Fearlessness is not the absence of fear. It is the mastery of fear. It's about getting up one more time than we fall down.
USD
EUR/USD
The Single currency ventured further beyond $1.1200 this morning as waning pandemic fears and hopes policymakers will support the eurozone’s weakest economies encouraged the global quest for higher returns.
GBP/USD
The Pound spiked to its highest in a month above $1.2550 as signs that Britain might be willing to compromise on sticking points, including fisheries and trade rules, in Brexit negotiations with the European Union.
USD/JPY
The Yen slumped to 108.55 undermined by heavy and broad selling of the haven yen, amid market is reportedly waiting for G7 finance ministers to hold a conference call on Wednesday.
AUD/USD
The Aussie ran roughshod to $0.6936 as risk-on sentiment is being driven by investors’ reduced U.S-Sino concerns, and echoed by Australia's central bank as it kept interest rates steady at 0.25%.
USD/ZAR
The Rand extended gains to 17.10 per dollar buoyed by hopes for global economic recovery.
USD/MUR
In Mauritius, the USD/MUR slipped to 40.15(selling) pressured by BOM’s intervention on Tuesday and as U.S dollar haven exodus remained unabated on the International market.
11:55 - EUR - German Unemployment Change (May)
12:30 - GBP - Composite PMI (May)
12:30 - GBP - Services PMI (May)
16:15 - USD - ADP Nonfarm Employment Change (May)
18:00 - USD - ISM Non-Manufacturing PMI (May)
18:00 - CAD - BoC Interest Rate Decision
18:30 - USD - Crude Oil Inventories
- 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
