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The Shared currency strengthened to $1.1750 amid concerns ranging from the delay of a stimulus package in the United States, rising coronavirus cases, and tensions with China.
The Sterling held on to a four-month high at $1.2920 on a broad U.S. dollar weakness and despite negative news from Brexit negotiations.
The Japanese Yen gains remained unabated at 104.95 versus the greenback despite Rating agency Fitch on Wednesday lowered its outlook on Japan's long-term foreign currency debt rating to negative from stable.
The Australian dollar rose to $0.7130 unaffected by record low second-quarter consumer prices, cementing views interest rates will stay low for a long time.
South Africa's hovered near its high at 17.43 versus the U.S dollar as growing worries about the U.S economy had investors looking to the U.S. Federal Reserve tonight and Congress on Friday for a renewed commitment to endless stimulus.
The Mauritian rupee stayed put at 40.15(selling) against the dollar.
12:00 - ZAR - CPI (MoM) (Jun)
18:00 - USD - Pending Home Sales (MoM) (Jun)
18:30 - USD - Crude Oil Inventories
22:00 - USD - Fed Interest Rate Decision
22:00 - USD - FOMC Statement
22:30 - USD - FOMC Press Conference
After rallying from bottoming all time low at 101.20 to 111.71 in covid-fueled March period, dwarfing an expanding leading diagonal ((1)) in 5 waves, USD/JPY has ever since unfolded in a corrective double three combination pattern (W)-(X)-(Y) of wave ((2)).
From an Elliott Wave trading standpoint, the pair may experience further decline to the choppy downside to complete countertrend wave (Y) because- An impulse usually retraces to at least wave (4) of previous smaller trend, that is 105.19.
- Wave (4) of wave ((1)) coincides with 61.8% Fibonnacii retracement of wave ((1)), i.e 105.19.
- 78.6% projection wave (W) through (X) targets level 105.30.
- In EW lexicon, a pullback to the previous wave (2) usually happen to a leading diagonal ((1)).
- Post-triangle thrust measurement of wave B of (Y) leads exactly to 105.20.
- USD/JPY is still trading within the bearish parellel trendlines.
Thus, hibernation of price action could be seen in the locality of 105.30/19.On the flipside, a violent recoil to revive bullish momentum at 109.84 of June 4th would nullify this set-up, warning that the potency of positioning-derived bearish signal may be ebbing.
On the hourly Chart, The USD/CAD has found strong support again near $1.3350 region yesterday. The pair fell to as low as $1.3345 before bouncing off relentlessly to as high as $1.3444 this morning.
We feel that the USD/CAD could be in an early stage of a bullish run towards $1.4017 in the coming months.
On the downside, $1.3315 remains a strong baseline , while a break below that level would open the door for further weakness on the USD/CAD near $1.3200.