"To win big, you sometimes have to take big risks."
USD
EURUSD
The Shared currency dropped to $0.9963 against the US dollar partly due to concerns over energy crisis as the German government promised to bail out giant German gas importer Uniper.
GBPUSD
The Cable tumbled to daily low of $ 1.1365 on expectations of widening policy divergence between the Bank of England, and the Federal Reserve as market awaits FOMC later today.
AUDUSD
The Aussie remained pressured to $0.6676 on cautious market sentiment and dovish comments regarding monetary policy by RBA Deputy Governor Deputy Governor Michele Bullock.
USDJPY
The Japanese yen weakened to 144.00 against the U.S. dollar ahead of the Bank of Japan monetary decision where the bank is widely expected to maintain ultralow rates, bolstering the case that it will remain a laggard among major central banks in shifting to monetary tightening.
USDCAD
The loonie kept its downward trend to 1.3370 against the greenback as WTI Crude prices, a key export of the Canadian economy, dropped further.
USDZAR
The South African Rand remained under pressure at 17.70 against a rising greenback as power cuts in South Africa reached a record high, leaving the government struggling to find ways to mitigate their impact on businesses.
USDMUR
The dollar-rupee fell to 44.35 (Selling) on Central Bank Intervention.
11:00 - EUR - ECB's De Guindos speech/ Non-Monetary Policy ECB Meeting
22:00 - USD - FED Interest Rate Decision
22:30 - USD - FOMC Press Conference
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!
