Price is what you pay. Value is what you get
USD
EUR/USD
The Shared currency took a beating to $1.0159 as weak Chinese and U.S data triggered global growth worries.
GBP/USD
The Cable slipped to $1.2045 on Tuesday amid an unimpressive U.k. employment report.
USD/JPY
The Japanese hammered to 133.41 versus the greenback amid recession fears and indecision over the U.S Federal's next move on the interest rate.
AUD/USD
The commodity-sensitive Australian dollar tumbled to 0.7034 after the People's Bank of China cut key lending rates in a surprise move on Monday to revive demand. China's data showed the economy was unexpectedly slowing in July.
USD/CAD
The Loonie fell to 1.2897 against the U.S dollar amid pre-inflation data anxiety and cautious mood in the markets following sluggish prices of Canada's main export item, WTI crude oil.
USD/ZAR
The South African rand fell to 16.44 as the U.S. dollar edged higher on global markets after disappointing economic data from China reinforced global recession worries.
USD/MUR
The dollar-rupee climbed by 5 cents to 45.00(Selling).
13:00 - EUR - German ZEW Economic Sentiment
16:30 - USD - Building Permits (Jul)
16:30 - CAD - Core CPI (MoM)(Jul)
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!
