“A successful trader must learn to be a good loser before he can start winning.”
USD
EUR/USD
The Shared currency touched a high of $1.0958 yesterday on upbeat prints of German Industrial production for January and news of a possible step down of Ukraine from Nato. But the euro trimmed some of its gains to $1.0929 this morning as anxiety still prevailed ahead of Thursday's Russia-Ukraine peace talks in Turkey.
GBP/USD
The Cable remained vulnerable to the downside, trading near its lows of $1.3124, as retail sales data came out much lower than expected, adding to market fear of a slow down in the British economy.
USD/JPY
The Japanese yen continued to push lower towards 115.90 after Japan's Gross Domestic Product (GDP) numbers delivered a poor performance than expected, combined with a slide in U.S. yields contributed to this retreat.
AUD/USD
The Aussie dollar recovered to $0.7277 on upbeat China CPI and PPI for February, in addition to RBA's Lowe maintaining a possible rate hike during late 2022.
USD/CAD
The Loonie rallied to a high of 1.2883 versus the greenback despite oil prices trading at multi weeks high. A slew of Canadian data is due to release this week.
USD/ZAR
South African rand spiked to 15.25 against the U.S. dollar as South Africa's economy expanded in the final quarter of last year, helped by growth in agriculture and manufacturing.
USD/MUR
The dollar-rupee stayed put at 43.70 (Selling).
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.
