Losses are necessary, as long as they are associated with a technique to help you learn from them
USD
EUR/USD
The Shared currency seesawed at $1.0175, although minutes from the Federal Reserve's July meeting showed that Fed officials are concerned the U.S. central bank could raise rates too far as part of its commitment to get inflation under control.
GBP/USD
The Cable extended losses to $1.2047 as fears of economic slowdown escalated after the U.K. inflation jumped to a 40-year high.
USD/JPY
The Japanese yen slipped to 135.01 against the U.S. dollar, unmotivated by the news that large Japanese companies are raising wages to attract workers and cope with chronic staff shortages.
AUD/USD
The Aussie dollar slid to $0.6938 on a surprise fall in Australia's Employment Change; data showed earlier today.
USD/CAD
The Loonie pressured down to 1.2920 per U.S. dollar on the back of modestly positive U.S. Retail Sales data. At the same time, a risk-off impulse in the markets added to overall U.S. dollar strength, to the detriment of the Canadian dollar.
USD/ZAR
The South African rand fell to 16.70 against the greenback after data showing a surprise drop in retail sales fuelled worries of consumers curbing their spending habits in the face of rising inflation and as frequent power cuts limited industry-wide activity.
USD/MUR
The dollar-rupee unbothered 45.00(Selling).
13:00 - EUR - CPI (YoY)(Jul)
16:30 - USD - Philadelphia Fed Manufacturing Index (Aug)
18:00 - USD - Existing home sales
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!
