Don’t blindly follow someone, follow market and try to hear what it is telling you.
USD
EUR/USD
The Shared currency nosedived to $1.0180 as Taiwan jitters boosted safe-haven demand for the U.S. dollar, EUR PMI and retail sales data due today.
GBP/USD
The cable weakened against the dollar to $ 1.2172 on downside risks to U.K. growth amid rising inflation and the European energy crisis. Market awaits key interest rate decision from BoE due tomorrow.
USD/JPY
The Japanese yen lost ground to 133.00 as U.S. treasury yields traded higher on more hawkish comments from the U.S. Federal Reserve.
AUD/USD
The Australian AUD/USD remained pressured at around $0.6935 amid escalated geopolitical tension between the U.S. and China as the U.S. House Speaker met Taiwan's president and addressed parliament.
USD/CAD
USD/ZAR
South Africa's rand hammered to 16.69 as the South African Reserve Bank has become more pessimistic over the growth outlook for next year, and rolling energy blackouts, with outages hitting record levels this year, are increasing downside risk to the growth outlook.
USD/MUR
The dollar-rupee rose by 5 cents to 45.20 (selling).
12:00 - EUR - S&P Global Composite PMI(Jul)
12:30 - GBP - S&P Global/CIPS Composite PMI(Jul)
13:00 - EUR - PPI/ Retail Sales
17:45 - USD - PMI
18:00 - USD - ISM Services New Orders Index(Jul)
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!
