"I am always thinking about losing money as opposed to making money."
USD
EUR/USD
The Shared currency attempted to hold itself near $1.0100 ahead of a stable Eurozone HICP figures expectations tomorrow while ECB is expected to elevate its interest rates by 0.25% this week as higher inflation rate are resulting in large real income shocks for households.
GBP/USD
The Cable trimmed some of its losses to $ 1.1885 as it cheered Friday's US dollar pullback with hopes of a major increase in British public sector workers' wages. Market awaits key political plays in the UK, not to forget headlines regarding inflation, employment and jobs reports.
USD/JPY
The Japanese yen gained to 138.28 amid dollar weakness as investors are awaiting the announcement of interest rate decision by Bank of Japan due on Thursday as the latter is focused to keep inflation rate to 2%.
AUD/USD
The risk-sensitive Australian dollar firmed at $0.6805 as reports stated that the Australian economy added 88.4K jobs in the labor market in June , significantly higher than prior release of 60.6k and the RBA minutes will provide a detailed view of the hawkish stance taken by RBA policymakers.
USD/CAD
The Loonie rallied to 1.2994 as oil prices regained momentum amid concerns surrounding China's covid, OPEC output and Biden's Middle East visit to entertain oil market participants.
USD/ZAR
South African rand gained mildly to 17.04 amid broad dollar weakness but remained on the backfoot as Economists argued that continued power shortages and labor dispute could dampen the currency's prospects in the longer term.
USD/MUR
The dollar-rupee remained unchanged at 45.25 (Selling).
16:15 - CAD - Housing Starts s.a (YoY)(Jun)
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!
