“Cut your losses. Cut your losses. Cut your losses. Then maybe you have a chance.”
USD
EUR/USD
The Shared currency hit its weakest level since May 2020 at $1.0822 as stagflation talks creep in amid a declining economic growth coupled with rampant inflation.
GBP/USD
The Cable plunged to fresh lows of 2022 at $ 1.3185 and is currently trading at $1.3220 amid extended dumping in risk-sensitive assets—Markets eyes for retail sales, Gross Domestic Product and trade balance data this week.
USD/JPY
The Japanese yen eased to 114.95, weighed down by hawkish comments from Fed policymakers and robust U.S. jobs reports.
AUD/USD
The Aussie dollar pushed to $0.7414 against the greenback on rising commodity prices.
USD/CAD
The Loonie trod water at 1.2710 against the U.S. dollar as crude oil prices surged after U.S. chief diplomat Blinken said that the White House is in talks with European allies over a proposal to ban Russian oil imports.
USD/ZAR
South African rand remained on the backfoot at 15.39 as investors are concerned about the impact of soaring oil prices on the local economy.
USD/MUR
The dollar-rupee rallied higher to 44.55(Selling).
10:45 - CHF - Unemployment Rate
13:30 - EUR - Sentix Investors confidence
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.
