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EUR/USD
The Shared currency soared to $1.1082 on upbeat inflation data from the Eurozone and hoped for an end to the war in Ukraine as talks continued between Moscow and Kyin, although progress on Thursday was elusive.
GBP/USD
The Cable sailed higher to $1.3165 after the Bank of England's raised the interest rate by 25bps for a third consecutive meeting on Thursday.
USD/JPY
The yen remained near a six-year low at 118.75 per U.S. dollar after the Bank of Japan left its ultra-accommodative policy settings unchanged on Friday, as widely expected.
AUD/USD
The Aussie dollar pierced to $0.7390 ahead of the key talks between U.S. President Joe Biden and his Chinese counterpart Xi Jinping.
USD/CAD
The Loonie soared to 1.2601 against the U.S. dollar on higher oil prices, Canada Retail Sales eyed.
USD/ZAR
South African rand firmed at 14.93 against the greenback as higher prices of precious metals such as gold and palladium boosted the country's prospects of stronger export income.
USD/MUR
The dollar-rupee rose by 5 cents to 44.10(selling).
10:30 - JPY - Press Conference
16:30 - CAD - Core Retail Sales (MoM)(Jan)
18:00 - USD - Existing Home Sales (Feb)
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.
