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USD
EURUSD
The Shared currency meandered around $0.9980 in the midst of upbeat U.S. Retail Sales and deepening Eurozone's energy crisis, and ahead CPI eyed for the day.
GBPUSD
The Cable extended its losses to $1.1450 ahead of U.K. Retail Sales.
AUDUSD
The Aussie dollar slipped to 0.6702 despite better-than-expected Chinese activity data amid the market tried to digest Governor Lowe's speech in favour of lower rate hikes at some point.
USDJPY
The Japanese yen inched up to 143.25 against the U.S. dollar amid talks of possible Bank of Japan F.X. intervention to support the weakening currency.
USDCAD
The loonie plummeted to 1.3250 against the dollar, undermined by oil price cuts amid recession fears and demand and supply concerns from OPEC. Reins are kept on Canada's housing and sales data and U.S. Michigan CSI today.
USDZAR
The South African Rand dropped against the greenback to 17.58 but held better than other emerging currencies backed by coal exports.
USDMUR
The dollar-rupee stayed put at 44.55(Selling).
13:00 - EUR - CPI (YoY)(Aug)
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!
