It's hard to know what the market is going to do, if you don't know what you are going to do, the game is lost
USD
EUR/USD
The Shared currency held on gains to $1.1873 after Eurozone data caught forecasters by surprise on Friday, as the region’s second-quarter economic growth rate came in at a robust 13.7% year/year, even better than the predicted 13.2% and compared with a 1.3% contraction previously.
GBP/USD
The Pound sterling is on the back foot at $1.3807 ahead of U.K's PMI data later today, amid the Bank of England rate decision meeting is scheduled on Thursday.
USD/JPY
The Japanese yen slipped to 109.67 per U.S dollar after reports surfaced that Japan proposed states of emergency through August 31st in three prefectures near Olympics host Tokyo, as coronavirus infections spiked to records.
AUD/USD
The Aussie dollar extended losses to $0.7344 ahead of the Reserve Bank of Australia's policy decision on Tuesday, where it is widely expected to reverse its previous decision to begin asset tapering.
USD/CAD
The Loonie dropped to 1.2473 against the greenback on mixed US macro data, while Canadian positive GDP data failed to provide any meaningful impetus.
USD/ZAR
South African rand ticked down to 14.63 as domestic upbeat trade data on Friday had little impact on rand trading.
USD/MUR
The dollar-rupee lowered by 5 cents to 42.90(Selling) on back intervention from the central bank.
11:55 - EUR - German Manufacturing PMI (Jul)
12:30 - GBP - Manufacturing PMI (Jul)
18:00 - USD - ISM Manufacturing PMI (Jul)
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.
