When a beginner wins he feels brilliant and invincible Then he takes wild risk and loses everything
USD
EUR/USD
The Shared currency was modestly higher to $1.1879 after the euro area economy rose to 2.0% in June quarterly, beating the market expectations of 1.5% growth.
GBP/USD
The Cable soared to $1.3898 helped by the UK Markit Manufacturing, which improved to 60.4 in July, as anticipated.
USD/JPY
The Japanese yen climbed to 109.16 versus the greenback on rising concerns about the coronavirus Delta variant prompted traders to wind back bets on a strong global economic recovery.
AUD/USD
The Aussie dollar jumped to $0.7406 after the RBA announced no change in the benchmark interest rate and kept tapering of bond-buying on the table, despite growing coronavirus worries in Australia.
USD/CAD
The Loonie extended losses to 1.2519 against the U.S dollar on the back of a sharp decline in crude oil price.
USD/ZAR
South Africa's rand firmed at 14.44 per U.S dollar boosted by commodity prices and soft U.S manufacturing data.
USD/MUR
The dollar-rupee stayed put at 42.90(Selling).
13:00 - EUR - PPI (YoY) (Jun)
13:00 - EUR - PPI (MoM) (Jun)
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.
