What's the difference between a pro and an amateur? Professionals look for what's wrong with a setup. Amateurs only look for what's right.
USD
EUR/USD
The Shared currency tumbled to $1.0945 amid tensions between the West and Russia, as well as indecision over the Moscow-Kyiw talks coupled with US 10-year Treasury yields refreshed three-year high.
GBP/USD
The Cable slipped to $1.3137 as market participants are waiting for the speech from BOE’s Bailey as it will provide further guidance to the pound buyers for the likely monetary policy action in May.
USD/JPY
The Japanese yen dived to a six-year low on Monday at 123.15 per U.S dollar, after the Bank of Japan stepped into the market to stop government bond yields from rising above its key target.
AUD/USD
The Aussie dollar unbothered at $0.7512 as eyes on the 2022-2023 Australian budget set to be presented on Tuesday.
USD/CAD
The Loonie modestly gained to 1.2498 versus the greenback although a drop in prices of Canada’s key export item, WTI crude oil.
USD/ZAR
South African rand firmed at 14.61 against the U.S dollar on mounting worries about fuel prices, which are set to be adjusted in the next few days.
USD/MUR
The dollar-rupee surged by 15 cents to 44.50(selling).
15:00 - GBP - BoE Gov Bailey 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.
