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Daily Market Patrol

Market Patrol 10 April 2020

Markets are never wrong, but opinions often are.

Jesse Livermore
Indicative Selling Rates
against MUR
USD
24 Sep 2021
  • AUD
  • 31.55
  • 0.7362
  • BWP
  • 3.91
  • 0.0913
  • CAD
  • 34.11
  • 1.2564
  • CNY
  • 6.72
  • 6.3745
  • DKK
  • 6.87
  • 6.2409
  • EUR
  • 50.50
  • 1.1785
  • HKD
  • 5.60
  • 7.6580
  • INR
  • 0.59
  • 72.6590
  • JPY
  • 39.12
  • 109.5434
  • KES
  • 39.35
  • 108.8984
  • NZD
  • 30.55
  • 0.7130
  • NOK
  • 5.08
  • 8.4425
  • SGD
  • 32.10
  • 1.3351
  • ZAR
  • 2.96
  • 14.4639
  • SEK
  • 5.03
  • 8.5245
  • CHF
  • 46.66
  • 1.0889
  • GBP
  • 59.01
  • 1.3772
  • USD
  • 42.85
  • 1.0000
  • AED
  • 11.80
  • 3.6323
The US Dollar tumbled across the board last night after the Fed rolled out $2.3 trillion to keep the US economy pristine
Fundamental News

EUR/USD
The shared currency rallied to $1.0940 after the EU agreed on half-a-trillion euros worth of economic stimulus relief package to rescue their economies, heavily battered by the coronavirus pandemic.

 

GBP/USD
The Cable soared to $1.2460 on Friday, cheering the UK PM Johnson’s exit from the Intensive Care Unit ahead of the US Consumer Price Index figures due today.


USD/JPY
The yen jostled to 108.20 against the greenback on an upbeat tweet on early Friday from US President Trump that evoked his readiness to support farmers, cattlemen, ranchers, and producers while Fed announced new lending plans of $2.3 trillion in support for the economy.

 

AUD/USD
The Aussie rocketed to $0.6343 on broad-based dollar weakness, shrugging off China’s March month CPI and PPI drop below downbeat forecasts.

 

USD/ZAR
The South African's rand, accounted for its risk-on nature, mounted to 17.83 per dollar before easing to 18.03 this morning as South African ministers will take a 33% pay cut for the next three months, pooling funds towards social and economic relief measures to help the country weather the Covid-19 pandemic.


USD/MUR
The pair firmed at Rs39.75/USD(selling) on the domestic market.

Fundamental & Technical Data
Economic Indicators-Local Time
Looking for Markets correlation?
Market Correlation is a measure, statistical or observational, that gives a positive or negative link between the pricing of multiple currencies.

Bulls & Bears Levels
Technical Analysis - Forex Charts
USD/JPY at 108.94 now, morphing its way to claim back its safe-haven title
Chart updated on 07.04.2020

• After rallying to the downside from a high of 112.22 to 101.17 amid global pandemic threat, USD/JPY has been in a correcting mode since 9th March 2020 and seemed to have recently completed an W-X-Y Double Zig-Zag structure of Wave (2) reaching a high of 111.64 on 27th March 2020.
• Two strong indicators were flashing a trend reversal: ending diagonal at Wave 5 of Wave c and bearish RSI divergence.
• On the hourly chart, as per Elliott Wave analysis, the pair might resume its downwards trend targeting 100.64 - 93.78 to unfold Wave (3), a projection of 100%-161.8% of Fibonacci level.
• USD/JPY is percolating towards its target from 110.41 to 107.84, as per chart below.
• On a side note, resumption of a bullish USD/JPY would mark an invalidation of the Elliott Wave structure above 112.22

Snapshot EUR/USD - Tracking the bearish Head & Shoulders pattern!
Chart posted on 06.04.2020

The Single currency plunged to a low of $1.0771 last week, before trimming back some losses to $1.0825 this morning, as safe-haven demand boosted the U.S dollar higher across the board.

On a technical perspective, the EUR/USD appears to be tracking the bearish Head & Shoulders (H&S)pattern highlighted last week.

The H & S neckline, as illustrated on the 10 mins chart, could possibly act as magnet in the coming sessions that would propel the EUR/USD higher near $1.0850/75.

However, the pair still remain vulnerable to further downside possible near $1.0700 (H &S target level).

Weekly Technical Analysis on GBP by Aassan Deedarun on Radio One
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Disclaimer
Please note that the information published is purely indicative. It is based on technical data from sources which the Bank verily believes to be authentic, though its timeliness or accuracy cannot be warranted or guaranteed. AfrAsia Bank Ltd issues no invitation to anyone to rely on this bulletin and neither we nor our information providers shall be in no way whatsoever, liable for any errors or inaccuracies, regardless of cause, or the lack of timeliness, or for any delay or interruption in the transmission thereof to the user. The indicative rates and other market information are subject to changes at the Bank's discretion. Whilst every effort is made to ensure the information is accurate, you should confirm the latest situation with the Bank prior to making any decisions.