"Create explosive confidence"
USD
EUR/USD
The Shared currency rallied further to $1.0064 following European Central Bank rate hike of 75 bps while market awaits speech from Christine Lagarde later today.
GBP/USD
The Cable gathered strength towards $1.1584 as British Prime Minister Liz Truss announced on Thursday the government will introduce a two-year "energy price guarantee".
USD/JPY
The Japanese yen climbed to 142.70 against the greenback as Bank of Japan Governor Haruhiko Kuroda warned that rapid yen moves were undesirable and may takes necessary measures if such movement continues.
AUD/USD
The Aussie dollar climbed to $0.6831 on positive market sentiment ignoring the softer China inflation data for August.
USD/CAD
The loonie soared to 1.3060 against the dollar cheered by firmer oil prices whilst Canada's unemployment data is being eyed by market players
USD/ZAR
The South African rand dropped against the greenback as consumer sentiment in South Africa remained extremely depressed amid rising inflationary pressures.
USD/MUR
The dollar-rupee remained unchanged at 44.90(selling).
11:00 - EUR - EcoFin Meeting
12:30 - GBP - Consumer Inflation Expectations
16:30 - CAD - Unemployment Rate(Aug)
20:00 - USD - Fed's waller Speech
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!
