Greetings, traders! Welcome back to a new trading week following the Easter holidays. I trust you had a rejuvenating break spent with loved ones, away from your screens.
This week promises to be an intriguing one, as we look forward to the release of the US CPI and BOC rate decision tomorrow, followed by the AUD employment and USD PPI figures on Thursday. We’ll wrap up the week with US retail sales and Consumer Sentiment on Friday. At present, the market remains in risk-on mode, which is unlikely to shift significantly until the US CPI data is released tomorrow. As such, we should concentrate on currency pairs that are strongly correlated with stocks, namely EURUSD and GBPUSD. These pairs appear to be performing better than the NZD and AUD, which displayed weakness following last week’s price actions. Therefore, whenever risk-off flows occur, AUDUSD and NZDUSD are likely to be a good short.
Although metals have recently experienced a significant rise, it appears that gold bulls may be running out of steam. Crude oil is bullish, but the gap is yet to be filled. For further updates, kindly refer to our charts and the latest free Elliott wave Live session below.
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