“If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.
USD
EUR/USD
The Shared currency nose-dived from a high of $1.1900 to $1.1836 after US Federal Reserve Vice Chair Richard Clarida hinted at an interests rate hike in 2023, on the surprising pace of the economic recovery coronavirus pandemic.
GBP/USD
The Cable retreated to $1.3992 ahead of BoE's interest rate decision later today.
USD/JPY
The Japanese yen plummeted to 109.69 against the greenback as Japan marks record infections with 90% Tokyo cases being of Delta covid variant.
AUD/USD
The Aussie dollar sidelined at $0.7393 on mixed Aussie trade numbers in the Asian session.
USD/CAD
The Canadian dollar inched up to 1.2528 versus the U.S dollar despite the fall in the Crude oil prices amid demand concerns on the rapid spread of the delta variant and surprise build-up in US crude stock.
USD/ZAR
South Africa's rand lost ground to 14.36 as the U.S dollar recovered, with currency markets also nervous ahead of U.S. jobs data on Friday, the key to the U.S. central bank's policy stance.
USD/MUR
The dollar-rupee climbed by 5 cents to 42.95(Selling) on the back of U.S dollar strength across the board.
12:30 - GBP - Construction PMI (Jul)
15:00 - GBP - BoE Interest Rate Decision (Aug)
15:00 - GBP - BoE MPC Meeting Minutes
16:30 - USD - Initial Jobless Claims
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.
