To be a good trader, you need to trade with your eyes open, recognize real trends and turns, and not waste time or energy on regrets and wishful thinking.
The Single currency dipped to a 3-week low of $1.1168 this morning before recovering to $1.1200 squeezed as European Union leaders remain divided on how to structure a planned COVID-19 fund.
The Pound fell to a low of $1.2355 after fresh data on Friday showed government borrowing had hit record highs, more evidence that the coronavirus-stricken economy was a long way from recovering.
The Japanese yen meandered around 106.90 against the greenback as traders seemed to be confused over the risk-safe natures of the respective currencies amid broad risk-off mood.
The Aussie clawed back losses to $0.6870 on Monday as RBA Governor Philip Lowe signaled he was comfortable with the currency’s steep rise in recent weeks and reiterated his optimism that the economic downturn in Australia would not be as dire as first geared given the country’s success in containing the coronavirus.
The Rand strengthened to 17.30 on Friday, recovering from last week's tumble on profit-taking ahead of a supplementary budget penciled in for June 24, when Finance Minister Tito Mboweni is expected to unveil a major shake-up in spending and revenue forecasts for the recession-hit economy.
The USD/MUR opened firm at 40.30(selling) today.
18:00 - USD - Existing Home Sales (May)
18:15 - EUR - ECB's De Guindos Speaks
- 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.