The core problem, however, is the need to fit markets into a style of trading rather than finding ways to trade that fit with market behaviour.
USD
EUR/USD
The Shared currency cascaded to $1.1068 on higher EU Unemployment Rate and EU/Russia economic tensions after Russian President Vladimir Putin doubled down on a demand that European nations pay for Russian gas in roubles.
GBP/USD
The Cable sailed higher to $1.3132 on the upbeat UK's GDP data, attention on US NFP data later today.
USD/JPY
The Japanese yen extended its losing streak against the greenback on elevated prices of base metals, food items, and energy amid Russia’s invasion of Ukraine have made a devastating impact on the Japanese yen.
AUD/USD
The Aussie dollar ticked down to $0.7475 as China's Caixin Manufacturing PMI contracted to 48.1 in March, data showed earlier today.
USD/CAD
The Loonie firmed at 1.2515 against the U.S dollar as investors cheered Canada's potential combination of increased government spending and interest rate hikes.
USD/ZAR
South African rand slipped to 14.64 per U.S dollar as uncertainty over the war in Ukraine dragged on and commodity prices, which benefit the resource-rich country, fell.
USD/MUR
The dollar-rupee soared by 20 cents at 44.70(selling) on U.S dollar strength.
11:55 - EUR - German Manufacturing PMI (Mar)
12:30 - GBP - Manufacturing PMI (Mar)
16:30 - USD - Non-Farm Payroll (Mar)
16:30 - USD - Unemployment Rate (Mar)
18:00 - USD - ISM Manufacturing PMI (Mar)
After bouncing back from key resistance level 0.6262 from the upside as per our last forecast (see below) , NZDCHF sworn down to 0.6144 but lacked sufficient selling pressure to continue its downtrend.
It appears that final wave Y of W-X-Y correction is quite complex and there might be 2 scenarios popping up in the near term.
Scenario 1 : we could have reached final wave ‘e’ before downtrend resumes. (As per Elliott wave principle a triangle can be formed as final wave C of wave Y of W-X-Y correction)
Key resistance level is wave ‘e’ of barrier triangle of wave C – 0.6259.