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USD
EUR/USD
The Shared currency retraced back from its high of $1.0220 to trade around $1.0190 as Italian politics weighed on the pair. Market awaits German inflation data due tomorrow for a new direction.
GBP/USD
The pound lost ground to $1.2065 as political and Brexit-linked worries are back on the table in the U.K.
USD/JPY
The Japanese yen pared some of its losses at 134.90 on softer U.S. yields as traders brace for Wednesday's U.S. inflation data.
AUD/USD
The Australian dollar held firmed to $0.6963 as data showed a strong pick up in Australian business activity. Firmer Prints of China trade numbers for July also supported the pair.
USD/CAD
USD/ZAR
South Africa's rand gained to 16.59 ahead of the release of the U.S. consumer inflation price index, which could unfold a decisive move for a further rate hike. Trading volume will be thin on this public holiday in South Africa today.
USD/MUR
The dollar-rupee sticked to 45.25 (selling).
16.30- USD - Nonfarm Productivity(Q2) PREL
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!
