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USD
EUR/USD
The Shared currency strengthened to $1.1030 unfazed by Fed's interest rate hike of 0.25% as talks between Russian and Ukrainian representatives are giving rise to hopes of rapprochement.
GBP/USD
The Cable popped to $1.3155 ahead of the Bank of England policy decision later in the day, where it is expected to hike interest rates for a third consecutive meeting.
USD/JPY
The Japanese yen extended losses to 118.78 per U.S dollar ahead of the Bank of Japan's interest rate decision in tomorrow's Asian session, where it is expected to maintain its dovish stance.
AUD/USD
The Aussie dollar gained traction to $0.7315 on upbeat Australian Employment data.
USD/CAD
The Loonie surged to 1.2680 against the U.S dollar on the back of upbeat performance from Canada’s main export item, namely WTI crude oil.
USD/ZAR
South African rand sailed higher to 14.93 against the greenback supported by soaring precious metals prices.
USD/MUR
The dollar-rupee stayed put at 44.05(selling).
13:30 - EUR - ECB President Lagarde Speaks
14:00 - EUR - CPI (YoY) (Feb)
16:30 - USD - Initial Jobless Claims
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.
