The question isn't who is going to let me; it's who is going to stop me.
USD
EUR/USD
The Single currency firmed at $1.0963 as a Franco-German proposal for a common 500 billion euro ($543 billion) coronavirus-fuelled Recovery Fund that could move Europe closer to a fiscal union boosted demand for the currency
GBP/USD
The British Pound under pressure below $1.2200 as soft inflation stoked more talk of negative interest rates from the Bank of England to bolster an economy hammered by the coronavirus pandemic.
USD/JPY
The Japanese yen steadied at 107.70 against the greenback on mixed global sentiment on US-China tensions stemming from tweets on late Wednesday from U.S President Trump, suggesting that his Chinese counterpart Xi’s direct responsibility for a “disinformation and propaganda attack on the United States and Europe.”
AUD/USD
The risk-sensitive Aussie erased some of its gains at $0.6616 to $0.6560 following dovish comments from the RBA Governor Lowe, iterating that the RBA was prepared to scale up its stimulative bond purchases if needed.
USD/ZAR
The South African Rand edged up on Wednesday to 18.00 versus the U.S dollar, though investors remained cautious ahead of SARB interest rates decision today.
USD/MUR
On the domestic market, the USD/MUR stayed put at 40.30(selling) range.
11:30 - EUR - German Manufacturing PMI (May)
12:30 - GBP - Composite PMI
12:30 - GBP - Manufacturing PMI
12:30 - GBP - Services PMI
16:30 - USD - Philadelphia Fed Manufacturing Index (May)
18:00 - USD - Existing Home Sales (Apr)
22:30 - USD - Fed Chair Powell Speaks
- 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.
• After rallying to the downside from a high of 112.22 to 101.17 amid global pandemic threat, USD/JPY has been in a correcting mode since 9th March 2020 and seemed to have recently completed an W-X-Y Double Zig-Zag structure of Wave (2) reaching a high of 111.64 on 27th March 2020.
• Two strong indicators were flashing a trend reversal: ending diagonal at Wave 5 of Wave c and bearish RSI divergence.
• On the hourly chart, as per Elliott Wave analysis, the pair might resume its downwards trend targeting 100.64 - 93.78 to unfold Wave (3), a projection of 100%-161.8% of Fibonacci level.
• At 107.70 today, USD/JPY is percolating towards its target from 110.41 to 107.84, as per chart.
• On a side note, resumption of a bullish USD/JPY would mark an invalidation of the Elliott Wave structure above 112.22
