I will prepare and someday my chance will come.
USD
EUR/USD
The fiber soared to $1.0845 amid broad dollar weakness as investors defied a broader sense of doom around upcoming U.S. Non-Farm Payrolls report today.
GBP/USD
The cable clawed back losses from a low of $1.2264 to $1.2392 despite the Bank of England's policy statement, dominated by uncertainty over how Britain will ease its coronavirus lockdown and Brexit, while the government is due to announce possible changes to social restrictions on Sunday, amid UK bank holiday today.
USD/JPY
The safe-haven yen recovered from a low of 106.65 to 106.35 per dollar, undermined by a further hit to its yield attraction as U.S. money markets priced in a small chance of negative interest rates next year.
AUD/USD
The Australian dollar defied gravity at $0.6535 cheered by positive mood after China and the United States said their top trade negotiators had held a phone call and agreed to strengthen economic and public health cooperation, and to create a favourable environment for implementing the Phase 1 trade deal reached early this year.
USD/ZAR
The South African rand firmed at 18.58 against the greenback as weak South African business confidence data was outweighed by big surprise move up in China's April exports.
USD/MUR
On the domestic market, the USD/MUR idled at 40.45(selling).
16:30 - USD - Nonfarm Payrolls (Apr)
16:30 - USD - Unemployment Rate (Apr)
16:30 - CAD - Employment Change (Apr)
- 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
