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USD
EURUSD
The Shared currency cascaded to $0.9993 as the German Economy Minister expressed concerns over the gloomy economic outlook for the country, with output expected to stagnate or even contract in the year's second half.
GBPUSD
The Cable slipped to $1.1518 following better than estimated U.S. Inflation data. Attention shifts to the U.K. Consumer Price Index data amid hawkish hopes from the Bank of England.
AUDUSD
The Aussie dollar plunged to $0.6731 undermined by a strong U.S. dollar. Market eyes Thursday's Australia jobs report and Friday's speech from the RBA Governor Philip Lowe.
USDJPY
The Japanese yen dropped to143.75 against the greenback as Japan's Industrial Production, which measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities, came in lower than expected at 0.8%.
USDCAD
The loonie nosedived near 1.3180 against the greenback weighed down by defeatist oil prices, and headlines surrounding demand and supply fears from OPEC.
USDZAR
The South African Rand lost ground against the greenback to 17.41 as mining production in South Africa fell by 8.4%, adding to six months of consistent drop, underscoring the sobering fact that the industry is shrinking.
USD/MUR
The dollar-rupee climbed by 10 cents to 44.55(Selling).
Past
EUR like a Deer in the headlights.
Euro has been trending lower over the last couple of months in the range of $1.06 and $1.0350. , unable to process and respond to the wicked combination of higher inflation and recession fears.
Current
Euro has pierced through key support yesterday and sank to $1.0234, its weakest since December 2002
Forecast
A dip to parity or below is in the cards.
1st target @ 0.9906 78.6% fibo retracement
2nd target @ 0.9127 88.6% Fibonacci retracement
Invalidation level @ 0.8221
Past
Double zig-zag upward correction W-X-Y
USD/MUR surged 24% from 37.05 of March 20 to 45.95 as of 6th July 22
Clear 5-wave structure since Feb 2018
Current
BOM shocking intervention higher at 45.30, a boon for U.S dollar against the rupee in the coming days.
Future
Anticipating Wave (v) of 5 of c of (Y) to end near 47.50, 161% Fibonacci projection
Invalidation Level @ 39.25
Past
After reaching a high of 51.05 (buying TT) in July 2021, the EUR/MUR failed to keep the bullish trend seen in 2020 and 2021 undermined by a falling EUR/USD since 2021.
The pair plummeted to a low of 44.61 on 13th of May 2021 before staging a recovery to 47.78 on 30th June 2022.
Future
However, the rebound on the EUR/MUR appeared short-lived as it turned south again this week
The pair could dive in the range of 43.50 and 44.50 in the coming weeks.
Invalidation level @51.05!
