The secret of getting ahead is getting started
USD
EURUSD
The Single currency rose to $1.0132 following hawkish comments from the ECB officials, while positive updates about the Ukraine- Russia war added the further bullish sentiment.
GBPUSD
The Cable jumped to the $1.1700 mark, nearly a two-week high after the release of the U.K. employment data. The jobless rate has declined firmly to 3.6% against expectations, and the prior release of 3.8%
AUDUSD
The Aussie dollar steadied at $0.6873 on the back of mixed National Australia Bank sentiment figures for August, whilst China announced more stimulus measures to support its economy.
USDJPY
The Japanese yen strengthened against the U.S. dollar to 142.10 amid comments from the Japanese Deputy Chief Cabinet Secretary Seiji Kihara, who reiterated that the government will take necessary steps to counter excessive declines in the yen.
USDCAD
The loonie extended gains to 1.2787 against the U.S. dollar amid mixed concerns over the supply and demand of black gold.
USDZAR
South African rand sailed higher to 17.08 against the U.S. dollar ahead of key U.S. inflation data to be published later today, which will give hints on future Fed interest rate hikes.
USDMUR
The dollar-rupee stayed put at 44.90(selling).
Past
EUR like a Deer in the headlights.
Euro has been trending lower over the last couple of months in the range of $1.06 and $1.0350. , unable to process and respond to the wicked combination of higher inflation and recession fears.
Current
Euro has pierced through key support yesterday and sank to $1.0234, its weakest since December 2002
Forecast
A dip to parity or below is in the cards.
1st target @ 0.9906 78.6% fibo retracement
2nd target @ 0.9127 88.6% Fibonacci retracement
Invalidation level @ 0.8221
Past
Double zig-zag upward correction W-X-Y
USD/MUR surged 24% from 37.05 of March 20 to 45.95 as of 6th July 22
Clear 5-wave structure since Feb 2018
Current
BOM shocking intervention higher at 45.30, a boon for U.S dollar against the rupee in the coming days.
Future
Anticipating Wave (v) of 5 of c of (Y) to end near 47.50, 161% Fibonacci projection
Invalidation Level @ 39.25
Past
After reaching a high of 51.05 (buying TT) in July 2021, the EUR/MUR failed to keep the bullish trend seen in 2020 and 2021 undermined by a falling EUR/USD since 2021.
The pair plummeted to a low of 44.61 on 13th of May 2021 before staging a recovery to 47.78 on 30th June 2022.
Future
However, the rebound on the EUR/MUR appeared short-lived as it turned south again this week
The pair could dive in the range of 43.50 and 44.50 in the coming weeks.
Invalidation level @51.05!
