The fundamental law of investing is the uncertainty of the future.
USD
EUR/USD
The Shared currency extended its rally to $1.1158 on hopes that war in Ukraine might be entering a new de-escalating phase.
GBP/USD
The Cable ticked up to $1.3115 as investors await UK’s GDP later today.
USD/JPY
The Japanese yen lost ground to 122.22 against the U.S dollar as the four-day bond-buying program of the BOJ concluded today.
AUD/USD
The Aussie dollar dropped to $0.7485 as the antipodeans reacted negatively to the announcement bu the Australian government that it will impose tariff increases on all imports from Russia.
USD/CAD
The Canadian dollar strengthened to its highest level in nearly five months against its U.S. counterpart to 1.2427 as oil prices rose and investors assessed prospects of Russia reducing military operations in parts of Ukraine.
USD/ZAR
South Africa's rand firmed at 14.52 against the U.S dollar as signs of progress in Russia-Ukraine peace talks lifted risk appetite.
USD/MUR
The dollar-rupee unchanged at 44.50(selling).
11:55 - EUR - German Unemployment Change (Mar)
16:30 - USD - Initial Jobless Claim
16:30 - CAD - GDP (MoM)(Jan)
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.
