The biggest risk is not taking any risk in a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks.
USD
EUR/USD
The Single currency lost vigor to trade below $1.1300 this morning after the Fed’s sobering outlook cast doubt on hopes for a V-shaped recovery from the pandemic.
GBP/USD
The pound fell sharply against the dollar to $1.2577 and ended its three-week winning streak as bets against sterling hit their highest in eight months amid ongoing Brexit worries.
USD/JPY
The safe-haven yen held on to gains at 107.10/dlr on renewed doubts over the prospects of a quick recovery in the global economy.
AUD/USD
The Australian plunged to $0.6845 as investors wagered domestic interest rates would stay low after the U.S. Federal Reserve pledged to stay near zero through at least 2022.
USD/ZAR
The South Africa's rand nosedived to 17.11 against the U.S dollar as global investors dumped riskier assets and dismal domestic data drove home the economic impact of the COVID-19 pandemic.
USD/MUR
The USD/MUR rose by 15 cents to 40.25(selling) on the domestic market.
10:00 - GBP - Manufacturing Production (MoM) (Apr)
10:00 - GBP - GDP (MoM)
10:00 - GBP - GDP (YoY)
- From an Elliott Wave standpoint, USDCHF could potentially unfold into compelling impulsive Wave C of the zigzag correction of Wave (2) to a narrowing region 0.9550 (50% retracement of Wave (1)) to 0.9395 (100% projection of Wave A through B) in the near term trend, from the downside bias from April 6th high of 0.9797.
- Price could immediately start to shoot back up into Wave (3) on a longer perspective.
- Piercing above the resistance 0.9905 would endorse the structure.
- Alternatively, broader bearish invalidation of Elliott Wave Structure rest at 0.9191 of March 9th low while Relative Strength Index signals a bullish recoil higher for the pair.
