It’s not what we do once in a while that shapes our lives. It’s what we do consistently.
USD
EUR/USD
The Shared currency jumped to $1.0210 amid a more hawkish tone from European Central Bank President Christine Lagarde, who stated that the ECB would continue to raise its interest rates until inflation falls back to its 2% target.
GBP/USD
The Cable retraced back to $1.1982 this morning as UK retail sales volumes fell by 0.1%, and fresh data showed that Britain's businesses grew at their slowest pace in 17 months while the race to replace Boris Johnson continues on the political front.
USD/JPY
The Japanese yen rallied to 135.60 against the greenback as US treasury yields declined dramatically last Friday as the US PMI tumbled unexpectedly to 47, down from 52.7 and increased the risk of a US recession.
USD/CAD
The Loonie has turned sideways above 1.2900 amid oil prices remain vulnerable as a slowdown in the global economy has soared.
USD/ZAR
South African rand gained to 16.84 a day after the central Bank delivered the biggest rate hike in nearly two decades to try to get inflation under control, and South African state utility Eskom suspended scheduled power cuts during the weekend as the generation system has recovered sufficiently.
USD/MUR
The dollar-rupee remained unchanged at 45.15 (selling).
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!
