“Do not be embarrassed by your failures, learn from them and start again.”
USD
EUR/USD
The Shared currency lost ground to $1.0130 as Eurozone's Retail Sales fell by 1.2% MoM in June versus 0.0% expected, while Germany final Services PMI remained in contraction territory in July.
GBP/USD
The pound weakened against the dollar to $1.2154 amid a fragile U.K. economy and political jitters ahead of Bank of England possible announcement of a 50bps rate hike today.
USD/JPY
The Japanese yen fell against the greenback to 134.40 amid a further rise in the U.S. Treasury bond yields, bolstered by the overnight hawkish remarks by several U.S. Central Bank officials.
AUD/USD
The Australian dollar edged higher to $0.6966 as the pair justified firmer Trade Balance data from the Australian Bureau of Statistics.
USD/CAD
USD/ZAR
South Africa's rand gave up its gains to 16.77 after the U.S. dollar recovered on a surprise pick up in the U.S. service sector in July.
USD/MUR
The dollar-rupee remained unchanged to 45.20 (selling).
12:00 - EUR - Economic Bulletin
12:30 - GBP -S&P Global Construction PMI(Jul)
15:00 - GBP - BoE interest rate decision
15:30 - GBP - BoE's Governor Bailey speech
16:30 - USD - Initial Jobless claim
16:30 - CAD - Trade balance
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!
