“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
USD
EUR/USD
The Shared currency rallied to $1.0018 on broad dollar weakness before retracing back to $0.9956 as comments from ECB's executive board member Fabio Panetta stated that the probability of a recession in the eurozone was increasing amid energy crisis.
GBP/USD
The Cable edged higher to $1.1850 as Services PMI improved to 52.5 versus 52.0 expected and hawkish market bets on the Bank of England's (BOE) next move.
USD/JPY
The Japanese gained to 135.80 as the August preliminary S&P Global PMI showed numbers below expectations and activity at the lowest level in almost two years in the US.
AUD/USD
The Aussie dollar witnessed a rebound to $0.6950 despite the downbeat Australian PMI numbers.
USD/CAD
The Loonie pared some gains after yesterday's low of 1.2931 against the greenback as Oil prices retreat amid concerns surrounding OPEC+ and Iran.
USD/ZAR
The South African firmed to 17.00 after data showed that the country's unemployment rate slightly improved in the second quarter falling from 34.5% to 33.9%.
USD/MUR
The dollar-rupee remained unchanged at 44.60 (selling).
16:30 - USD - Durable Good Orders
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!
