If you can't explain it simply, you don't understand it well enough
USD
EURUSD
The Single currency drowned to $0.9626 following a batch of weak Eurozone economic readings last week while the rhetoric concerning the war in Ukraine heated up.
GBPUSD
The Cable nosedived to a lifetime low of $1.0384 on doubts over the U.K.'s fiscal stability growing after the country announced extensive tax cuts on Friday in the face of a looming recession.
AUDUSD
The Aussie dollar remained on the downside against the greenback as risk-off prospects have soared after the warning from Russian leader Vladimir Putin about the use of nuclear weapons.
USDJPY
The Japanese yen dropped to 144.05 against the U.S. dollar amid Japanese Finance Minister Shunichi Suzuki issuing a fresh warning against the weakening yen, saying that authorities stood ready to respond to speculative currency moves ahead of BOJ Governor Haruhiko Kuroda's speech to business leaders.
USDCAD
The Canadian Dollar fell against the greenback as oil prices tumbled to an 8-month low and investors grew more worried about the outlook for the global economy.
USDZAR
The South African Rand extended losses to 18.01 against the U.S. dollar amid faltering investor confidence affecting emerging currencies and a hawkish Fed policy announcement from last week.
USDMUR
The dollar-rupee surged by 40 cents to 44.80(Selling).
12:00 - EUR - German Ifo Business Climate Index (Sep)
17:00 - ECB President Large speaks
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!
