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USD
EURUSD
The Fiber slumped to a 22-year low to $0.9592 following accentuated energy crisis fears in Europe due to Russian pipeline leakage in the Baltic sea.
GBPUSD
The cable remained on the back foot at $1.0658 while reversing the previous day’s corrective bounce following downbeat comments surrounding UK’s economic plans from White House Adviser Deese.
AUDUSD
The Aussie dollar faded to $0.6393 as Retail Sales, the primary gauge of Australia’s consumer spending, came at less than its previous reading.
USDJPY
The Japanese yen inched down to 144.66 against the greenback as some financial institutions remain skeptical about the BoJ’s ability to protect the currency without interest rate hikes.
USDCAD
The loonie slipped to 1.3770 against the U.S dollar on the back an optimistic US Consumer Confidence data and the drop in oil prices whilst market players await Fed Powell's speech and US GDP data.
USDZAR
The South African Rand dropped to 18.11 per U.S dollar as global growth fears and Fed’s aggressiveness were fueling further flight to the save-haven US dollar.
USDMUR
The dollar-rupee shot up by 10 cents to 44.90(Selling).
11:15 - EUR - ECB President Lagarde Speaks
18:00 - USD - Pending Home Sales (MoM)(Aug)
18:15 - USD - Fed Chair Powell Speaks
18:30 - USD - Crude Oil Inventories
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!
