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USD
EURUSD
The Fiber continued its downtrend to $0.9643 as Christine Lagarde is due to speak today, whilst German Economist from IFO conveyed economic fears and historically low retail business expectations.
GBPUSD
The Cable reversed the previous day’s heavy losses to $1.0781, driven by hopes that the UK Chancellor (Finance Minister) Kwasi Kwarteng will be able to restore investor confidence via his medium-term budget.
AUDUSD
The Aussie dollar struggled at $0.6485 as the World Bank cut growth projections for China considering its longer zero-tolerance approach towards Covid-19.
USDCAD
The Loonie jiggled around 1.37 against the dollar on the back of a halt by oil bears and ahead of US Core durable goods data.
USDJPY
The Japanese yen weakened further to 144.50 against the greenback despite Bank of Japan Gov. Haruhiko Kuroda supporting last week’s government intervention in the currency markets.
USDZAR
The South African Rand modestly recovered to 17.96 from its drop against the US dollar as the Johannesburg Stock Exchange rose, boosted by consumer discretionary stocks, and tech.
USDMUR
The dollar-rupee parked at 44.80(Selling) this morning.
15:30 - USD - Fed Chair Powell Speaks
15:30 - EUR - ECB President Lagarde Speaks
16:30 - USD - Core Durable Goods Orders (MoM)(Aug)
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!
