Throughout my financial career, I have continually witnessed examples of other people that I have known being ruined by a failure to respect risk. If you don’t take a hard look at risk, it will take you
USD
EUR/USD
The Shared currency bounced back to $1.0983 ahead of U.S. Producer Price Index for February and speech from the European Central Bank President Christine Lagarde later today.
GBP/USD
The Cable modestly gained to $1.3030 ahead of crucial U.K. job reports before Thursday's Bank of England interest rate decision.
USD/JPY
The Japanese yen extended losses to 118.34 per U.S dollar on upbeat expectations for a Fed rate hike on Wednesday. At the same time, the widening divergence between the Fed and BoJ on monetary policy prompted a stronger selling of the yen.
AUD/USD
The Aussie dollar was pressured down to $0.7179 after the Reserve bank of Australia released the minutes from its last meeting earlier in the day.
USD/CAD
The Loonie slammed to 1.2830 against the greenback on softer oil prices and robust U.S. Treasury yields.
USD/ZAR
South Africa's rand weakened to 15.12 against the U.S dollar as the rally in commodity prices eased and markets braced for rate hikes in the United States and Britain.
USD/MUR
The dollar-rupee soared by 15 cents to 44.00(selling) this morning.
11:00 - GBP - Claimant count change (Feb)
11:00 - GBP - Average Earnings Index + Bonus
14:00 - EUR - German ZEW Economic sentiment
16:30 - USD - PPI (MoM)(Feb)
19:15 - EUR - ECB President Lagarde Speaks
After bouncing back from key resistance level 0.6262 from the upside as per our last forecast (see below) , NZDCHF sworn down to 0.6144 but lacked sufficient selling pressure to continue its downtrend.
It appears that final wave Y of W-X-Y correction is quite complex and there might be 2 scenarios popping up in the near term.
Scenario 1 : we could have reached final wave ‘e’ before downtrend resumes. (As per Elliott wave principle a triangle can be formed as final wave C of wave Y of W-X-Y correction)
Key resistance level is wave ‘e’ of barrier triangle of wave C – 0.6259.
