Success is nothing more than a few disciplines practiced every day
USD
EUR/USD
The Shared currency dived to $0.9921 after Federal Reserve Chair Jerome Powell adopted a hawkish tone toward battling inflation despite not settling the debate on how significant a rate increase is likely at the U.S. central bank's September meeting.
GBP/USD
The Cable hammered to $1.1659 on fears surrounding the U.K.'s economic slowdown, and U.K. markets are closed due to the Summer Bank Holiday.
USD/JPY
The yen hit hard against the U.S. dollar to 138.85 on a growing divergence between local and international interest rates due to the Bank of Japan's hesitance to tighten monetary policy.
AUD/USD
The Aussie dollar dropped to $0.6855 after data showed Chinese industrial profits declined through July, indicating more weakness in the country's economy.
USD/CAD
The Loonie sank to 1.3065 against the greenback and ignored recently firmer prices of Canada's main export, WTI crude oil.
USD/ZAR
South Africa's rand weakened to 17 per U.S. dollar as Federal Reserve Chief Jerome Powell's comments suggested the U.S. central bank will keep raising interest rates to tame inflation.
USD/MUR
The dollar-rupee leapt by 5 cents to 44.65(Selling).
United Kingdom - Bank Holiday
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!
