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USD
EUR/USD
The Shared currency firmed at $1.1875 amid broad U.S. dollar weakness ahead of important Eurozone and the U.S data.
GBP/USD
The Cable extended gains to $1.3930 helped by recent falls in COVID-19 infections in Britain and ahead of the Bank of England meeting due on Thursday.
USD/JPY
The Japanese yen inched up to 109.05 versus the greenback as questions about slowing U.S. economic growth and the COVID-19 Delta variant challenged risk appetite.
AUD/USD
The Aussie dollar held on the previous day gains at $0.7400 despite downbeat Australian Retail sales, as the market kept the post -RBA optimism ahead of important U.S ADP employment and ISM services PMI data for July.
USD/CAD
The Loonie tumbled to 1.2532 against the U.S dollar as revealed that the Canadian Markit Manufacturing PMI edged lower to 56.2 in July from 56.5 in June.
USD/ZAR
South Africa's rand strengthened further to 14.29 per U.S dollar, cruising to a three-week high as the U.S. dollar weakened due to concerns around the slowing U.S. growth.
USD/MUR
The dollar-rupee idled at 42.90(Selling).
12:30 - GBP - Sevices PMI (Jul)
12:30 - GBP - Composite PMI (Jul)
16:15 - USD - ADP Nonfarm employment change (Jul)
18:00 - USD - ISM Non- Manufacturing PMI (Jul)
18:00 - 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.
