Don't downgrade your dreams to fit today's halting reality. Don't let the new normal be an excuse for standing in place.
USD
EUR/USD
The Single currency started the week with the right leg after a 2-weeks drop to a low of $1.1169 yesterday and bounced off to as high as $1.1281 on improved market risk sentiment and ahead of Eurozone preliminary manufacturing PMIs data due today.
GBP/USD
The Pound bolstered to $1.2467 with global optimism over the post-pandemic recovery taking precedent over resurgent COVID-19 infection numbers, underpinning the cable.
USD/JPY
The Yen hammered to 107.25 per dollar this morning as risk appetite recovered after President Trump confirmed that the China trade deal is intact.
AUD/USD
The Aussie maintained its bullish stance above $0.6900, along with riskier assets, after White House Adviser Navarro retracted on his earlier comments that the US-China trade deal is over.
USD/ZAR
South Africa's rand steadied at 17.34 against the dollar as investors waited for a local supplementary budget due on Wednesday that is expected to show a markedly wider budget deficit.
USD/MUR
The USD/MUR steadied at 40.30(selling) on the domestic market.
11:30 - EUR - German Manufacturing PMI (Jun)
12:30 - GBP - Composite PMI
12:30 - GBP - Manufacturing PMI
12:45 - GBP - Services PMI
12:45 - GBP - BoE Gov Bailey Speaks
18:00 - USD - New Home Sales (May)
- 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.
