Think long, dream big, act decisively. This is the way to deal with business cycles.
USD
EUR/USD
The fiber slumped to $1.0825 as May benchmark U.S crude oil futures settled to an eye-popping low of -$37.63 a barrel last night, a 306% daily drop, driven by the rapid filling of the U.S' main storage hub at Cushing, Oklahoma.
GBP/USD
The Cable plunged to $1.2390 after Britain's death toll from the novel coronavirus increased and officials said it was too soon to talk about easing the lockdown.
USD/JPY
The safe-haven yen, caught a bid wave on risk-off trading, climbed to 107.40 against the greenback as concerns about the health of North Korean leader Kim Jong Un mounted following media reports that he was receiving treatment after undergoing a cardiovascular procedure.
AUD/USD
The Aussie plummeted from $0.6397 to $0.6281 following figures from the Australian Bureau of Statistics that showed jobs recorded by the Australian Taxation Office payroll system fell 6% between March 14 and April 4, combined with dovish Royal Bank of Australia’s April meeting minutes this morning.
USD/ZAR
The South African rand steadied at 18.85 per dollar as the South African government discussed new measures to contain the economic impact of the COVID-19 pandemic.
USD/MUR
The pair shot up by 15 cents to 40.40(selling), mainly powered by broad U.S dollar strength.
- 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
