We have to forget everything we know to reimagine and rebuild ourselves for the next generation.
USD
EUR/USD
The single currency hammered to $1.1719 after Germany's ZEW survey found investor sentiment deteriorated for a third month in a row in August, attributed to rising COVID-19 infections.
GBP/USD
Sterling plummeted to $1.3818 following UK’s COVID-19 death toll soared to the highest in five months challenging the government’s efforts to tame the pandemic and claims that 75% of the British population is double-jabbed.
USD/JPY
Yen slammed to 110.67 against a strong dollar when US Senators finally passed a $1 trillion infrastructure package.
USD/CAD
Loonie strengthened to 1.2516 against the greenback on Tuesday as oil clawed back some recent losses.
AUD/USD
Aussie capped below $0.7356 by record high Covid-19 infections in the country, coupled with Westpac Consumer Confidence for Australia that dropped to -4.4% versus +1.5% for August.
USD/ZAR
South Africa's rand weakened to 14.82 against the dollar on Tuesday, despite a rise in local manufacturing production.
USD/MUR
The local pair unchanged at 42.95(selling) on the FX market.
16:30 - USD - Core CPI
18:30 - USD - Crude Oil Inventories
EURGBP appears to be riding into a corrective wave A-B-C after completing 5 waves to the downside. Yesterday, we observed an impulsive break out of wave B channel which could lead EURGBP towards final wave C as per Elliott wave analysis. we remain bullish on EURGBP with stop loss below 0.8500 targeting 0.8757 , 0.8826 and ultimately 0.8915.
After rallying towards a high of 156.07 end of May 2021, we saw a three wave corrective move to the downside in GBPJPY which possibly could be the end of a corrective wave A-B-C before a new high is formed or possibly part of a larger corrective combination wave W-X-Y as per Elliott wave perspective.
127% appears to be good level for short term rebound to the upside.
Approaching 149.00/149.10 could be an opportunity to long the market with stop below 148.30 with targets levels 150 , 150.71 and 151.70.
