Like a lion, a trader must be strategic, patient, disciplined, confident, and protective
USD
EURUSD
The Single currency climbed to $1.0018 as the markets await ECB president Christine Lagard’s speech scheduled later today.
GBPUSD
The Cable rose to $1.1426 against the dollar crossing the 1.1400 level after the bank holiday and ahead of key central bank announcements this week.
AUDUSD
The Aussie sticked to daily lows against the US dollar as the RBA minutes revealed a more dovish stance in the future.
USDJPY
The Japanese yen strengthened to 143.30 against the greenback as Japan's core consumer inflation jumped to 2.8% in August to hit the fastest annual pace in nearly eight years, driven by pressures from higher raw material costs and a weak yen.
USDCAD
The loonie saw an uptick near 1.3250 against the dollar ahead of Canada's CPI, the rebound of oil prices, and the ambiguity surrounding the bumper rate hike by FED.
USDZAR
The South African Rand continued its downward trend against the US dollar as lengthy power cuts by the state-owned utility Eskom still weighed on economic activities.
USDMUR
The dollar-rupee stayed put at 44.55 (Selling).
16:30 - USD - Building permits
16:30 - CAD - Core CPI
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!
