 from 1.4234 at 1.4625. On the downside, though, break of 1.42324 support will suggest that the third leg has already started for 1.4150 and below.
Intraday bias in EUR/JPY remains neutral for the moment. Further rise is in favor as long as 160.73 support holds. Above 164.16 will resume the rally from 154.77 to 164.89 resistance, and then 166.67. However, break of 160.73 will turn bias back to the downside for 158.87 support and below. Overall, sideway consolidation pattern from 154.40 is still extending.
Intraday bias in AUD/USD is turned neutral again with current strong recovery. ON the downside, break of 0.6218 will target 0.6186 support first. Firm break there will indicate that corrective pattern from 0.6087 has completed and larger fall from 0.6941 is ready to resume. However, break of 0.6329 will bring stronger rise back to 0.6390/6407 resistance zone instead.
Today’s tariff announcement could give a fresh direction to global markets, but it would be naive to think that today will mark the end of the tariff shenanigans. More likely, it marks the start of another phase of uncertainty and turmoil. The real risk isn’t just the tariffs themselves but the constant threat of escalation, reversals, and retaliation.
Intraday bias in EUR/USD remains neutral for the moment. On the upside, break of 1.0857 resistance will indicate that correction from 1.0963 has completed already. Retest of 1.0953 should be seen first. Firm break there will resume the rally from 1.0176 towards 1.1274 key resistance. However, firm break of 38.2% retracement of 1.0358 to 1.0953 at 1.0726 will bring deeper correction to 55 D EMA (now at 1.0650).
In the US, Donald Trump is widely expected to enact new broad-based tariffs with an expansion to measures against Canada and Mexico, while auto tariffs will wait until Thursday. The first reciprocal tariffs are also due to be announced today, with the latest news focusing on an announcement of alleged 20% tariffs on most goods imported to the US. Read more from Research US: Trump's 'Liberation Day' - What to expect?, 27 March. On the data front, ADP's March private sector employment report will provide markets with the first sense of what to expect from Friday's nonfarm payrolls.
No change in USD/CHF's outlook as consolidation from 0.8757 is still extending. Intraday bias stays neutral at this point. In case of stronger recovery, upside should be limited by 0.8911 support turned resistance. On the downside, break of 0.8757 will resume the fall from 0.9200 to 61.8% retracement of 0.8374 to 0.9200 at 0.8690. Sustained break there will pave the way back to 0.8374 support.
Asian markets traded cautiously today as investors await the long-anticipated reciprocal tariff announcement from the US, dubbed “Liberation Day” by President Donald Trump. Following the mixed close on Wall Street, risk sentiment remains fragile, with traders in clear wait-and-see mode. However, the rebound in commodity currencies overnight hints that some market participants are leaning toward a less aggressive scenario unfolding — a bet that could quickly unravel if reality disappoints.
Intraday bias in USD/JPY remains neutral and outlook is unchanged. Corrective rise from 146.52 could have completed at 151.20 already. Risk will stay on the downside as long as 151.29 resistance holds. Below 148.69 will bring retest of 146.52 low first. Firm break there will resume whole decline from 158.86 towards 139.57 support next.
Current steep decline suggests that corrective pattern from 1.7417 is extending with another falling leg. Intraday bias is turned neutral first. Downside should be contained by 38.2% retracement of 1.6355 to 1.7417 at 1.7011 to bring rebound. On the upside, break of 1.7364 will suggest that larger up trend is ready to resume. However, firm break of 1.7011 will bring deeper correction to 55 D EMA (now at 1.6888).
Today’s (thin) eco calendar (US ADP employment change) obviously loses relevance in anticipation of the White House’s tariff announcement (event planned between 9-10 pm CET with tariffs said to go into effect immediately). A wait-and-see approach is expected. When it comes to the effective announcement, we think that the worse outcome (highest levels, broad application) might be the best from a market/risk point of view in the mid-to long-term.
Intraday bias in EUR/GBP remains neutral for the moment. With the near term falling channel intact, deeper fall is mildly in favor. Break of 0.8314 will resume the decline from 0.8448 towards 0.8239 support. Nevertheless, firm break of 0.8379 will argue that fall from 0.8448 is merely a correction and has completed. Retest of 0.8448 should be seen next.
Intraday bias in GBP/JPY stays neutral as range trading continues. On the upside, break of 195.95 will extend the rally from 187.04 once again, to 198.94 resistance. However, firm break of 192.00 support will turn bias back to the downside for deeper fall. Overall, corrective pattern from 180.00 is still extending.
Range trading continues in EUR/CHF and intraday bias stays neutral for the moment. For now, strong support is still expected from 0.9486 to complete the correction from 0.9660. On the upside, above 0.9581 minor resistance will bring retest of 0.9660 high. Firm break there will resume whole rise from 0.9204. However, sustained break of 0.9489 will dampen this view, and bring deeper fall back to 0.9331 support next.
Eurozone manufacturing showed encouraging signs of recovery in March, with the final PMI Manufacturing reading rising to 48.6, its highest level in 26 months. Output index broke above the 50 mark to 50.5, the first time in growth territory since March 2023. Though still technically in contraction, the steady three-month climb in headline PMI suggests that the worst may be behind for the sector.
The front end suffered a setback after Bloomberg published an article suggesting that more ECB officials appear ready to accept an April rate pause. EUR/USD at the same time moved back from the 1.08 area to a close near 1.0820. “Dovish officials still see the need for further loosening, but may not insist on a seventh reduction since June if their more hawkish colleagues want additional time to assess the data, the people said.
Intraday bias in EUR/CHF stays neutral for the moment. Strong support is still expected from 0.9486 to complete the correction from 0.9660. On the upside, above 0.9581 minor resistance will bring retest of 0.9660 high. Firm break there will resume whole rise from 0.9204. However, sustained break of 0.9489 will dampen this view, and bring deeper fall back to 0.9331 support next.
Intraday bias in EUR/USD remains neutral and outlook is unchanged. On the upside, break of 1.0857 resistance will indicate that correction from 1.0963 has completed already. Retest of 1.0953 should be seen first. Firm break there will resume the rally from 1.0176 towards 1.1274 key resistance. In any case, outlook will remain bullish as long as 38.2% retracement of 1.0358 to 1.0953 at 1.0726 holds.
Intraday bias in USD/JPY is turned neutral with current recovery. Outlook is unchanged that corrective rise from 146.52 has completed at 151.20. Risk will stay on the downside as long as 151.29 resistance holds. Below 148.69 will bring retest of 146.52 low first. Firm break there will resume whole decline from 158.86 towards 139.57 support next.
In Japan, the big quarterly Tankan business survey came in mixed this morning with large manufacturers business sentiment declining to index 12 from 14 in Q4, the lowest reading in a year. The survey was compiled ahead of Trump's auto import plans last week. Large non-manufacturing business conditions increased from 33 to 35, the highest reading since 1991, supported by a spending pickup but importantly also a record-high number of foreign visitors. Inflation expectations edged higher on both a 1, 3 and 5Y horizon as the outlook for wage growth this year continues to look strong. Largely the survey aims nicely with BoJ's plans to hike further, although the impact from tariffs on the key auto industry is still unclear.
No change in GBP/JPY's outlook and intraday bias stays neutral. On the upside, break of 195.95 will extend the rally from 187.04 once again, to 198.94 resistance. However, firm break of 192.00 support will turn bias back to the downside for deeper fall. Overall, corrective pattern from 180.00 is still extending.
March is over, the pain is probably not. Global equity markets kicked off the week on a negative note ahead of the so-called Liberation Day, April 2nd, the day the Trump administration will reveal the reciprocal tariffs to the rest of the world. Based on the strategy adopted by the White House since the beginning of Trump’s second term, tomorrow’s announcement will likely by exaggerated, overdone, buzzy and nerve-wrecking to make the others fear, react and negotiate.
Intraday bias in EUR/GBP stays neutral at this point. On the downside, below 08314 will bring deeper fall back to 0.8239 support. However, firm break of 0.8373 minor resistance will argue that fall from 0.8448 is merely a correction and has completed. Retest of 0.8448 should be seen next.
UK PMI Manufacturing index was finalized at 44.9 in March, down from 46.8 in February, its lowest level in 17 months. The data showed broad-based weakness, with steep declines in output, new orders, and export business. Business optimism also tumbled to its lowest point since November 2022.
Intraday bias in EUR/AUD remains on the upside for retesting 1.7417 high. Firm break there will resume larger up trend, and target 61.8% projection of 1.6355 to 1.7417 from 1.7047 at 1.7703. For now, risk will stay on the upside as long as 1.7047 support holds, in case of retreat.
GBPUSD continues to consolidate after the rebound from the January low of 1.2099 ran out of steam around the 1.3000 area in mid-March. Uncertainty surrounding Trump’s tariffs is likely making it difficult for the bulls to charge ahead with confidence even as the recent UK economic data have been satisfactory.
Intraday bias in GBP/USD remains neutral as consolidations continue below 1.3013. On the downside, below 1.2869 will bring deeper correction. But downside should be contained above 38.2% retracement of 1.2248 to 1.3013 at 1.2721. On the upside, break of 1.3013 will resume the rally from 1.2099 towards 1.3433 high.
USD/CHF is still bounded in consolidation from 0.8757 and intraday bias stays neutral. In case of stronger recovery, upside should be limited by 0.8911 support turned resistance. On the downside, break of 0.8757 will resume the fall from 0.9200 to 61.8% retracement of 0.8374 to 0.9200 at 0.8690. Sustained break there will pave the way back to 0.8374 support.
Range trading continues in EUR/JPY and intraday bias stays neutral. Further rise is in favor as long as 160.73 support holds. Above 164.16 will resume the rally from 154.77 to 164.89 resistance, and then 166.67. However, break of 160.73 will turn bias back to the downside for 158.87 support and below. Overall, sideway consolidation pattern from 154.40 is still extending.
Intraday bias in AUD/USD remains mildly on the downside for 0.6186 support. Firm break there will indicate that corrective pattern from 0.6087 has completed and larger fall from 0.6941 is ready to resume. For now, risk will stay on the downside as long as 0.6329 resistance holds, in case of recovery.
The $DAX appears to be tracing a five-wave impulsive decline from its recent high on March 18, 2025. In Elliott Wave theory, an impulsive structure consists of five distinct waves. Wave 1, 2, 3, 4, and 5 as motive wave moves the direction of the prevailing trend, which in this case is downward. This pattern indicates a strong, directional move, with waves ((i)), ((iii)), and ((v)) being motive (driving the decline) and waves ((ii)) and ((iv)) serving as countertrend corrections.