The only truly magic formula is willingness to keep trying and testing.
USD
EUR/USD
The common currency tumbled near four-month lows around $1.1730 following Atlanta Fed President Bostic and Richmond Fed President Barkin reaffirmed their stance on rising inflation yesterday.
GBP/USD
The pound plunged to $1.3845 on Brexit woes after former Brexit Party leader Nigel Farage slammed France and the EU for failing to “lift a finger” to prevent the dangerous cross-channel migrant crisis.
USD/JPY
Yen surged to 110.31 per dollar on mounting worries about the fast-spreading Delta variant on global economic recovery.
USD/CAD
Loonie plummeted to 1.2578 against the greenback on sagging crude oil prices.
AUD/USD
Aussie cascaded to $0.7323 on downbeat Australian NAB Business Confidence data this morning.
USD/ZAR
South African rand nosedived to 14.85 versus the dollar, readjusting after Cabinet reshuffled last week. Local markets resume following a public holiday.
USD/MUR
The dollar-rupee inched lower to 42.95(selling), weighed down by Bank of Mauritius' intervention to sell U.S dollars on the domestic market.
13:00 - EUR - German ZEW Economic Sentiment (Aug)
20:00 - USD - EIA Short-Term Energy Outlook
EURGBP appears to be riding into a corrective wave A-B-C after completing 5 waves to the downside. Yesterday, we observed an impulsive break out of wave B channel which could lead EURGBP towards final wave C as per Elliott wave analysis. we remain bullish on EURGBP with stop loss below 0.8500 targeting 0.8757 , 0.8826 and ultimately 0.8915.
After rallying towards a high of 156.07 end of May 2021, we saw a three wave corrective move to the downside in GBPJPY which possibly could be the end of a corrective wave A-B-C before a new high is formed or possibly part of a larger corrective combination wave W-X-Y as per Elliott wave perspective.
127% appears to be good level for short term rebound to the upside.
Approaching 149.00/149.10 could be an opportunity to long the market with stop below 148.30 with targets levels 150 , 150.71 and 151.70.
