You never know what kind of setup [the] market will present to you, your objective should be to find [an] opportunity where the risk-reward ratio is best
USD
EUR/USD
The Shared currency pared some of previous day's losses to $1.0992 as the main focus shifted to the Ukraine crisis and forthcoming peace talks that start up again today.
GBP/USD
The Cable extended its recent slide to $1.3090 on the growing divergence of policy expectations between the Fed and BoE.
USD/JPY
The Japanese yen initially dived to 125.11 versus the U.S dollar following its worst session in 16 months as JPY witnessed heavy selling after BOJ offered to buy an unlimited amount of 10 -year JGBs but later reversed some of its losses towards 123.50 on profit bookings.
AUD/USD
The Aussie dollar ticked down to $0.7496 despite Australian Retail Sales outperforming the market consensus.
USD/CAD
The Loonie lost ground to 1.2520 per U.S dollar as Crude oil prices plunged over 5% amid fears over weaker fuel demand led by fresh COVID-19 restrictions in China.
USD/ZAR
South Africa's rand retreated from a five-month high against the dollar to 14.67 as the greenback strengthened, with China's re-imposition of a lockdown in Shanghai impacting risk-taking
USD/MUR
The dollar-rupee idled at 44.50(selling).
18:00 - USD - JOLTs Job Opening (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.
