“It’s hard to beat a person who never gives up."
USD
EURUSD
The Shared currency dropped to $0.9838 against the US dollar as the war in Ukraine took a turn for the worse following Russian President Vladimir Putin’s announcement of further troop mobilization in the region.
GBPUSD
The Cable tumbled to $1.1240 against the U.S. dollar as markets took fright at the rising cost of getting the country through an energy crisis in the coming winter and ahead of the Bank of England’s Interest rate decision.
AUDUSD
The Aussie slipped to $0.6600 on a more hawkish tone form the Fed. Meanwhile, Australian markets are closed on Thursday on account of National Mourning Day.
USDJPY
The Japanese yen plummeted to 144.80 against the greenback after the Bank of Japan maintained its ultra-low rate policy and vowed to hold them there, as it swam against a global tide of monetary tightening by central banks.
USDCAD
The loonie nosedived near 1.3500 against the dollar post the 75 bps rate hike by the FED and following the price-cut of WTI on the back of demand-supply fears and an economic slowdown.
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 inched higher to 44.40 (Selling) on broad dollar strength.
11:30 - CHF - SNB Interest Rate Decision
12:00 - EUR - Economic Bulletin
15:00 - GBP - BoE Interest Rate Decision
16:30 - USD - Initial Jobless Claims(Sep 16)
16:30 - CAD - New Housing Price Index (MoM) (Aug)
18:00 - EUR - Consumer Confidence(Sep) PREL
19:00 - GBP - BoE's Haskel speech
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!
