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USD
EUR/USD
The single currency crunched from $1.1780 to $1.1733, as speculation mounted about a possible shift in policy ahead of the two-day Federal Reserve meeting ending on Wednesday.
GBP/USD
The cable pierced to $1.2907 yesterday before retreating to $1.2855 this morning, on reports that the European Union's Brexit negotiator Michel Barnier expressed confidence that a new deal with Britain was possible.
USD/JPY
The anti-risk yen trimmed gains to 105.54 against the dollar as the U.S. dollar witnessed an oversold bounce across the globe.
AUD/USD
The Aussie receded from $0.7176 to $0.7130, perturbed by the downbeat Australian jobs data as total payrolls fell 1.1% between mid-June and mid-July.
USD/ZAR
The rand edged higher to 16.43 against the greenback spurred by a sliding dollar, as increasing U.S. coronavirus infections stalled demand for the reserve currency.
USD/MUR
The Mauritian rupee surged by 40 cents to 40.15(selling) against the dollar buoyed by the intervention of Bank of Mauritius on the domestic market.
18:00 - USD - CB Consumer Confidence (Jul)
After rallying from bottoming all time low at 101.20 to 111.71 in covid-fueled March period, dwarfing an expanding leading diagonal ((1)) in 5 waves, USD/JPY has ever since unfolded in a corrective double three combination pattern (W)-(X)-(Y) of wave ((2)).
From an Elliott Wave trading standpoint, the pair may experience further decline to the choppy downside to complete countertrend wave (Y) because- An impulse usually retraces to at least wave (4) of previous smaller trend, that is 105.19.
- Wave (4) of wave ((1)) coincides with 61.8% Fibonnacii retracement of wave ((1)), i.e 105.19.
- 78.6% projection wave (W) through (X) targets level 105.30.
- In EW lexicon, a pullback to the previous wave (2) usually happen to a leading diagonal ((1)).
- Post-triangle thrust measurement of wave B of (Y) leads exactly to 105.20.
- USD/JPY is still trading within the bearish parellel trendlines.
Thus, hibernation of price action could be seen in the locality of 105.30/19.On the flipside, a violent recoil to revive bullish momentum at 109.84 of June 4th would nullify this set-up, warning that the potency of positioning-derived bearish signal may be ebbing.
On the hourly Chart, The USD/CAD has found strong support again near $1.3350 region yesterday. The pair fell to as low as $1.3345 before bouncing off relentlessly to as high as $1.3444 this morning.
We feel that the USD/CAD could be in an early stage of a bullish run towards $1.4017 in the coming months.
On the downside, $1.3315 remains a strong baseline , while a break below that level would open the door for further weakness on the USD/CAD near $1.3200.
