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Daily Market Patrol

Market Patrol 15 April 2020

Coming together is a beginning. Keeping together is progress. Working together is success.

Henry Ford
Indicative Selling Rates
against MUR
USD
20 Sep 2021
  • AUD
  • 31.22
  • 0.7295
  • BWP
  • 3.91
  • 0.0914
  • CAD
  • 33.73
  • 1.2691
  • CNY
  • 6.71
  • 6.3788
  • DKK
  • 6.84
  • 6.2566
  • EUR
  • 50.31
  • 1.1755
  • HKD
  • 5.59
  • 7.6619
  • INR
  • 0.59
  • 72.6819
  • JPY
  • 39.24
  • 109.0796
  • KES
  • 39.39
  • 108.6531
  • NZD
  • 30.30
  • 0.7080
  • NOK
  • 4.98
  • 8.5866
  • SGD
  • 32.02
  • 1.3367
  • ZAR
  • 2.94
  • 14.5487
  • SEK
  • 4.98
  • 8.5976
  • CHF
  • 46.22
  • 1.0799
  • GBP
  • 58.88
  • 1.3757
  • USD
  • 42.80
  • 1.0000
  • AED
  • 11.78
  • 3.6323
Risk on sentiment prevailed despite gloomy International Monetary Fund's (IMF) economic outlook for 2020
Fundamental News

EUR/USD
The shared currency clinged to gains at $1.0965 on news that US President Trump planned to reopen the US economy partially before May 1st, amid market is anticipating the Federal Reserve's Beige Book at 22:00.


GBP/USD
The Cable spiked to a month high at $1.2646, benefiting from improved risk sentiment as some countries consider reopening their economies, and ignoring UK Office of Budget Responsibility's (OBR) scenario for a plunge of 35% in economic output in the second quarter and 13% for the full year.

 

USD/JPY
The safe-haven yen bolstered to 106.91 against the greenback following the International Monetary Fund economic outlook that downgraded global GDP forecast to -3.0% for 2020 and reckoned the deepest global recession since the great depression of the 1930's.

 

AUD/USD
The Aussie hammered to $0.6383 as Australian consumer sentiment collapsed in April to a 30-year low as social distancing restrictions due to the coronavirus pandemic threatened to push the country's economy into its first recession in three decades.

 

USD/ZAR
The South African rand plunged to 18.35 per dollar after South Africa Reserve Bank cut repo rate by 100 basis points to 4.25%.

 

USD/MUR
The pair unfazed at Rs39.95/USD (selling) by US dollar weakness 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
Safe-haven nature of FRANC SWISS may plummet USD/CHF to a downfall
Chart updated on 13.04.2020
  • From an Elliott Wave standpoint, USDCHF could potentially unfold into compelling impulsive Wave C of the zigzag correction of Wave (2) to a narrowing region 0.9550 (50% retracement of Wave (1)) to 0.9395 (100% projection of Wave A through B) in the near term trend, from the downside bias from April 6th high of 0.9797.
  • Price could immediately start to shoot back up into Wave (3) on a longer perspective.
  • Piercing above the resistance 0.9905 would endorse the structure.
  • Alternatively, broader bearish invalidation of Elliott Wave Structure rest at 0.9191 of March 9th low while Relative Strength Index signals a bullish recoil higher for the pair.
Japanese Yen rebound may fizzle its way back to Safe-haven status
Chart posted on 14.04.2020

• 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.
• At 107.70 today, USD/JPY is percolating towards its target from 110.41 to 107.84, as per chart.
• 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 FX Market Analysis by Karishma Sewock Nobutsing on Radio One
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    Head - Forex And Derivatives
    +230 5251 4855
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    Head – Treasury Sales
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  • Karishma Sewock Nobutsing
    Senior Dealer - Treasury Sales
    (+230) 5943 9837
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.